What is Bitcoin Cash?

Beau Stoner
A free video tutorial from Beau Stoner
Certified Bitcoin Professional|Engineer|Investor|YouTuber
4.7 instructor rating • 2 courses • 6,855 students

Lecture description

In this lecture I teach students the key differences between Bitcoin and Bitcoin Cash.

Learn more from the full course

Cryptocurrency Investment Fundamentals | Buy, Sell & Store

This course teaches the key fundamentals in buying and investing in cryptocurrencies, focusing on the Australian market

04:10:05 of on-demand video • Updated December 2018

  • Learn all about the fundamentals of Cryptocurrencies, including the foundational Blockchain technology behind it
  • Learn about Bitcoin, Ethereum, Bitcoin Cash and Ripple
  • Learn about Australian cryptocurrency exchanges, how to create an account and know your customer/anti money laundering laws
  • Learn how to buy, sell, and store cryptocurrencies including using digital wallets
  • Learn about the risks involved with cryptocurrency investment, including scams, hacks, phishing and pump and dumps
  • Learn about how to identify cryptocurrencies to invest in and how to employ proper investment strategies
  • Learn about Australian specific cryptocurrency tax and superannuanation
  • Learn some excellent resources for increasing your knowledge on investment fundamentals, and where to find cryptocurrency communities
English [Auto] So welcome to the next lecture guys and mislike So we're going to talk all about bitcoin cash. So what is Bitcoin cash. Bitcoin cash was a fork of the Bitcoin block churn. Now we get into more details about hard forks later on but basically a group of people or a company or some developers together they copied Bitcoins code they changed some of the protocol a little bit and then they called it Bitcoin cash. Now it's important to note that the two are very different and are managed and developed by two completely separate groups. We have to be quite catchy on coin market cap. We can see it has a circulating supply and has a maximum supply and the maximum supply is exactly the same as Bitcoin because it's using the same block China same Bitcoin block China as the original bitcoin. But it was a copy of that block. So as you learn in light of lectures when there's a hard fork of a specific block chain if you hold cryptocurrency on that original chaining you get the equivalent in the cryptocurrency in the new chain. So whoever held Bitcoin prior to that Bitcoin cash Haab Falk received exactly the same amount of Bitcoin cash after the hard Valke. So this essentially meant free money. So a lot of people accumulated Bitcoin Why did for the handful and then received the exact same amount in Bitcoin cash. As you can see if those people held those Bitcoin cash and didn't sell them those big quick cash and now worth 1000 $661 us. Now these hard fought event occurred back in August of this year. So it's only a few months old now Bitcoin cash is actually the third on coin market cap in terms of its market capital. So it is a real big cryptocurrency as a market capital of 28 billion dollars U.S.. So it is a major player. Now here we are on the big Quink cash Web site. So Bitcoin cash was created or forked from the original Bitcoin block chain because the developers of Bitcoin cash wanted to change the protocol of the original Bitcoin to try and improve Skylink and improve usability of the Bitcoin network. Now the truth is there are a lot of politics behind the original Bitcoin and Bitcoin cash but again it is just important to note that they are two completely different crypto currencies. The original Bitcoin is still the original Bitcoin and Bitcoin cache was a fork or a copy of the Bitcoin network with changed protocols. So he over on Wikipedia theres a little bit more background and information history behind the Hard for why it occurred and when it occurred. And a little bit about some more of the technical detail that actually went in the background in terms of what the developers author of What Bitcoin cache was created in the first place. So we have a really good infographics that actually explains how Bitcoin fork's happened so as you can see here in the yellow This is the original Bitcoin block time which has been running since the Genesis block or the first block back in 2009. Artist Toshi Nakamoto released the wallpaper and the first Bitcoin client was run now represented in the pink he added Bitcoin Falk's all when when certain groups of people or developers have decided to copy the Bitcoin block time slightly change the protocol the code and then run it as a completely separate cryptocurrency so we can see the bottom he is called the Bitcoin cash China. That's the copy of the Bitcoin code China where some of those protocols were changed. And we can say just above it is Bitcoin gold near Bitcoin gold is another cryptocurrency that was forked off the original Bitcoin Celene the third one here is called the SEGUI to exchange. Now without going into a lot of details Cygnet to X was a proposed upgrade to the bitcoin network but it didn't get enough support and the event was actually cancelled. So it's important to note that the original Bitcoin is still the original Bitcoin. You will hear conflicting information because as I said earlier there are a lot of politics behind this and I'm not going to go into the politics but it's just important to know the technical details behind it. So when you're new to cryptocurrency you actually understand what you are looking at and what you're rating. So as we discuss what we're looking at Bitcoin the original Bitcoin is managed by Bitcoin court has been managed by Bitcoin core ever since Bitcoin was created. It's a group of developers who are working on slowly upgrading the bitcoin network and some of these upgrades are things like the Lonni Network which are possible because Bitcoin underwent an upgrade called segregated witness back in July of 2017. So just to reiterate that these are two different crypto currencies we can see these white numbers. Now these Hoyte numbers represent each of the blocks as the block chain is formed. Now we go into this in more detail later on. But basically with a block time after the first block was formed at the last escape standing on top of each other for eternity or for however long that block time is used. So we can see here that Bitcoin cache block height is up to four hundred five thousand six hundred and thirty six. Now that's caught why considering it's so new. But what happens is when a fork happens the news for the new blocks of the new fork start at the heart of the fork that it that it basically happened at. So instead of the fork starting from block one it starts at the equivalent block to whatever that block was on the original line when it was forked. Now looking at the block white of Bitcoin we can say the blockheaded Bitcoin is up to four hundred ninety five thousand nine hundred forty six. So we know that they are two completely different kinds because the block hearts are at different heights. The Bitcoin block what has been building ever since the original Bitcoin was formed back in 2009 and the Bitcoin cash block chain is has been forked and has actually been producing more blocks since it was formed or at a faster rate than the original Bitcoin here uncoil market cap we can say that Bitcoin cash is circulating supply is it 16 million 820000 450. If we look at Bitcoins circulating supply it's at sixteen million six hundred ninety nine thousand three hundred Bitcoin. So Bitcoin is producing or is mining Bitcoins slower than Bitcoin cash. Now these could be for a variety of reasons. But again it comes down to the fact that the fork has changed protocols has different software and has managed to run in a different way to the original Bitcoin. So I hope that helped explain Bitcoin cash a bit more. It really is a political minefield of the mind because there are different communities out there trying to say that coin cash is the original Bitcoin and that the old Bitcoin is not. But at the end of the day Bitcoin is still running on the original Bitcoin chain and Bitcoin cash was a fork of the Bitcoin block. With change protocols. So guys I hope this helped clear up the difference between Bitcoin and Bitcoin cash. Now let's move on to Ripl.