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Bitcoin Cash Scalability

The Battle For Bitcoin: What You Need To Know About Bitcoin And Bitcoin Cash

The Battle For Bitcoin: What You Need To Know About Bitcoin And Bitcoin Cash

The Battle For Bitcoin: What You Need To Know About Bitcoin And Bitcoin Cash {{article.article.images.featured.caption}} Opinions expressed by Forbes Contributors are their own. The author is a Forbes contributor. The opinions expressed are those of the writer. This story appears in the {{article.article.magazine.pretty_date}} issue of {{article.article.magazine.pubName}}. Subscribe Bitcoin has been caught up in a protracted scaling debate since early 2015, when the first solutions were proposed by Jeff Garzik, Gavin Andresen and Mike Hearn, all well known and respected bitcoin core developers at the time. Each of these proposed changes revolved around a quick increase to the blocksize, the individual blocks that make up the blockchain, and a corresponding non-backwards compatible upgrade of the protocol known as a hard fork. A significant number of the other respected developers, who have since evolved to be the leading voices of the current Bitcoin developer community, disagreed with the need to scale via the blocksize and a hard fork. This group would later propose Segregated Witness, typically shortened to SegWit, an upgrade that would enable more sophisticated scalability methods that have been proposed but have yet to be implemented. Segwit was memorialized as Bitcoin Improvement Proposal #141 in late December of 2015. There has been a two year controversy over which type of scaling solution would succeed. During this time, original core contributor Mike Hearn, tired of the stalemate, publicly declared Bitcoin dead and moved on. User Activated Soft Fork Hat Users Wear In Support In 2017 users banded together to activate a soft fork, which is a backwards compatible upgrade, known as UASF, activating SegWit. The mining community, which was the main force blocking t Continue reading >>

Bitcoin Cash Plans To Increase Its Block Size, Again - Coindesk

Bitcoin Cash Plans To Increase Its Block Size, Again - Coindesk

Bitcoin Cash Plans to Increase Its Block Size, Again Bitcoin cash developers have made "tentative" plans to increase the cryptocurrency's block size again next year. At least, that's according to a new, rough six to 12-month roadmap released yesterday by the bitcoin offshoot's main developer team, Bitcoin ABC. The roadmap notably includes two hard forks an upgrading method that requires everyone running the software to upgrade scheduled for May and November of 2018. Bitcoin cash is a cryptocurrency that emerged earlier this summer out of bitcoin's block size debate. Effectively blocked by those in the developer community who were reluctant to move too quickly towards a block size increase (arguing it could harm bitcoin's security), a number of bigger block advocates went their own way and created their own cryptocurrency. Most significantly,bitcoin cash boasts a block size parameter limit eight times larger than that of bitcoin. Bitcoin cash development didn't stop at this initial split, however. Its developers have announced other plans to improve the cryptocurrency, which are added to by the new roadmap. "We want to make it more reliable, more scalable, with low fees and ready for rapid growth. It should 'just work', without complications or hassles. It should be ready for global adoption by mainstream users, and provide a solid foundation that businesses can rely on." Bitcoin cash supporters believe increasing the block size is key to accomplishing this, since fees will theoretically rise less quickly as the block size increases. Later on in the roadmap, the Bitcoin ABC developers lay out other possible features, such as reviving older rules that had been deactivated in the code. The roadmap is subject to change as the community chimes in, however. Bitcoin ABC is on Continue reading >>

Bitcoin Abc Developers Announce Medium-term Bitcoin Cash Roadmap

Bitcoin Abc Developers Announce Medium-term Bitcoin Cash Roadmap

Bitcoin ABC Developers Announce Medium-Term Bitcoin Cash Roadmap This week the Bitcoin ABC development team released its medium-term plans for the Bitcoin Cash (BCH) roadmap. Developers say the proposal represents goals for the next 6-12 months. See also: The Cryptocurrency Market Cap Trends Higher Commanding $300Bn This Week Bitcoin ABC and Seven Development Teams Aim to Improve Bitcoin Cash Two weeks ago news.Bitcoin.com reported on the successful bitcoin cash hard fork , and more recently we covered the BCH developers plans to change the currencys address format . On November 28 the Bitcoin ABC programmers revealed their medium-term future roadmap for the BCH blockchain. The organization is also collaborating with seven other development teams who have a shared vision. Bitcoin ABC developers have been collaborating and communicating with developers and representatives from several projects, including Bitcoin Unlimited, Bitprim, Nchain, Bitcrust, ElectrumX, Parity, and Bitcoin XT, explains the Bitcoin ABC medium-term roadmap . Although these are independent projects, each with their own development processes and priorities, we share a common vision for advancing bitcoin cash While we can only speak for ourselves, plans for Bitcoin ABC align with this shared vision. The BCH Networks Primary and Secondary Goals The development team explains the ultimate goal is to keep improving BCH as a currency and network. It should just work, details the roadmap and this includes being more reliable, scalable, and have low fees. Bitcoin cash should be ready for the mainstream masses to adopt as soon as possible the developers emphasize. In the next 6-12 months Bitcoin ABC also plans to improve secondary goals that aim to enhance the BCH networks features. Tentative BCH features and Continue reading >>

Why Bitcoin Cash Is Not Bitcoin [btc Vs. Bch Differences That You Should Know]

Why Bitcoin Cash Is Not Bitcoin [btc Vs. Bch Differences That You Should Know]

The crypto-sphere is heating up and simultaneously becoming more confusing as it evolves. I am sad to see how the viruses of confusion and myth are purposely injected into the ecosystem and how the whole system is manipulated as well as hijacked on a regular basis. Specifically, I am talking about the recent insane price spike of Bitcoin Cash and the doomed price fall of Bitcoin in just a matter of hours. Some of you who are old players of the crypto-sphere must have benefitted from this sudden rise and fall, but I think its not good for newcomers, and its not healthyfor Bitcoin in the long term. Thats why in this write-up I wish to convey some of my thoughts on how Bitcoin Cash is not Bitcoin. And I also want to clarify why the newcomers should not fall prey to the Bitcoin Cash PR campaign. For the latecomers, I want to first explain what Bitcoin Cash is and show you some facts. Then, Ill explain Bitcoin and leave it to you to decide for yourself. Bitcoin Cash is a Bitcoin fork which was created this year on the 1st of August by a minority group of influential miners, developers, investors, and users who were against the agreed consensus of SegWit implementation to scale Bitcoin. Namely, there are three main players in the Bitcoin Cash community Roger Ver , Jihan Wu , and Deadal Nix . They decided to fork the original Bitcoin blockchain and create a new version called Bitcoin Cash (aka BCH) with an adjustable block size up to8 MB blocks. Some of the benefits & features of Bitcoin Cash This on-chain increase in the ability of Bitcoin Cash provides several benefits to its users against Bitcoin, but these benefits come at a huge price that its users have to pay. (I will explain this huge price further in the article.) Bitcoin Cash (BCH): Everything You Need To Know Price Continue reading >>

Bitcoin Scalability Problem

Bitcoin Scalability Problem

For a broader coverage related to this topic, see Bitcoin . The bitcoin scalability problem exists because of the limits of the maximum amount of transactions the bitcoin network can process. It is a consequence of the fact that blocks in the blockchain are limited to one megabyte in size. [1] Bitcoin blocks carry the transactions on the bitcoin network since the last block has been created. [2] :ch. 2 In contrast to Visa's peak of 47,000 transactions per second, [3] the bitcoin network's theoretical maximum capacity sits between 3.3 to 7 transactions per second. [4] [5] The one-megabyte limit has created a bottleneck in bitcoin, resulting in increasing transaction fees and delayed processing of transactions that cannot be fit into a block. [6] Various proposals have come forth on how to scale bitcoin, and a contentious debate has resulted. Business Insider in 2017 characterized this debate as an "ideological battle over bitcoin's future." [7] On 21 July 2017 bitcoin miners locked-in a software upgrade referred to as Bitcoin Improvement Proposal (BIP) 91, meaning that the controversial Segregated Witness upgrade activated at block 477,120. [8] A fork (referring to a blockchain) is what occurs when a blockchain splits into two paths moving forward. Forks on the bitcoin network regularly occur as part of the mining process. They happen when two miners find a block at a similar point in time. As a result, the network briefly forks. This fork is subsequently resolved by the software which automatically chooses the longest chain, thereby orphaning the extra blocks added to the shorter chain (that were dropped by the longer chain). A blockchain can also fork when developers change rules in the software used to determine which transactions are valid. [9] As per CoinDesk , a h Continue reading >>

Presenting Bitcoin Cashsemi-centralized, Bitcoin-pegged, Scalable, Instant, Anonymous Electronic Cashsystem

Presenting Bitcoin Cashsemi-centralized, Bitcoin-pegged, Scalable, Instant, Anonymous Electronic Cashsystem

Presenting Bitcoin Cash Semi-centralized, Bitcoin-pegged, Scalable, Instant, Anonymous Electronic CashSystem Abstract. A semi-centralized version of electronic cash would allow online Bitcoin payments to be sent from one party to another instantly, anonymously and free of charge without the permission of the backing financial institution. Chaumian e-cash provides part of the solution, but the main benefits are lost if a trusted third party is, that is required to prevent double-spending is not accountable. Our smaller contribution in this paper we propose an improvement to the accountability problem using a semi-centralized system. The system accepts Bitcoin deposits and withdrawals, similarly to custodial Bitcoin wallets. Contrary to these systems the backbone of the Bitcoin Cash wallet, in short b-cash wallet backbone is required to expose its master public key to the public. Therefore anyone can see the activity of this watch-only wallet on the Bitcoin Blockchain. Furthermore anyone who deposits and withdraws can independently verify the addresses are derived from the seed extended public key. Properly utilizing the accountability of the Bitcoin network is a major improvement to the accountability of centralized systems, however it is not a complete solution. The b-cash wallet backbone can still inflate the money supply, however it has less leg room for that. This improvement on Chaumian e-cash is not the main innovation of b-cash. From another point of view, b-cash is a second layer Bitcoin scaling solution, that has a side effect of enabling instant, anonymous transactions within its system for free of charge. The anonymity properties of Bitcoin Cash is orders of magnitude stronger, than the anonymity any decentralized or peer to peer network can hope to achieve. Continue reading >>

Why I'm Not Buying Into The Bitcoin Cash Hype

Why I'm Not Buying Into The Bitcoin Cash Hype

Why I'm Not Buying Into The Bitcoin Cash Hype Bitcoin Cash (BCH) was a fork of Bitcoin blockchain ledger that launched on August 1st and increased the block size to 8MB. The stated goal of this fork is to lower fees and speed up transaction times. At the time of the fork, those holding Bitcoin received an equal number of Bitcoin Cash coins. Bitcoin Cash is in the headlines after the price spiked roughly 6x in a matter of just 4 days. FOMO (fear of missing out) started to kick in and people bid up the price from $400 at the start of November to a high of $2,450 on November 12th. Bitcoin Cash overtook Ethereum in terms of market capitalization and many people started to believe it would overtake Bitcoin at the #1 spot. It has since dropped by to #3, but not far from the valuation of Ethereum or 8x the valuation of Litecoin. The price of Bitcoin Cash (BCH) has dropped sharply from the high around $2,450 to $1,200, before rebounding to $1,450 over the past few hours. Lower highs and lower lows on the chart is usually bearish for any pricing pattern. A breakout back above $1,500 in the near term would change this and another drop below $1,250 would likely lead to the price crashing back below $1,000. Another potential reason for the Bitcoin Cash pump is an upcoming fork of BCH. Some investors are expecting free coins from the fork as they received when Bitcoin Cash forked from Bitcoin Core. But this is really just a feature upgrade which will attempt to reverse the emergency difficulty adjustment ( EDA ) rule. I did not buy the rally and argued against what I viewed as a ridiculous valuation for Bitcoin Cash. I don't deny the scalability issues plaguing Bitcoin at the moment, but Bitcoin Cash is a solution in search of problem. Why? Here are my issues with this price rise a Continue reading >>

Adam Back:

Adam Back: "bitcoin Outperforms Bitcoin Cash In Scalability" - Bitcoiner Today

Eduardo Gmez Adam Back , bitcoin , bitcoin cash , Blockchain , scalability , segwit In the midst of the remarkable ups and downs of Bitcoin and Bitcoin Cash in terms of costs, the debate is increasingly interesting within the community to the electronic currencies, with countless personalities who step up to issue their position. In fact, one of the latest developments in the field has been starring Adam Back, the developer behind HashCash the proposal designed in 1997 to combat spam mail, which would later be rescued by Bitcoin which was cited in the original work of Satoshi Nakamoto. And is that the programmer said that Bitcoin has an advantage over Bitcoin Cash in terms of scalability, due to its infrastructure for payment channels. SegWit is an error correction to allow a massive scale in the second layer, and Bitcoin Cash intentionally eliminated the error correction Bitcoin will be fine and will scale beyond Bitcoin Cash, because BCH does not have SegWit and can only wait and wait. It is a time bomb. To give context to the statements and the situation around the original currency and the bifurcated currency it is important to point out the position issued by Andreas Antonopoulos, security professional, and Bitcoin The expert pointed out that, if the size of the Bitcoin block increases At a rate directly proportional to the growth of its user base, the centralization of the Blockchain network will be inevitable. Below, the opinion of Antonopoulos: If it takes 11 minutes for my block to validate, then Im out of the blockchain and that means that fewer people can validate independently, so the system is centralized; that is, fewer users can participate in the validation process, fewer people can participate in the storage of the data and fewer people can become invo Continue reading >>

Bitcoin Vs. Bitcoin Cash: What's The Difference?

Bitcoin Vs. Bitcoin Cash: What's The Difference?

Bitcoin vs. Bitcoin Cash: What's the Difference? By Jake Frankenfield | Updated November 6, 2017 8:30 AM EST Since its inception, there have been questions surrounding Bitcoins ability to scale effectively. Bitcoin is a cryptocurrency that exists within network of computers, within the blockchain . This is revolutionary ledger-recording technology. It makes ledgers far more difficult to manipulate for a couple reasons: The reality of what has transpired is verified by majority rule, not by an individual actor. And this network is decentralized; it exists on computers all over the world. The problem with this technology is that its slow. Like, really slow, especially in comparison to banks that deal with credit card transactions. Visa processes 150 million transactions per day, averaging out to roughly 1,700 transactions per second. And their capability far surpasses that, at 24,000 transactions per second. How many transactions can the Bitcoin network process per second? Seven. Transactions take about 10 minutes to process. And as the network of Bitcoin users grows, waiting times will get longer, because there are more transactions to process without a change in the underlying technology that processes them. The latest debates around Bitcoins technology have been concerned with this central problem of scaling and increasing the speed of the transaction verification process. There are two major solutions to this problem, either to make the amount of data that need to be verified in each block smaller, making transactions faster and cheaper or to make the blocks of data bigger, so that more information can be processed at one time. (Read: Bitcoin Transactions vs. Credit Card Transactions ) The Difference Between Bitcoin and BitcoinCash In mid July 2017, mining pools and Continue reading >>

Security And Scalability: Senior Consultant Of Kairos Future Compares Bitcoin And Bitcoin Cash

Security And Scalability: Senior Consultant Of Kairos Future Compares Bitcoin And Bitcoin Cash

Security and Scalability: Senior Consultant of Kairos Future Compares Bitcoin and Bitcoin Cash Bitcoin cash ( BCH ) is known by many as one of the most promising currencies to resolve some of the transaction problems associated with bitcoin (BTC). There are many. However, that disagree, and not all of them are from the core team. The Swedish Financial Advisor Magnus Kempe is one among the non-believers. While the consultant is of the view that BCH is unlikely to live up to a lot of things expected of it, he does agree that the legacys inefficiencies are a fundamental problem. The limit on the capacity means that the law of supply and demand will dictate the transaction costs, Kempe told Business Insider on January 4, 2018. Here he is explicitly referring to the 1MB memory block size limit that Satoshi Nakamoto, the founder of bitcoin, imposed on the network to bring forth a global system and prevent fraudulent behavior. Unfortunately, these objectives have been made more difficult due to mainstream interest in the currency. Extremely high transaction fees creates a catch 22 for bitcoin, Kempe added. Not only does this system pose problems from a financial point of view, but also from a security perspective. Transaction fees have jumped nearly 25 percent this year because this is also the cost of protecting the network from the influx of new users. Bitcoin transaction fees relative to the block subsidy increased from 5.7% to 31.7% this year. If fee rates remain the same in terms of satoshis per virtual byte, Bitcoin's computational security will be self-sustaining in 6.5 years after 2 more halvings. pic.twitter.com/xUCMs5BB6q These costs help to fortify the barriers that protect the network from 51 percent attacks and brute force attacks. The 8MB limit that bitcoin cash Continue reading >>

Further Bitcoin Cash Developments To Improve Scalability Of Cryptocurrency

Further Bitcoin Cash Developments To Improve Scalability Of Cryptocurrency

Further Bitcoin Cash Developments To Improve Scalability Of Cryptocurrency ViaBTC to feature Bitcoin Cash only pairs on crypto exchange Chinese Bitcoin mining pool and crypto currency exchange ViaBTC has announced that it will only allow crypto currency trading to be traded against Bitcoin Cash (BCH) on its newly-migrated Coinex platform. BCH-price Coinex, now based out of the UK, will be the first crypto currency exchange featuring a non-Bitcoin pairing. The announcement will be seen as a step forward foralternative crypto currency BCH, which made its controversial appearance in August this year as the first major hard forking off the main Bitcoin network, an outcome of a widening rift in the Bitcoin community caused by disagreements on the scaling issues of Bitcoin. ViaBTC chief operating office, Sara Ouyhan said of the announcement: The reason we chose [Bitcoin Cash] over [Bitcoin] is that it has much faster transactions with low dees and better performance in terms of usability. This move, however, has been a long time coming and should come as no surprise to observers, given that ViaBTC was one of the earliest proponents of BCH, having coined the term itself. In the past few months, BCH advocates have been making moves for wider adoption and aggressive displacement of Bitcoin, trying to convince legacy Bitcoin users to choose a crypto currency that is cheaper and quicker to transact. Of late, Bitcoins network congestion issues have appeared to help their cause, with notable merchants such as Steam now abandoning Bitcoin in a rumored preference of Bitcoin Cash. And now, traders can look forward to selling and buying crypto currencies with BCH on Coinex, with trading pairs including BCH/LTC, BTC/ETH, BTC/DASH, BTC/ZEC, and BCH/BTC. BCH was originally referred to as Continue reading >>

Explaining The Lightning Network And Bitcoins Scalability Problem

Explaining The Lightning Network And Bitcoins Scalability Problem

Explaining the Lightning Network and Bitcoins Scalability Problem > Explaining the Lightning Network and Bitcoins Scalability Problem Bitcoin has a problem and its something we need to talk about. Recent headlines have been praising Bitcoins meteoric rise , but at the same time, those on the inside are pondering Bitcoins scalability problems. Countless solutions to this issue have been put forward see the cancelled SegWit2x hard fork and Bitcoin Cash hard fork but whether these have done enough has been hotly debated. Today, were going to look at a potential solution that in the eyes of many carries the biggest amount of potential. Putting it simply, if you have any interest in Bitcoin, you need to make yourself aware prior to a potential 2018 launch of the Lightning Network and its importance. Blockchains arent exactly quick, but this is no secret. Peaking at approximately 10 transactions a second, with the average actually dropping much lower at around 3 transactions a second. Transaction fees are also at a premium, increasing by more than 6,000% since the start of 2017, which means that for small level transactions the fees can actually eclipse the amount of currency being sent. Bitcoins current reputation is built upon the cryptocurrency being a strict investment product in the same sense of gold like a precious commodity. However, Bitcoin is going to need to do more if it has aspirations on becoming a functional day-to-day currency. Bitcoin Cash did address this problem to an extent, as it increased the block size from 1MB to 8MB, which boosted the transaction speed from a 3 per second average to an approximately 24 per second average. It has also driven down fees to match. However, with bigger blocks which are the nature of Bitcoin Cash comes increased expense wi Continue reading >>

Bitcoin Cash - Peer-to-peer Electronic Cash

Bitcoin Cash - Peer-to-peer Electronic Cash

Transact in seconds. Get confirmed in minutes. A payment system that's a proven store of value. World's most robust blockchain technology. Bitcoin Cash brings sound money to the world, fulfilling the original promise of Bitcoin as "Peer-to-Peer Electronic Cash". Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development. All Bitcoin holders as of block 478558 are also owners of Bitcoin Cash. All are welcome to join the Bitcoin Cash community as we move forward in creating sound money accessible to the whole world. On Chain Scalability - Bitcoin Cash follows the Nakamoto roadmap of global adoption with on-chain scaling. As a first step, the blocksize limit has been made adjustable, with an increased default of 8MB. Research is underway to allow massive future increases . New Transaction Signatures - A new SigHash type provides replay protection, improved hardware wallet security, and elimination of the quadratic hashing problem. New Difficulty Adjustment Algorithm (DAA) - Responsive Proof-of-Work difficulty adjustment allows miners to migrate from the legacy Bitcoin chain as desired, while providing protection against hashrate fluctuations. Decentralized Development - With multiple independent teams of developers providing software implementations, the future is secure. Bitcoin Cash is resistant to political and social attacks on protocol development. No single group or project can control it. The bitcoin-ml mailing list is a good venue for making proposals for changes that require coordination across development teams. Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank Continue reading >>

Scaling Bitcoin 2017

Scaling Bitcoin 2017 "scaling The Edge" - November 4th-5th Stanford, Usa

There exists a number of independent or academic researchers that could be helpful to the process but are unlikely to attend due to cost. The Sponsors of this event have agreed to review applications for travel assistance, and to jointly subsidize the expense of up to $1,500 USD per person for airfare and hotel to the workshop of an estimated 15 persons. The intent is for independence and a diversity of views to be represented in a professional manner, some of which may disagree with the views of the sponsors. Those who work at a company engaged in a related business are expected to cover their own travel expenses. Exceptions could be made on a case-by-case basis at the discretion of the sponsors. The current Scaling Bitcoin Workshop will take place November 4th-5th at the Frances C. Arrillaga Alumni Center 326 Galvez Street Stanford, CA 94305-6105, USA. We are accepting technical proposals for improving Bitcoin performance including designs, experimental results, and comparisons against other proposals. The goals are twofold: 1) to present potential solutions to scalability challenges while identifying key areas for further research and 2) to provide a venue where researchers, developers, and miners can communicate about Bitcoin development. We are accepting two types of proposals: one in which accepted authors will have an opportunity to give a 20-30 minute presentation at the workshop, and another where accepted authors can run an hour-long interactive workshop. This year we would like to place a stronger focus on the following topics: (methods and tools for simulation and testing of blockchain behavior) We also welcome compilation/review of material on above topics made available to public since the last Scaling Bitcoin event. All as related to the scalability of B Continue reading >>

The Great Bitcoin Scaling Debateatimeline

The Great Bitcoin Scaling Debateatimeline

The Great Bitcoin Scaling Debate ATimeline Why have so many attempts to scale Bitcoins blockchain failed? This timeline chronicles the repeated attempts to scale Bitcoins blockchain, and details how each attempt has so far been unsuccessful. It covers all important dates in the scaling debate, focusing on how and why alternative implementations of Bitcoin have sprung up in an effort to scale the blockchain to a larger block sizes. A brief overview of why the block size of 1 MB has never increased: Efforts to increase the block size of Bitcoin began with appeals from developers like Gavin Andresen, Jeff Garzik, and Mike Hearn as early as 2011. They anticipated a time when the rate of transactions would exceed the available space in blocks and sought to increase the block size limit a change that might seem straightforward. The block size was put in place to limit the possibility that someone could cheaply spam the network. Sending a large number of transactions was cheap, and it would have been possible to crowd out other transactions for a small investment . The spam control mechanism persists in the form of the block size limit of 1 MB, which in turn limits the transactions per second on the network to about three. While every effort to scale Bitcoin has so far failed for a variety of reasons, what they were seeking to accomplish is still a problem that needs fixing. Developers working on Bitcoins main Github repository agree that a block size increase needs to happen, but they have not yet established a way to do this with broad consensus. And they seem to have given up trying for a hard fork block size increase, working towards off-chain solutions that do not require the building of network-wide consensus. The most recent attempt to increase the base block size of B Continue reading >>

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