Bitcoin Cash Reference

 

A lot has been written lately about the new money transfer innovation called "Bitcoin Cash". The excitement and hype surrounding this digital currency really reached new heights after the launch of the wildly popular online exchange, Mt. Gox. However, as most people know, it's not all about the hype and the fact that a large portion of the world's financial exchanges are currently running around using this new virtual currency. There's a lot more to this "bitcoins" phenomenon, and the people involved need to get their facts straight first before they make any big decisions regarding this exciting new technology.

So what's behind the hype and why is it so important? Let's start by looking at how and where the two currencies work together. TL; DR: bitcoin core is the original development team for bringing forth the bitcoin cash (BCH) protocol and keeping its reference implementation around forever after. During the past two and a half months, major cracks were visible in the original protocol's funding, and a new team was hired to address those issues.

That team is called "Bitcoin Cash Reference", and this is the group which implements the bitcoin cache protocol - otherwise referred to as the LTC protocol for Litecoin and thorium. The project's lead is Francisco Rican developer" Pieter Wuille" who is also the project's lead architect. What happens is that basically an unknown third party handles all the major components that make up the BCHP, including: Determine what price to pay for each transaction when in the online trading environment, Determine how much to payout as an annual donation to charities, Determine how much of your profits to payout to employees and other business holders, and How to change the balance between your private and public keys. The result is that you have an open source for anyone to use to create their own private network for interacting with the decentralized, peer to peer nature of the network.

It seems that the project is still fairly new, but already there are signs of improvement. For example, the creators of brewDog, one of the biggest online employers of coffee shops and other retailers, have decided to integrate the BCHP into their coffee shop software. They are now working on integrating the BCHP into their shopping cart software. Another company, called Zebida, has already made a small-scale implementation of the BCHP as a "proof of concept" in their Zebi Retail Exchange. This is just a small glimpse of the many companies and people who are working day and night to bring the power of the bitcoin currency to every person who is interested.

There are many great things about this latest development. Probably the most important thing is that we are now able to use a protocol like brewDog to make instant, convertible and tradable tokens instead of the ever-expanding list of currencies which are all very expensive to deal with. This is especially useful when you think about how much the world economy has grown over the years. Paper money, which was once so convenient, is now a thing of the past. With the help of a good digital protocol like Bash or BCHP, everyone will be able to make the transition from paper money to having their wealth in a real and liquid form.

However, as this breakthrough happens, we also see a new problem arising which goes far beyond the issue of how to deal with the current currency problems. What happens next is that people who are not following the protocol that will replace the current ones, will start making their own small scale private virtual currency in order to get away from the banking system and government. The problem is that this new kind of currency will not be recognized by any existing global currency. In fact, it might even have more problems than the existing major currency pair at the moment, which includes: the EUR/USD, USD/JPY or GBP/USD.