What is Bitcoin Cash?
Bitcoin Cash is a fork of the Bitcoin core blockchain and is defined as ‘Peer-to-Peer Electronic Cash’. The fork itself was decided as a result of a divide in the community between the ongoing scaling issue on the Bitcoin core blockchain. The Bitcoin Cash team state that Bitcoin Cash is in fact “fulfilling the original promise of Bitcoin”.
As Bitcoin gained increased popularity, the transactions’ started to take longer before being verified and the fees were increasing at an alarming rate. Bitcoin Cash was created in order to reduce the time it took to send transactions as well as drastically reducing the fees. Bitcoin Cash has caused somewhat of a divide in the community, there is growing speculation as to which coin (Bitcoin or Bitcoin Cash) will become the main chain.
Bitcoin Cash is fully decentralized, allowing users to exchange a store of value peer-to-peer without the need of a central bank or trusted third party. When the fork initially happened on August 1st 2017, anyone who was holding Bitcoin and had control of their private keys would have received the same amount in Bitcoin Cash.
How is Bitcoin Cash different to Bitcoin
Bitcoin Cash has a larger adjustable blocksize limit, with an increased default of 8MB. This is intended to provide extra space in each of the block. This allows more transactions to be confirmed every second which is much more efficient when intended as a peer-to-peer method of exchange.
Bitcoin Cash has a new signature hash, this provides replay protection. This means that when a transaction is sent on the Bitcoin Cash blockchain it cannot be replayed on the legacy Bitcoin chain and vise versa. The new SigHash also improves hardware wallet security.
Finally there is a responsive difficulty adjustment algorithm (DAA), this allows miners to migrate from the legacy Bitcoin chain while providing protection against hashrate fluctuations.
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