What Is Bitcoin Cash? How Does It Differ From Bitcoin?

What is Bitcoin Cash?

In August 2017, a fork occurred in the Bitcoin code, with miners and developers coming to consensus to increase the maximum block size in Bitcoin to 8 megabytes. Bitcoin Cash is now one of the most popular cryptocurrencies on the market and one of the most important to understand if you want to invest in it.

Bitcoin Cash, which is distinct from Bitcoin, is created by miners, which are the people who verify transactions, and as it’s received new supply, it grows in price.

Why Is Bitcoin Cash Inherently Banned?

Since bitcoin is still in operation, and even though the miners can create as many bitcoins as they wish, Bitcoin Cash (BCH) isn’t.

By August 2017, Bitcoin Cash had passed Bitcoin in value, and the industry began claiming BCH to be intrinsically more valuable than Bitcoin.

Bitcoin Cash Symbol: BCH

The History of Bitcoin Cash

In July 2017, a group of Bitcoin community members behind Bitcoin Classic split from Bitcoin, causing a significant increase in hash power and transaction speeds. They created BCH and started the BCH Blockchain.

The founder of Bitcoin Cash, Roger Ver, announced that the BCH blockchain would split into two and no longer use the Proof of Work protocol.

BCH was created as an alternative to Bitcoin, rather than for a new currency. Ver created a website that gave people the opportunity to receive BCH, which is now the major cryptocurrency of Bitcoin.

The name BCH was derived from Bitcoin XT, a Bitcoin fork created in August 2016, which was already processing 30 percent of total Bitcoin transactions.

What is Bitcoin?

Bitcoin is a cryptocurrency created in 2009, and is the largest cryptocurrency in the market. It’s the original cryptocurrency, which works like a digital wallet that keeps a record of every Bitcoin transaction made by its owner. It’s created through a process known as mining, which requires people to verify transactions by solving mathematical puzzles using their computer’s processing power. For each puzzle solved, a block of data is created, which makes Bitcoin verifiable and secure. Bitcoin can also be spent in a variety of different ways.

What is the difference between Bitcoin and Bitcoin Cash?

Bitcoin is designed to function as a digital currency. BCH is an alternative cryptocurrency that follows many of the same features as Bitcoin. However, there are a few notable differences: BCH Cash’s Blocks Have a Size Limit: On November 16, 2017, BCH announced a hard fork. Users were prompted to switch from BTC to BCH for a period of time before the new currency was launched. As part of the hard fork, the BCH blockchain reached the level of processing power needed to handle Bitcoin transactions and automatically began to process Bitcoin Cash transactions. This is referred to as a “hard fork”.

What are the advantages and disadvantages of Bitcoin Cash?

Bitcoin Cash and Bitcoin have many of the same features. Like BTC, BCH offers decentralized transactions. It offers lower transaction fees than bitcoin. There are several disadvantages to BCH. It uses the first generation of the software (bitcoin v0.12.x) Bitcoin core offers. The software doesn’t perform as well as bitcoin core v0.14.x, BCH is slower than Bitcoin core. A new software upgrade for Bitcoin is scheduled for the near future. This upgrade could offer performance improvements for BCH, but it could also hurt Bitcoin Cash’s development.

How Can I Buy Bitcoin Cash?

Although BCH is still relatively new, there is a growing list of BCH mining pool participants.

Bitcoin Cash Faucet

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Conclusion

Bitcoin cash and bitcoin are both successful blockchain technologies that have experienced rapid growth over the past few years. BCH has performed better than BTC and has attracted more market share in the cryptocurrency market, largely due to the market manipulation that occurred in August 2017, which lead to a hard fork of bitcoin and bitcoin cash.

Bitcoin is a better blockchain technology that has a better market price, greater adoption, and more resources available to deal with its growth. For this reason, BCH should be viewed as an altcoin, not a cryptocurrency, as it is simply a smaller version of bitcoin.

Must See: What is Bitcoin? The Complete Guide to Bitcoins

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