In the crypto world there are many curious facts. And that is, the operation of the various cryptocurrencies, allow things to happen as the recovery of $ 3 million in Bitcoin Cash on the part of a user. Which were thought to be lost from the realisation of a hard fork in the Blockchain of BCH in the year 2017.
Contents
Bitcoin Cash: an alternative
The birth of Bitcoin represented a true revolution in the entire world. Being the first virtual currency designed and managed independently of governments. Returning the power over the money to the users who use it, thus avoiding the manipulations of government and business. However, to be the first criptomoneda of the world, Bitcoin was born with several defects. Which were to view, especially during the first stellar moment that had currency in the year 2017. When during the bullish rally of that year, demonstrated the need to generate solutions that allow to improve the scalability of the criptomoneda. And thus avoid problems such as wait times over 30 minutes for the execution of a transaction. Soon, a group of users began to promote a proposal to solve this problem: the enlarged blocks of the Blockchain of BTC. A feature that had not been modified in Bitcoin since its birth, despite the change in the conditions of technology and market. This proposal was rejected by the majority of the crypto community BTC, leading to the group of users that spurred her to decide to abandon the project, creating their own criptomoneda, the Bitcoin Cash. By integrating in their programming two methods to increase the speed of execution of transactions. The first of these is a larger size in blocks of the chain, bringing them up to 8 MB, several times more than the Bitcoin. The second method was the deployment of the software update SegWit. That would be in the root of the loss of the Bitcoin Cash recovered.
The loss of the BCH
The update to SegWit of the Blockchain, it represented the origin of the conflict. Starting to create addresses similar to each other in all details, except the use of Nested SegWit, a means for the inclusion of users in the use of this update. But that was a problem when another user sent Bitcoin Cash to these addresses. Being the same trapped, except for miners on the network that could run the script with the working of these directions. In this way, the miners began to offer their services to those people who sent their BCH error to these addresses. Recovering the same in exchange for a commission for their effort. Starting to be this kind of jobs since November of 2017. Being the most important case of recovery of Bitcoin Cash which has been given on the day of today. With 9,000 BCH, equivalent to us $ 3 million being recovered from a wallet SegWit in where they had been piling up over the course of 3 years. The following two tabs change content below. Student of International Studies, interested in issues of economy and international politics. Passionate about the progress of the Fourth Industrial Revolution in general and the cryptocurrencies in particular.