Bitcoin Cash is a decentralized digital currency that emerged as a hard fork from Bitcoin in 2017. BCH aims to address the scalability issues faced by Bitcoin by increasing the block size, allowing for more transactions to be processed faster and at lower costs.
Summary of Bitcoin Cash:
Origin:
Forked from Bitcoin in August 2017.
Goal:
Increase Bitcoin's scalability by increasing the block size.
Consensus Mechanism:
Uses the "Proof of Work" mechanism like Bitcoin.
Block Size:
The block size in BCH has been increased to 32 MB compared to 1 MB in Bitcoin.
Fees and Transactions:
Aims to process transactions faster and cheaper than Bitcoin.
Usage:
Used as a digital currency for making daily payments.
Supply:
The maximum supply is 21 million coins like Bitcoin.
Mining:
Based on a "Proof of Work" mechanism, where miners verify transactions.
Community:
The BCH community believes its principles align with the original Bitcoin blueprint.
Key differences between Bitcoin Cash and Bitcoin:
Block Size:
The BCH block size is much larger than the BTC block size, allowing for more transactions to be processed.
Transaction Fees:
BCH features lower transaction fees and faster processing than Bitcoin.
Usage:
BCH is considered a more practical digital currency for daily transactions, while Bitcoin is viewed as a store of value.
Adoption:
Although BCH has achieved some success, it still faces challenges in adoption and competition.
In summary, Bitcoin Cash is a cryptocurrency designed to be a scalable digital currency used for fast and cheap transactions, whereas Bitcoin focuses more on being a store of value.
