Bitcoin cryptocurrency ‘forks’ for the first time as ‘Bitcoin Cash’ becomes new way to make digital moneyThey introduced a new digital currency called “Bit Cash” and mined it for the first time after forking the Bit Coin currency to avoid significant swings in its value.
Image by Pattaraporn Lekchai from PixabayThis coin has been created by the original Bit coin block chain. The companies who want to mine will need the high speed computer and with higher or larger space (storage). As each block of it can measure up to 8 Megabyte (MB) in size.
The blockchain adds only one Megabyte (MB) block after every 10M.
Initially, there were many technical fears about how digital wallets would handle the split, but later reports indicate that there are no such issues or problems.
Governments cannot regulate or control Bitcoin Cash as it is not regulated.
What is Bitcoin?
Bitcoin was first know as “cryptocurencies”. Different areas of the world know it as the digital currency.
The popularity of Bitcoin has spawned many copycats sometimes known as “altcoins”.
How to get Bitcoin?
We can obtain this in different types of ways. It is possible to accept Bitcoin as payment for different types of goods and services.
Special websites known as ‘exchanges’ will swap regular currency for bitcoin, allowing us to purchase it.
Bitcoin wallets?
Bitcoin wallets store your coin. Designers have specially designed these wallets. On the other hand a regular wallet would store your cash.
How to mine?
Mining bitcoin is a tricky process which involves solving complex problems of maths which require or takes time and computing power. It also depend on the speed of your computer. The more powerful your computer the more quicker you can crush the numbers.
Mining a Bitcoin is very simple, as explained above. Anyone can do it.
The miner of Bitcoin also joins the pools that reduce the workload and gives the share of the profit to each of them.
