Bitcoin Cash (BCH)

Feb 08, 2018 at 15:10

Bitcoin is the world’s biggest and the most expensive cryptocurrency today but it has its limitations as a peer-to-peer electronic cash.

With only a maximum limit of 1MB of data per block, it can only process about three transactions per second.

Because of this, Bitcoin hit an “invisible wall” that led to higher fees and longer time to get transactions processed and confirmed.

To solve this, Bitcoin Cash was born.

Bitcoin Cash—with a ticker symbol BCH—is an offshoot the Bitcoin project but upgraded with scalability—raising it block size limit to 8 MB initially, therefore driving lower fees and faster confirmations.

First created in August 1, 2017 by multiple independent teams of developers, all holders of Bitcoin at the time, or as of block 478558, also became owners of Bitcoin Cash with the same amount.

It is considered to be the most successful offshoot of the legacy Bitcoin.

Bitcoin Cash boasts of scalability, with ongoing research to further increase the limit per block; new transaction signatures—to provide replay protection, improved hardware wallet security, and elimination of the quadratic hashing problem; and a new difficulty adjustment algorithm (DAA) to allow miners to migrate from the legacy Bitcoin chain as desired while providing protection versus fluctuations.

The Bitcoin Cash community is growing: it is available in 42 cryptocurrency exchanges across the world; accepted by 16 different payment platforms; and supported by 23 wallets.

The cryptocurrency got the attention of Roger Ver, known in the cryptocurrency world as “Bitcoin Jesus,” who actually started supporting the legacy Bitcoin until he shifted and became a firm advocate of the Bitcoin offshoot.