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What is Bitcoin Cash BCH Introduction to Bitcoin Cash BCH

Date:2024-04-27 18:12:28 Channel:Exchange Read:
What is Bitcoin Cash BCH? Introduction to Bitcoin Cash BCH
In today's digital currency trend, Bitcoin Cash BCH has attracted much attention as a high-profile member. what is it? How does it work? Let’s unveil the mystery of this digital currency.
Bitcoin Cash (BCH), a fork of Bitcoin, was born in 2017. As a "derivative" of Bitcoin, BCH is committed to solving the problems faced by Bitcoin such as transaction speed and fees. It uses a block size of 8MB, which can handle more transactions, reduce transaction fees, and increase transaction speed compared to Bitcoin's 1MB, thereby improving user experience.
The birth of BCH is inseparable from the fork of Bitcoin. Fork is a concept in blockchain technology. When the original blockchain rules change and some nodes do not recognize the new rules, a new branch will be generated. On August 1, 2017, the Bitcoin blockchain forked, giving birth to Bitcoin Cash (BCH). The fork was triggered by improvements proposed by some members of the Bitcoin community, who believed that increasing the block size would better serve the growing demand for transactions.
Bitcoin Cash BCH is technically different from Bitcoin BTC, but its core concepts are still decentralized, secure, open and transparent. Supporters of BCH believe that by increasing the block size, the scalability of the Bitcoin network can be improved, allowing more people to participate and promoting the popularity and development of digital currency.
As Bitcoin Cash (BCH) continues to develop and grow, more and more merchants and trading platforms are beginning to accept BCH as a means of payment. This further promotes BCH’s influence and usability in the digital currency field. People can use BCH to conduct various transaction activities such as shopping, investment, and transfer, and enjoy the convenience and benefits brought by digital currency.
In addition to being a means of payment, Bitcoin Cash BCH is also considered an investment asset. As the digital currency market continues to fluctuate, the price of BCH also fluctuates from time to time. Investors can participate in the digital currency market by purchasing BCH and obtain possible investment returns. However, it is also necessary to pay attention to the risks of the digital currency market and invest with caution.
In general, Bitcoin Cash (BCH), as a branch of Bitcoin, has a unique status and role in the field of digital currency. Through continuous improvement and development, BCH provides users with a faster and more convenient transaction experience, injecting new vitality and possibilities into the digital currency market. Whether as a means of payment or investment asset, BCH is constantly exploring and moving forward, becoming a new force in the field of digital currency. Let us wait and see to witness the future development of Bitcoin Cash BCH.

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What is Bitcoin Cash (BCH)? You’ve probably heard of Bitcoin Cash – it’s a member of the mainstream cryptocurrencies Bitcoin and Ethereum. But why does it exist? Is it a cheaper copy of Bitcoin? Is it a pump-and-dump scheme? Are brands trying to hijack Bitcoin attacking Bitcoin? Let me give you a detailed introduction to what it is. Bitcoin Cash BCH?

Bitcoin Cash is a hard fork product proposed by members of the Bitcoin community in August 2017. Proponents believe that Bitcoin will not be able to properly solve the scaling issues presented by the 1MB block size limit. The divergence occurred shortly after the first Segwit, also known as Bitcoin Improvement Proposal (BIP) 91.

The first amendment to SegWit attempts to simplify the transaction process by dividing information into two categories;
Original part and unlocked signature. Later data fragments are stuck at the end of the transaction and take up very little input. What's more, this adjustment is called a soft fork and is, in many ways, less controversial.

Unfortunately, developers have not found adequate solutions to Bitcoin’s scalability issues. In fact, some even argue that soft forks will only prolong the inevitability. Currently, the Bitcoin network can only handle seven transactions per second, far less than industry rivals Visa and PayPal.

This exact topic eventually became a heated debate over the future of Bitcoin, with some members eventually switching to Bitcoin Cash's 8MB block size. Bitcoin Cash was officially released on August 1, 2017.

Key voices on the 8MB block include Roger Ver, Jihan Wu, Rick Falkvinge, John McAfee, Kim Dotcom, Calvin
Ayre and Gavin Andresen.

Even those holding Bitcoin during trading hours received only modest attention. At block 478559, holders of Bitcoin also received an equivalent amount of Bitcoin Cash at the currency’s inception.

On August 1, 2017, it was worth approximately $294.60, but there would be huge peaks and troughs soon after. On August 19, 2017, the digital currency almost hit $1,000, before slipping to $445 nearly a month later.

On November 12, 2017, it accelerated to $2,250, which was the highest value the cryptocurrency had ever experienced. Observers of the spike attribute are promoted to those scheduled to be suspended within the same month
SegWit2X hard fork. The second amendment hopes to increase the block size of the Bitcoin blockchain from 1 megabyte to 2.

Naturally, the community turned to alternatives that offered faster transaction speeds. As the yuan’s market capitalization rises, Bitcoin Cash gains second place before heading towards Ethereum. This bull run also led to a plunge in South Korean exchange BitHumb as investors attempted to sell bonds held collectively.

Another indicator, CoinGecko, has also recorded the currency's sharp rise and gathered data beyond market capitalization to evaluate Bitcoin Cash, which now ranks in the top 15 at the time of writing.

At the time of the news, Bitcoin Cash had fallen from the $2,000 mark to $1,600. It has the third-highest market capitalization after Bitcoin and Ethereum.

During the hard fork of Bitcoin Spot, those holding amounts of Bitcoin were also allocated into the currency. For example, if a user holds one Bitcoin on August 1, they will automatically receive one Bitcoin Cash unit.

Accessing new holdings means collecting private keys from a Bitcoin node or wallet and exporting them to a Bitcoin Cash-backed wallet. As a side note, private keys should be handled with the utmost security and attention as they provide access to their respective wallets.

Currently, there are many different wallets that individuals can use to access and store Bitcoin Cash. These include Electronic Cash, Bitcoin.com Wallet, BTC Wallet, Coinomi, BitPay and hardware wallets, Ledger and Trezor.

After this, there is also a Bitcoin Cash node called Bitcoin ABC. The process of retrieving and storing Bitcoin Cash on ABC is the same as Bitcoin
Core is the same. However, it is very important that users do not install and run two nodes on the same device.

Bitcoin ABC conflicts with certain Bitcoin software, most notably Bitcoin Core, and reportedly overwrites pre-existing Bitcoin network nodes.

What is Bitcoin Cash BCH? The above is the relevant introduction to this issue. Through understanding, you can also know that many people, even some industry veterans, do not know much about Bitcoin Cash. They don’t understand that the Bitcoin that existed a few years ago is fundamentally different from what it is now. Bitcoin also retains the brand name, short name, first-mover advantage, and massive network effects. These things take time to overcome.

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