What Is Bitcoin Classic (BGH)? Complete Guide Review About Bitcoin Classic.

Bitcoin Classic

What Is Bitcoin Classic (BGH)?

Bitcoin Classic (BGH), An electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Bitcoin Classic with the symbol of “BGH”, is a digital currency set out by the great Satoshi Nakamoto, can be sent directly from person to person (peer-to-peer) via the net without need for a financial institution. Building a token economy that can be used by anyone,
conveniently and naturally as part of daily life, replacing most international payment system in the world with a better user experience.

Bitcoin Classic brings a low-cost, safe and reliable payment method to merchants and users. It propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof- of work. Bitcoin Classic (BGH) is a fork of Bitcoin that occurs at the block height of block 630,000 and therewith a new chain is generated as the BGH.

Bitcoin Classic miners begins creating blocks with a new proof-of-work algorithm, and will consecutively develop and improve the transaction speed based on original features of BTC. This causes a hard fork of the Bitcoin blockchain. The original Bitcoin blockchain will continue on unaltered, but a new branch splits off from the original chain. Bitcoin Classic shares the same transaction history with Bitcoin until it starts branching and coming into a unique block from which it diverges.

Bitcoin Classic Storage Key Points

Coin BasicInformation
Coin NameBitcoin Classic
Short NameBGH
Circulating Supply32,672,350.00 BGH
Total Supply51,192,050
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Bitcoin

Bitcoin Classic is a peer to peer electronic cash system created Satoshi Nakamoto. It was first detailed in the Bitcoin Whitepaper in October 2008, and the source code was released in January 2009. The Bitcoin ledger and Block chain were established with the generation of the Genesis block on the 3rd of January 2009 and the mining of Block 1 six days later on the 9th of January 2009. Bitcoin allows electronic payments to be sent directly from one party to another, without requiring a central institution or server to process transactions and/or store funds.

The leaderless structure of the network is viewed as a resolution to The Byzantine Generals Problem allowing disconnected entities to follow a common direction without centralized instruction. This solves several issues previously seen as unsolvable in distributed networks, including the problem of preventing Double-spending of coins.

Hard Fork

In blockchain, a hard fork is a change to a cryptographic protocol that causes a permanent divergence from the previous version. Users adopt the new protocol (fork to the new chain) with their own unique history, nodes and protocols. Bitcoin Classic(BGH) nodes were once a part of the Bitcoin blockchain. Bitcoin Classic(BGH) is a fork of Bitcoin. BGH is a cryptocurrency with its own blockchain. It works as a POW network and new BGH is created through BGH mining.

The original Bitcoin remains unchanged, and the updated nodes split off from the original block-chain and create a new blockchain(like BGH)and the coins on the blockchain become separate and unique from the ones on the original blockchain. Anyone holding the original coin at the time it was forked will automatically get the forked version of the coin they were holding. So, when Bitcoin forked to Bitcoin Classic(BGH), someone who had 10 BTC would automatically have received a certain number of BGH matching the value.

Transactions

All Bitcoin Classic Transactions are payments of some kind. Transactions are written in a flexible scripting language that is used to assign custodial control to each transaction output via the
creation of arbitrary spending conditions defined by scripts.Each transaction uses Bitcoin stored in ‘unspent transaction outputs’ as the transaction inputs. The transaction process aggregates the Santos his held in each input and spends them into a new set of unspent transaction outputs. When UTXOs are spent in a transaction they are consumed.

Lowering Transaction Costs with a Larger Supply

BGH Bitcoin Classic reduces the transaction fee and the cost of participation. The total amount of BGH is 210M that is 10 times of BTC so that it reduces the cost of participation. Bitcoin Classic improves the situation of overpriced Bitcoin, increasing the total supply of BGH and lowering the price. This supply change increases circulation and helps emphasizes the use of BGH for smaller transactions. With relatively low transaction fees, a secure and private blockchain, and affordable token prices, BGH is well suited for making everyday transactions.