Sunday, August 25, 2019

What is Bitcoin Cash (BCH)?

Bitcoin Cash (BCH) and Bitcoin (BTC) are similar cryptocurrencies because the former is a hard fork of the latter. Just like Bitcoin, Bitcoin Cash is a decentralized peer-to-peer electronic cash system that isn’t dependent on any central authority like a financial institution or government. Every transaction is recorded on the blockchain, a global public ledger.

Key Features

Decentralized

BCH is neither owned nor controlled by anyone. Also, no alterations or censorship can occur on transactions.

Low Fees

Bitcoin Cash enables its users to carry out affordable, reliable and fast transactions.

The Hard Fork

Almost a decade after Bitcoin’s introduction by Satoshi Nakamoto in a white paper published in 2008, a hard fork of the Bitcoin blockchain was initiated by the developers of Bitcoin-ABC on August 1, 2017. This move was to increase the size of the block. The resulting chain was called Bitcoin Cash, and it had 8MB blocks.

Pre-Fork

It was observed that the 1MB Blocks were beginning to get full around June 2017. The cost of transactions, as well as confirmation times, increased greatly, rendering Bitcoin unusable as a transactional currency. The scaling issue became a source of problem within the community, and the only way forward was to implement a hard fork.

Bitcoin Cash (BCH) Chain

Bitcoin Cash (BCH) got rid of high fees and unreliable transactions and restored the peer-to-peer electronic cash feature of Bitcoin.

How Valid Is Bitcoin Cash?

Some might ask if Bitcoin Cash is the same as Bitcoin, well, the answer is not really straightforward, but the take-home is that the original vision of Bitcoin as digital cash for the world is encapsulated in Bitcoin Cash. One of the tools for promoting economic freedom is peer-to-peer electronic cash and Bitcoin Cash will help make this a reality.

Related Article:  Investment Firm Manager Brian Kelly Thinks Bitcoin Cash Is A Solid Buy

A More Promising Future

Bitcoin Cash is equipped with independent teams of developers who are tasked with providing software implementations. These teams are committed to making upgrades and great innovations that will make Bitcoin Cash the first choice money all over the world. The decentralized development also ensures that Bitcoin Cash is able to withstand social and political attacks on protocol development.

The Bitcoin Cash block size has already been upgraded to 32MB blocks by its developers since the 2017 fork. Today, many projects are currently utilizing the Bitcoin Cash network. The future indeed looks promising for Bitcoin Cash with the strong team behind it as well as its detailed roadmap and the constant remembrance of why Bitcoin was created in the first place.

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