Bitcoin Cash (BCH) is a cryptocurrency that was created from a hard fork of Bitcoin and was designed to solve Bitcoin's scalability issues. Features include: 1. Larger block capacity (32MB); 2. Faster transaction time; 3. Lower transaction fees; the main differences from Bitcoin are block capacity, transaction speed, transaction fees and community support . Uses include medium of exchange, store of value, remittances, online payments and investments.
What currency is Bitcoin Cash?
Bitcoin Cash (BCH) is a cryptocurrency that resulted from a hard fork of Bitcoin (BTC). It was launched on August 1, 2017 to solve Bitcoin scalability issues.
Features:
- Larger Block Capacity: Bitcoin Cash’s block capacity is 32 MB, which is the largest block size of Bitcoin 32 times the size of a 1 MB block. This is to process more transactions and reduce transaction fees.
- Faster transaction times: Bitcoin Cash transactions are generally confirmed faster than Bitcoin due to larger block sizes.
- Lower Transaction Fees: Due to the larger block size, there are fewer transaction requirements on Bitcoin Cash, so transaction fees are generally lower than on Bitcoin.
Differences from Bitcoin:
While Bitcoin Cash originated from Bitcoin, there are some key differences between the two:
- Block Capacity: As mentioned earlier, Bitcoin Cash’s block capacity is larger.
- Transaction Speed: Transactions with Bitcoin Cash are generally confirmed faster.
- Transaction Fees: Transaction fees for Bitcoin Cash are generally lower.
- Community Support: The Bitcoin Cash community is different from the Bitcoin community. The Bitcoin Cash community prefers large blocks and greater scalability, while the Bitcoin community is more focused on decentralization and security.
Uses:
Bitcoin Cash is primarily used as a medium of exchange and store of value. It is accepted by many businesses and individuals around the world. It is also used for remittances, online payments and investments.
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