what is Bitcoin Cash?

what is Bitcoin Cash?

So, what is Bitcoin Cash?


A little but significant fraction of the Bitcoin mining community caused the August 1st hard fork, which resulted in the spin-off cryptocurrency known as Bitcoin Cash (BCH or BCC on exchanges). Lower transaction fees will result from the fork’s larger block sizes and quicker transaction times. The 1MB blocksize that Bitcoin initially used has been extended to 8MB. The goal of this fork was to address Bitcoin’s existing scalability issues.

Should the Bitcoin community choose to fork using SegWit, the hardware maker Bitmain referred to the planned hard fork with the larger block size as a « contingency plan » in June 2017. At a meeting that same month, the software’s initial implementation—known as Bitcoin ABC—was suggested. The mining pool ViaBTC suggested the moniker Bitcoin Cash in July 2017. In July 2017, Roger Ver and other proponents of treating Bitcoin as a digital investment rather than a transactional currency expressed their opinion that BIP 91, which would subsequently activate SegWit, should be adopted. On August 1, 2017, the fork that gave rise to Bitcoin Cash was implemented. It is referred to as a spin-off, strand, or the outcome of a hard fork in connection to Bitcoin, a clone, an alternative coin, an offshoot, or a second version.

Why don’t I invest in Bitcoin Cash instead of Bitcoin if it has better technology?


Since these are still very early days, it’s difficult to provide a definitive answer to this issue.The fork is barely one month old, and there have been significant price swings in Bitcoin Cash. Since there is less liquidity than there is with Bitcoin, it is harder to sell big quantities, and the ramifications of adoption in the real world are still unknown. It’s definitely important to keep an eye on Bitcoin Cash if you’re a novice investor. But Bitcoin’s network effects are still too powerful to ignore, and it remains by far the most popular cryptocurrency.

The August 1st split of Bitcoin Cash caused a decline in the market price of the cryptocurrency at first, but it later surged to an all-time high.The value of Bitcoin Cash originally crashed before a spike and then stabilised at its current price of about $550.

You should see Bitcoin Cash as a whole different currency if you bought it after August 1st. There will be no replication of any Bitcoin transaction in Bitcoin Cash, and vice versa. If you want to buy Bitcoin, search exchanges for the symbol BTC. If you bought Bitcoin before August 1st and kept it in a wallet unaffiliated with any exchange, you might be eligible to get the same amount back in Bitcoin Cash.

For miners, or those interested in mining, BitcoinCash offers greater mining rewards when compared to Bitcoin, due to a decreased difficulty in its proof-of-work algorithm.