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Posted on Jun 27, 2023Read on Mirror.xyz

The Rise of Bitcoin Cash: Addressing Limitations and Promoting Adoption

Bitcoin Cash (BCH) is a cryptocurrency that was created in August 2017 as a result of a hard fork from the original Bitcoin (BTC) network. The hard fork was driven by a group of developers and miners who wanted to increase the block size limit of the Bitcoin blockchain to allow for faster and cheaper transactions.

Bitcoin Cash aims to be a peer-to-peer electronic cash system that can be used for everyday transactions. It shares many similarities with Bitcoin in terms of its decentralized nature and use of blockchain technology. However, there are a few key differences between Bitcoin Cash and Bitcoin.

The most significant difference is the block size limit. Bitcoin Cash increased the block size from 1MB to 8MB initially, and later increased it further to 32MB. This larger block size allows for more transactions to be processed in each block, which theoretically results in faster and cheaper transactions compared to Bitcoin.

Another difference is the use of the "SigHash" algorithm, which enables certain signature-related improvements. Bitcoin Cash also implemented a new difficulty adjustment algorithm (DAA) called the "Difficulty Adjustment Algorithm Emergency Difficulty Adjustment" (DAA EDA) to ensure that the mining difficulty adjusts more quickly in response to changes in network hash rate.

Bitcoin Cash has its own community and development team separate from Bitcoin. It has gained support from some individuals and businesses, although it hasn't achieved the same level of adoption and recognition as Bitcoin.

It's worth noting that there was another hard fork of Bitcoin Cash in November 2018, resulting in the creation of two separate cryptocurrencies: Bitcoin Cash (BCH) and Bitcoin SV (BSV). Bitcoin SV, short for "Satoshi Vision," was created by supporters of Craig Wright, who claimed to be the creator of Bitcoin, Satoshi Nakamoto. Bitcoin Cash (BCH) is the version that followed the original vision of larger blocks and on-chain scaling.

Like other cryptocurrencies, Bitcoin Cash can be bought, sold, and stored in digital wallets. It can be used for various online and offline transactions, depending on the acceptance of merchants and businesses.

As with any cryptocurrency, it's important to exercise caution and do thorough research before engaging in any transactions or investments involving Bitcoin Cash. Cryptocurrency markets are highly volatile, and the value of Bitcoin Cash, like other cryptocurrencies, can fluctuate significantly.