Bitcoin Cash aims to make transactions faster and more affordable by focusing on the scalability problem in Bitcoin. It is a cryptocurrency based on Bitcoin but separated from the Bitcoin blockchain. Bitcoin Cash’s native cryptocurrency is BCH. In this article, we will look for answers to questions such as what is Bitcoin Cash (BCH), what does Bitcoin Cash (BCH) do, what are the advantages of Bitcoin Cash (BCH).
What is Bitcoin Cash (BCH)? What Does It Do?
Bitcoin Cash is like Bitcoin but more powerful than Bitcoin’s operating system. Bitcoin is the first cryptocurrency on blockchain technology. Bitcoin has maintained its popularity and first place in the rankings since its first day on the market. It is also the most expensive cryptocurrency on the market and the most traded if you exclude Tether USDT. It also struggles to meet today’s scalability expectations and offer an affordable solution. For this reason, Bitcoin Cash has emerged as a similar but more efficient solution.
The number of transactions that can be carried out in Bitcoin’s system is limited to 7 per second. This leads to a slowdown in the processes carried out. This is where Bitcoin Cash comes in and provides a solution to the barrier to sending and receiving money. Bitcoin does not have a center. It is therefore not possible to develop Bitcoin. For Bitcoin, this was initially a positive in terms of security, but as Bitcoin has become increasingly popular and used by more and more users, it has become a negative in terms of its usability. The impossibility of developing Bitcoin encouraged developers to create another cryptocurrency on the same blockchain, which led to Bitcoin Cash. Bitcoin Cash’s decoupling from the Bitcoin blockchain hard fork (bifurcation) It’s called. While Bitcoin and Bitcoin Cash are similar, it’s important to remember that they are different. Bitcoin Cash has its own unique blockchain and is a separate cryptocurrency. So it is independent of Bitcoin.
Block sizes in Bitcoin have a capacity of 1 MB. Bitcoin Cash increased this size to 8 MBin the first phase and then to 32 MB. This increased the number of transactions recorded in blocks and made transactions both faster and more efficient. Also, with the release of Bitcoin Cash, Bitcoin users received as much Bitcoin Cash as they had Bitcoin.
BCH, the native cryptocurrency of Bitcoin Cash, is used for fast and low-cost transactions, as a payment method, and to increase financial access.
What Advantages Does Bitcoin Cash (BCH) Offer?
Bitcoin Cash works in a similar way to Bitcoin, but with some differences. These differences give it some advantages. These advantages are as follows.
Bitcoin Cash Fast Trade Confirmations:
Bitcoin Cash can process more transactions at the same time thanks to its larger block size. This means faster trade confirmations and lower trade waiting times. Once cryptocurrency payment becomes widespread enough, this will be an advantage for everyday purchases or in situations that require fast transactions.
Low Transaction Fees:
Bitcoin Cash offers low transaction fees, making it a more affordable option than other traditional payment methods. Bitcoin Cash may become more attractive, especially when BTC’s transaction fees are high.
Wide Acceptance:
Bitcoin Cash can be used as a payment method by many businesses, trading platforms and payment apps. This means that BCH can be used in more places.
Financial Inclusion:
Bitcoin Cash can be used as an alternative means of payment and store of value in regions around the world with limited access to financial services.
How Bitcoin Cash (BCH) Works
Bitcoin Cash’s code is very similar to Bitcoin. Therefore, technically, Bitcoin Cash works in the same way as Bitcoin. Both cryptocurrencies have 21 million assets, use nodes to validate transactions and use the Proof of Work (PoW ) consensus algorithm. Bitcoin Cash’s use of PoW means it can be mined. People who mine with computer power are rewarded with BCH.
However, BCH works faster than Bitcoin thanks to its larger block size and has lower transaction fees. For example, Bitcoin Cash is more functional than Bitcoin for buying a plate of food. The 32 MB block size gives it the power to process 100 transactions per second. This in turn lowers transaction fees as there is less competition to bring transactions into a block.
Who are the Founders of Bitcoin Cash (BCH)?
Although Rover Ver can be characterized as a founder because he is very supportive of Bitcoin Cash, this is not the case. He only supports the project because he embraces the vision of a hard fork of Bitcoin. Bitcoin Cash was created and launched in 2017 by a group of developers and miners who were tired of Bitcoin’s relatively cumbersome structure and were looking for a similar but more functional solution to Bitcoin.
The first name that stands out among these developers is Amaury Setchet. Amaury Setchet graduated from ESEO, the French graduate engineering university. He started his career as a web consultant at Hub’Sales, a digital analytics agency, and continued as a lead developer at the same company. Amaury Setchet then moved to Facebookand worked as a software engineer for about 4 years. His experience there was followed by a stint as a consultant dictator at Bitcoin ABC, a company dedicated to building eCash infrastructure for the P2P electronic cash world. His experience there led him to become one of the developers of Bitcoin Cash.
The Bitcoin ABC software that would create Bitcoin Cash first appeared in June 2017. It was launched on August 1, 2017, after the project’s testing period was completed.
What Other Things to Know About Bitcoin Cash (BCH)?
To learn a little more about Bitcoin Cash (BCH), it’s worth taking a look at the answers to some of the following questions.
Is BCH a token? Or is it a coin?
Coin is a cryptocurrency created on its own blockchain. A token is a cryptocurrency that does not have its own blockchain and is created on an existing blockchain. BCH is a coin because it has its own blockchain.
Which blockchain is BCH coin on?
BCH coin has separated from Bitcoin and has its own network.
Is BCH coin being mined?
BCH coin mining is possible and works in the same way as Bitcoin.
How to buy BCH coins?
To buy BCH coins, it is sufficient to create a membership on ICRYPEX. Once the membership process is complete, other cryptocurrencies including BCH coins can be traded quickly, easily and securely.
How to Become a Member of ICRYPEX?
After visiting www.icrypex.com from a browser, you can click on the “SUBSCRIBE” button at the top right of the page, fill in the required information and you can easily create your membership.
From mobile devices, primarily;
Android users can download our app by clicking here, Apple users by clicking here and HUAWEI users by clicking here. After logging in to the application, you can click on the menu icon at the top left, then click on “SUBSCRIBE” to fill in the required information and easily create your membership.
