Bitcoin Cash (BCH) is a peer-to-peer cryptocurrency that emerged as a result of a fork from the original Bitcoin network in 2017. It aims to offer faster and cheaper transactions by increasing the block size limit, making it suitable for everyday transactions and digital payments.
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Bitcoin Cash (BCH) is a prominent cryptocurrency that branched off from Bitcoin (BTC) in August 2017. It was created to address some of the limitations of the original Bitcoin network, primarily focusing on scalability and transaction speed.
One of the main differences between Bitcoin Cash and Bitcoin is the block size limit. BCH increased the block size from 1MB (in Bitcoin) to 8MB, allowing for more transactions to be processed in each block. This change was intended to reduce congestion and lower transaction fees, making BCH suitable for everyday transactions.
Bitcoin Cash operates on a decentralised blockchain, and its underlying technology remains similar to Bitcoin's. It employs a proof-of-work consensus mechanism, where miners validate transactions and secure the network by solving complex mathematical puzzles.
One of the key advantages of BCH is its fast transaction confirmation times. With larger blocks, transactions are processed more swiftly, offering users quicker settlement for payments. This feature is essential for cryptocurrencies to be used as a practical means of exchange for goods and services.
Bitcoin Cash is embraced by various businesses and platforms as a form of payment, further increasing its utility. It's widely accepted by online retailers, gaming platforms, and service providers.
However, it's important to note that the Bitcoin Cash community remains divided on its vision and direction, which has led to several forks, resulting in different versions of BCH. Despite these challenges, Bitcoin Cash remains a significant player in the cryptocurrency ecosystem, known for its focus on transactional efficiency and usability in daily life.
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