What is Bitcoin Cash and How is it different from Bitcoin?
Since Bitcoin is created, there have been questions surrounding Bitcoin’s ability to scale effectively. Do you know, How many transactions can the Bitcoin network process per second? Seven. Transactions take about 10 minutes to process. As the network of Bitcoin users grows, waiting times will get longer, because there are more transactions to process without a change in the underlying technology that processes them. Where ever Visa processes 150 million transactions per day, averaging out to roughly 1,700 transactions per second.
On August 1st, 2017, the Bitcoin Network experienced a fork that led to the creation of a new cryptocurrency called Bitcoin Cash. The symbol for Bitcoin Cash is BCC (although on some exchanges the symbol is BCH to avoid conflict with already existing tokens on that platform).
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What is Bitcoin Cash?
Bitcoin Cash is a new cryptocurrency denoted, as of now, as BCC and BCH.
A group of influential miners, developers, investors, and users who are against the agreed consensus (aka BIP-91 or SegWit2x) have decided to fork the original Bitcoin blockchain and create a new version called “Bitcoin Cash”.
The official Bitcoin Cash Website Stated
Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate.
The Features of Bitcoin Cash
- Block Size Limit Increase – Bitcoin Cash provides much-needed relief to users with an immediate increase of the block size limit to 8MB.
- Replay and Wipeout Protection – Should two chains persist, Bitcoin Cash minimizes user disruption, and permits safe and peaceful coexistence of the two chains, with well thought out replay and wipe out protection.
- New SigHash Type – As part of the replay protection technology, Bitcoin Cash introduces a new way of signing transactions. This also brings additional benefits such as input value signing for improved hardware wallet security, and elimination of the quadratic hashing problem.
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