What is Bitcoin Cash? Bitcoin Cashis a cryptocurrency and a Financial payment network based on Blockchain. This cryptocurrency was made in 2017 from a Bitcoin Hard fork. This cryptocurrency’s Hard fork was made for crypto society people’s disputes on Bitcoin and its limitations like low scalability or slow speed and confirming only 7 transitions per second.
In the continue of this article at shetcoiner website we will analyze this cryptocurrency and its fast Blockchain network.
What is Bitcoin Cash?
Bitcoin Cash is a cryptocurrency that was made and developed from the Bitcoins heart and with Hard fork in 2017. The main reason of Bitcoin Cash existence was that Bitcoin was getting far from its original idea of a “P2P electronic currency”. Bitcoin Cash was made to get Bitcoin closer to that idea, because Bitcoin was facing problems for confirming transitions after its network getting busy and the low scalability problem of Bitcoin was revealed.
Against of the people who believed that Bitcoin Cash is a solution to Bitcoin’s scalability problem, a lot of Bitcoins fanatical fans were saying that this hard fork would effect on Bitcoin’s decentralization and validity and shouldn’t be executed. In the end this Bitcoin hard ford was made in August 1st in 2017 with the purpose of getting closer to a “Peer to Peer currency” in the Block number 478,559 and Bitcoin Cash was officially developed.
What are Bitcoin and Bitcoin Cash’s Similarities and differences?
Bitcoin Cash increased the block size to a maximum of 32 MB, which was limited to 1 MB in Bitcoin, allowing more Transitions to be processed and confirmed. Both of these cryptocurrencies and the blockchain networks use the Proof of Work (PoW) or mining mechanism to verify and confirm transitions and generate new coins, and the total number of coins in both is limited to 21 million coins.
After the Bitcoin Cash Hard Fork of Bitcoin in 2017, another dispute was made in the Bitcoin Cash network, from which was the reason of Branching Bitcoin SV cryptocurrency in 2018.
The main supporters of Bitcoin Cash believe that this cryptocurrency pursues the main goals and purposes of Bitcoin. According to them, White paper Bitcoin’s main reason that was released by Satoshi Nakamoto, was to be a cryptocurrency network for Peer to Peer Financial transitions, but after its getting busy a lot of bugs were made because of Bitcoin’s low scalability and needed an upgrade that Bitcoin Cash’s fans believe this cryptocurrency is the upgraded Bitcoin.
