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Bitcoin Cash — a leading cryptocurrency and offshoot of the famed Bitcoin  (BTSC)  — is under big controversy. 

The Bitcoin Cash protocol — and its currency BCH — saw its largest mining pool propose a high tax on block rewards to fund development. Now an anonymous group is trying to shoot down the plan. 

First, the Backstory, Bit by Bit

Created by a so-called hard fork — or split — of the Bitcoin protocol during the summer of 2017, Bitcoin Cash is now the fourth-largest cryptocurrency by market capitalization.

The project itself implemented several more hard fork upgrades, some of which led to even more splits in the network and new cryptocurrencies. Most notably, in November 2018 Bitcoin Cash split into Bitcoin ABC (the original Bitcoin Cash) and Bitcoin SV (Satoshi Vision). A hard fork involves an upgrade of a blockchain network that can incorporate major changes to the protocol, such as the branching off of a sister blockchain. 

But just days ago a group known as BTC.top — a private Chinese network of miners, and the largest BCH mining pool to date — said it plans to impose a six-month mining tax to support BCH infrastructure development. At BCH’s current price of $300, this tax would represent a $6 million investment.

(Excerpt) Read more Here | 2020-01-29 05:00:00
Image credit: source

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