BCC
Cold Knowledge: The Untold Stories Behind This Cryptocurrency Cryptocurrency has taken the world by storm, and Bitcoin has been the trailblazer for almost every other digital currency that has come after it. One of these currencies is the Bitcoin Cash, more commonly known as BCC. BCC was created in 2017 as a fork of the original Bitcoin blockchain, and it has come a long way since then. However, there are still many things that the public doesn't know about this cryptocurrency, and in this article, we explore some of the lesser-known facts about BCC.
1. A controversial fork BCC came into existence after a controversial fork of the original Bitcoin blockchain. The fork was a result of a disagreement among the Bitcoin community on how to scale the network. One group believed that the block size should be increased, while the other group opposed the idea. The community eventually split, with one group continuing to develop Bitcoin as it was, while the other group went on to create Bitcoin Cash. The fork was not without controversy, with some accusing the people behind BCC of trying to create a separate currency for selfish reasons. However, the BCC team maintained that their goal was to provide a currency that was faster, cheaper and more accessible than Bitcoin.
2. Faster transactions One of the main selling points of BCC is its faster transaction times compared to Bitcoin. Transactions on the BCC blockchain can be completed in seconds, while Bitcoin transactions can take up to ten minutes. This is due to the fact that the BCC block size is eight times larger than that of Bitcoin, allowing more transactions to be processed at once. This is important for merchants who rely on quick, efficient transactions.
3. Cheaper transaction fees Another advantage of BCC is its lower transaction fees compared to Bitcoin. This is because of the larger block size, which allows a higher volume of transactions to be processed at once. This means that BCC transactions are cheaper to process than Bitcoin transactions, making it a more attractive option for people who want to avoid high fees.
4. High volatility Like most cryptocurrencies, BCC is highly volatile. This means that its value can fluctuate drastically over a short period of time. In November 2017, BCC's value soared to an all-time high of $4,091, only to crash to $330 by the end of the year. This volatility is due to a number of factors, including market speculation, investor sentiment, and investor behaviour.
5. Controversial leadership Ronnie Moas, a popular cryptocurrency analyst, once called BCC's leadership team "a bunch of charlatans". He accused them of misleading investors and promoting a currency that was not really needed. The BCC team has also been accused of manipulating the market, and some have questioned their motives for creating a fork of Bitcoin. These controversies have cast a shadow over BCC and have made some people hesitant to invest in it. In conclusion, BCC may have its advantages over Bitcoin in some areas, but it is not without controversy. The highly volatile nature of the currency and the questions surrounding its leadership team are factors that potential investors should consider before buying BCC. However, it is undeniable that BCC has made an impact in the cryptocurrency world, and it will be interesting to see how it evolves in the face of competition from other digital currencies.