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Cryptocurrency Bitcoin Cash (BCH)

Bitcoin Cash(BCH)

Bitcoin Cash is a cryptocurrency that is a fork of Bitcoin. In 2018 Bitcoin Cash subsequently split into two cryptocurrencies: Bitcoin Cash, and Bitcoin SV. Bitcoin Cash is sometimes also referred to as Bcash.

Why was Bitcoin Cash created?

  • Bitcoin is limited by transaction processing time, an issue that has caused rifts between factions within the bitcoin mining and developing communities. Bitcoin Cash was started by bitcoin miners and developers concerned about the future of the bitcoin cryptocurrency, and its ability to scale effectively.
  • The bigger block size of BCH allows it to have more transactions per second. This means that payments will be faster and fees will be lower.

Who created Bitcoin Cash? 

On August 1, 2017, Amaury Séchet released the first Bitcoin Cash software implementation.

Which technology is used?

Transactions involving the digital currency bitcoin are processed, verified, and stored within a digital ledger known as a blockchain. Blockchain is a revolutionary ledger-recording technology.

How does Bitcoin Cash work?

Bitcoin Cash proposes to remedy the situation by increasing the size of blocks to between 8 MB and 32 MB, thereby enabling the processing of more transactions per block. The average number of transactions per block on Bitcoin is between 1,000 and 1,500.

What problems does Bitcoin Cash solve?

Bitcoin Cash increases the size of blocks, allowing more transactions to be processed.

Is Bitcoin Cash anonymous/safe?

The Bitcoin Cash network can handle many more transactions per second than the Bitcoin network can. However, with the faster transaction verification time comes downsides as well. One potential issue with the larger block size associated with BCH is that security could be compromised relative to the Bitcoin network. Similarly, bitcoin remains the most popular cryptocurrency in the world as well as the largest by market cap, so users of BCH may find that liquidity and real-world usability is lower than for bitcoin.

What makes Bitcoin Cash Special?

Increase in the block size limit to 8MB. Bitcoin Cash has introduced a new transaction type with additional benefits such as input value signing for improved hardware wallet security, and elimination of the quadratic hashing problem.

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