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What is Bitcoin? Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.
Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal or black markets.
Bitcoins in its pure essence is money. It is digital currency that serves the same functions and pu…

Block 478,559: Bitcoin Cash Fans Worldwide Celebrate the Cryptocurrency’s 3rd Anniversary

Block 478,559: Bitcoin Cash Fans Worldwide Celebrate the Cryptocurrency's 3rd Anniversary

Three years ago at approximately 2:14 p.m. ET, the first Bitcoin Cash blocks were mined. That day, block 478,558 was the last common block found, and six hours later Viabtc mined the first Bitcoin Cash block (nr 478,559). The course of history was changed ever since this point, as the scaling debate took the dispute to a whole new level.

Bitcoin Cash (BCH) proponents are celebrating the third anniversary of the chain split that took place three years ago on August 1st. The peer-to-peer electronic cash system has come a long way since then and many proponents have appreciated the project’s accomplishments.

Moreover, a free market currency like BCH is needed more than ever because governments and central banks worldwide have wreaked havoc on the world’s monetary system.

Block 478,559: Bitcoin Cash Fans Celebrate the Third Anniversary

On August 1, 2017, cryptocurrency advocates everywhere were glued to their monitors when the first BCH block (nr 478,559) was mined by the mining pool Viabtc. The China-based mining pool also found the next block 478,560 shortly after.

When the chain split that afternoon on August 1, the BCH chain was equipped with 8MB blocks. In fact, the first BCH block was 1915175 Bytes or 1.9 MB in size, holding 6,985 transactions. Viabtc also left a message in the block’s coinbase parameter which said:

Welcome to the world, Shuya Yang!

Block 478,559: Bitcoin Cash Fans Celebrate the Third Anniversary

By August 2, the BCH market was the third-largest by capitalization and for both blockchains, the transition was smooth. Since then there’s been a number of development improvements over the years.

Block 478,559: Bitcoin Cash Fans Celebrate the Third Anniversary
Bitcoin Cash (BCH) market cap on August 2, 2017.

Bitcoin Cash now has Schnorr signature capabilities, a 32MB block capacity, faster re-spending of unconfirmed transactions, re-enabled old Satoshi opcodes, and more.

The digital currency is supported by nearly every major wallet, a myriad of crypto exchanges, and there are thousands of merchants who accept BCH worldwide. Bitcoin Cash also has a robust mixing technology called Cashfusion, which just completed its security audit.

Moreover, BCH also has a resilient and easy to use tokenization system called the Simple Ledger Protocol (SLP). And to top it all off, for the last three years, Bitcoin Cash proponents have been a boisterous bunch of peer-to-peer electronic cash enthusiasts.

This anniversary a number of BCH developers, enthusiasts, business executives, and miners will be celebrating the momentous occasion. At 7 a.m. ET, an online conference being held called “BCH Scaling for the Globe: Bitcoin Cash 2020 ForkDay Celebration” will be streaming with a variety of Bitcoin Cash influencers.

The BCH Meetup group in Bangkok will be hosting a special celebration, and BCH proponent, Hayden Otto, is hosting the first slot of the Bitcoin Cash third anniversary live stream organized by @Bitcoincashcity and @Satoshiangels.

Block 478,559: Bitcoin Cash Fans Celebrate the Third Anniversary

C. Edward Kelso (@Cryptokelso) will be having a “post-Pomp interview” with Bitcoin.com’s Roger Ver, Edge Wallet’s Paul Puey, and software engineer Josh Ellithorpe (@zquestz). The Bitcoin Cash Games casino platform launched a $3k leaderboard tournament to celebrate the third BCH anniversary as well.

Additionally, on the BCH-fueled blogging platform read.cash, a number of supporters have been sharing their perspectives on the BCH fork, and people have been discussing the anniversary on the Reddit forum r/btc as well. Overall it should be a lively day of celebrations and memories as BCH fans are always a vibrant flock.

What do you think about the Bitcoin Cash (BCH) third anniversary? Let us know what you think about this subject in the comments section below.

The post Block 478,559: Bitcoin Cash Fans Worldwide Celebrate the Cryptocurrency’s 3rd Anniversary appeared first on Bitcoin News.



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