What is Bitcoin Cash?
Bitcoin Cash was released in 2017 as a hard fork of Bitcoin during the “Block Wars” era.
At that time, there were debates about maintaining the small block size of Bitcoin, which would maintain greater decentralization by making nodes easier to operate, vs a larger block size for higher total transaction throughputs.
This also has an overlapping debate: should Bitcoin’s use case be primarily a store of value, or should it be used more as a medium of exchange?
Eventually, the camp supporting the larger block size (and medium of exchange) argument forked Bitcoin, and thus Bitcoin Cash was born.
What are the core features of Bitcoin Cash?
- Bitcoin’s 1 MB limit. This allows for more transactions to be processed per block and helps to improve the scalability of the network.
- Lower fees: Due to the larger block size limit, Bitcoin Cash transactions can be processed with lower fees than Bitcoin transactions.
- Faster transaction times: The larger block size limit also allows for faster transaction times, with the average block time being around 10 minutes.
- Decentralization: Bitcoin Cash is a decentralized cryptocurrency, meaning it is not controlled by any central authority or government.
- Community-driven development: Bitcoin Cash has a strong community of developers and supporters who are working to improve the functionality and usability of the network.
- Compatibility with Bitcoin infrastructure: Bitcoin Cash is designed to be compatible with existing Bitcoin infrastructure, such as wallets and exchanges, making it easier for users to transition to using Bitcoin Cash.
What is the native token of Bitcoin Cash?
The native token of the Bitcoin Cash network is also called Bitcoin Cash, which is commonly represented by the symbol BCH. Bitcoin Cash is a fork of the original Bitcoin network, which was created in 2017 as a result of a hard fork in the Bitcoin blockchain. BCH is used as a digital currency for peer-to-peer transactions, much like Bitcoin. Transactions on the Bitcoin Cash network are verified and recorded on a decentralized ledger called the blockchain, which is maintained by a network of users and nodes around the world.