Bitcoin Cash (BCH): Peer-to-Peer Electronic Cash

Created on August 1, 2017, as the result of a hard fork of the Bitcoin blockchain, Bitcoin Cash is considered to be the legitimate continuation of the Bitcoin project as peer-to-peer electronic cash.
Bitcoin Cash has its own blockchain and specifications, including one very important distinction from bitcoin. The maximum block size of a Bitcoin Cash block is 32 megabytes, while it is just one megabyte for a Bitcoin block.The block size’s scalability of Bitcoin Cash enables it to handle transactions more quickly, meaning that the network can process more transactions per second, up to 25,000 transactions per block compared with Bitcoin’s 1,000 to 1,500 per block.Bitcoin Cash shows shares the same characteristics as Bitcoin: the use of a Proof-of-work consensus mechanism to mine new coins and the fixed max supply of 21 million coins.As a fork of Bitcoin, Bitcoin Cash was born in August 2017 to handle the average block size, transaction speed, and throughput of Blockchain.
Bitcoin Cash was listed on cryptocurrency exchanges at a striking price of $900; however, some leading exchanges such as Coinbase and itBit, refused to list BCH tokens on their platform.Backed by Bitmain, the world’s biggest cryptocurrency mining platform, the value of Bitcoin Cash showed a dramatic increase to hit the $4,091 mark in December 2017.In Nov. 2018, Bitcoin Cash experienced a similar fork, splitting itself into Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision).Bitcoin Cash (Symbol: BCH) is a transactional cryptocurrency that functions as an electronic cash payment system.
Bitcoin Cash combines the scarcity of gold with the spendability of cash.Bitcoin Cash can be used for various purposes. Apart from peer-to-peer payments between individuals, Bitcoin Cash can be used to pay participating merchants for goods and services in-store and online. Very low fees in BCH enable new microtransaction economies, such as tipping content creators and rewarding app users a few cents. Bitcoin Cash also reduces the fees and settlement times for remittances and cross-border trade. Other use cases include tokens, simplified smart contracts, and private payments with tools such as CashShuffle and CashFusion.Similar to Bitcoin, Bitcoin Cash also relies on a node network to validate transactions and verify the creation of new blocks.
Bitcoin Cash is also secured by the PoW consensus algorithm that requires coin miners to use a complex mining system but in return get rewarded in BCH for their contributions. Bitcoin Cash supports smart contracts and apps such as CashShuffle and CashFusion.Bitcoin Cash stands out with the following key features:
With the aim to solve long-standing problems of Bitcoin, including lock size limitation and transaction settlement time, Bitcoin Cash has got more attention from merchants.
Besides, with the larger block size, BCH raised the concern of security in comparison with the Bitcoin network. However, by showing its improvements over its predecessor, Bitcoin Cash is expected to become a viable payment method in the upcoming future. Explore all the trending topics and hottest news in the crypto market with our Blogchain.Meanwhile, play the trading game and earn real tokens with CryptoSim - Virtual Trading Game.