Bitcoin Cash is a peer-to-peer electronic cash. A cryptocurrency hard-forked from the Bitcoin blockchain. This entails that Bitcoin Cash is a community-activated update to the protocol or code. The service allows merchants and user to access low fees and reliable confirmations.
Its key features include On-chain scalability, Sighash type for secured transaction, responsive Proof-of-Work difficulty adjustment and decentralized development. The distributed timestamp server operates on a peer-to-peer basis, and was designed to be similar to Adam Back's Hashcash. Majority decisions are represented by the longest chain with the best proof-of-work effort invested in it. However, it's possible to verify payments without running a full network node. Bitcoin Cash is designed to rely on trust to provide electronic transactions.
Bitcoin Cash is represented by the ticker symbol BCH. Bitcoin Cash was forked into Bitcoin SV and Bitcoin ABC, and eventually Bitcoin ABC grew to be the dominant chain with more hashpower and a majority of nodes on the network.
The controversial hardfork of Bitcoin and Bitcoin Cash into two separate blockchains occurs on block 478558. The split results from an inability of the Bitcoin community to resolve debates over a proposed increase to the 1megabyte limit on the maximum block size. Bitcoin Cash increases the block limit to 8MB and removes segregated witness.
Bitcoin: A Peer-to-Peer Electronic Cash System
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What is Bitcoin Cash?
- BitcoinBitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.