What is Bitcoin Cash (BCH)

Believe it or not, Bitcoin cash and Bitcoin are not the same thing.
They’re not extremely different, but they have a few key differences that separate them.
What’s up cryptopeeps? It’s your girl Kyla, here to deliver your daily dose of crypto news!
Bitcoin, since the very beginning, has faced a lot of pressure from the community.
The heat revolved mostly around its transaction speed and scalability.
Bitcoin’s block size was too small, and as more people started investing, its transaction speeds got even slower.
Because of this, developers started looking for a solution.
They found one by increasing Bitcoin’s size limit.
By doing so, a hard fork occurred and as a result, Bitcoin Cash was born.
Bitcoin Cash is the hard fork that rose in order to battle Bitcoin’s limitations.
It is currently the most popular hard fork.
It was created in 2017 and actually follows the same skeleton as Bitcoin.
It has a supply of 21 million, it’s decentralized, and it’s a reliable means of transaction as well as a low-costing one.
The main difference between the two is that when the hard fork was executed,
Bitcoin Cash increased its block size from 1 MB to 8 MB.
In theory, this would increase the number of transactions that can be processed.
As a result of this change in block size, the transaction speed of Bitcoin Cash got much faster,
the fees were much lower, and it served as a cryptocurrency that people could actually use as cash.
At the time of writing, Bitcoin Cash is valued at 300 USD
with a market cap of 5.4 million USD, making it cheaper than Bitcoin.
Fun fact:
Bitcoin Cash, since it’s so heavily related to Bitcoin, experienced its all-time high around the same time Bitcoin did.
Bitcoin Cash’s highest price reached up to $4,300 per unit in December 2017.
Since its creation, it has split up from the Bitcoin camp and is now its own thing.
It has multiple independent teams of developers who provide software implementations.
It has even upgraded their system more, once again increasing to 32MB blocks.
The fork continues to grow and we have to wait and see where it goes from here.
As for its uses, it’s pretty much the same as Bitcoin.
You can shop online, spend at restaurants, and even use it in-person at selected places.
After all, it goes as far as having the same purpose: a peer-to-peer electronic currency.
Are you thinking about investing in Bitcoin Cash?
Do you think Bitcoin cash is better than Bitcoin?
Let us know in the comments section down below!
Don’t forget to like, subscribe, and hit that bell button to stay updated on all our cryptocurrency content.
Also, check out our website at wethecryptos.net!
Lastly, don’t forget to follow us on Twitter, Facebook, and Instagram.
Once again, I’m Kyla and this is WeTheCryptos!

Add a Comment

Your email address will not be published. Required fields are marked *