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A new, enhanced version of Bitcoin? This is what Bitcoin Cash claims to be. It was forked from Bitcoin’s source code due to a disagreement of network participants. Let’s see what this project created on discourse and division has to offer.
What is Bitcoin Cash?
Bitcoin Cash is another blockchain-based currency that emerged in 2017. Its goal? To address Bitcoin’s scalability issues by increasing the block size, thus allowing more transactions to be processed.
Bitcoin Cash introduced lower transaction fees and faster confirmation while preserving the decentralization and security of the network. Think of Bitcoin Cash as an upgraded version of Bitcoin. Despite its improvements, interest in Bitcoin Cash has fallen significantly from the peak, and Bitcoin has remained the king to this day.
Bitcoin Cash, as an older and established cryptocurrency, is supported on any major exchanges and wallets.
Why use Bitcoin Cash?
A new question arises: why would you use Bitcoin Cash over any other cryptocurrency? Let’s break it down.
With the increased block size, Bitcoin Cash is able to handle more transactions, which makes it ultimately faster for daily transactions. Reduced fees also play a role, and in this aspect BCH can rival coins like Litecoin. Bitcoin Cash offers global accessibility with peer-to-peer transactions regardless of your location. Its network is robust, secure, and proven to be resilient against many attacks. What’s notable is BCH’s recognition since multiple merchants accept it as a form of payment.
To put it simply, if you need an established and reliable alternative to payment processors, which is recognized in most places where crypto is accepted, go for Bitcoin Cash. Otherwise, explore the latest trends and research new, valuable projects.
How Bitcoin Cash works
Tron was built on top of blockchain technology. As a result, the Tron network is a public distributed ledger, which is transparent by design. It uses proof of work as well as utilizes the SHA-256 hashing algorithm, just like Bitcoin. The maximum supply also remained unchanged, sitting at 21 million coins. Its block size is 32 MB compared to Bitcoin’s 8 MB, allowing for many more transactions to fit in a single block.
The entire process to perform a transaction on the BCH blockchain is very straightforward. First you initiate your transaction in your wallet, which is then broadcasted to the Bitcoin Cash network. This is where miners verify the transaction and check its validity. Then the transaction is added to a new block and confirmed. This whole process makes it nearly impossible to change this immutable and publicly accessible.
Bitcoin Cash also created a simple ledger protocol, which allows for custom tokens on the BCH blockchain. They are not that dissimilar from tokens that exist on Ethereum or Solana, but much more limited.
Bitcoin Cash's timeline
Before the fork happened, the Bitcoin network had been growing rapidly, and concerns over scalability and transaction fees arose. All of this sparked community debates about the best approaches when it comes to scaling. The hard fork happened on August 1, 2017. Since then the developers’ sole focus has been on scalability and various partnerships with payment processors. Many more Bitcoin forks have been created, like Bitcoin SV and others, which proposed new changes but weren’t warmly welcomed and became irrelevant not long after the start.
The risks of Bitcoin Cash
It's important to highlight the speculative nature of cryptocurrencies, Bitcoin Cash included. Without proper preparation, it’s very easy to lose money on such a volatile asset. While Bitcoin Cash was never mentioned to be considered a security by the SEC, it is always recommended to be wary of new challenges, as the topic is very fluid and the regulatory landscape may change very quickly.
Bitcoin Cash is a proven technology owing to being based on Bitcoin’s source code, but it’s not entirely safe from 51% attacks. Such an attack occurs when a single entity gains majority control over the network’s mining power. This leads to unprecedented consequences where the chain can be altered in many different ways.
Why Bitcoin Cash matters
Bitcoin Cash was one of the earliest enhancements to existing Bitcoin technology. While there were many altcoins that existed back then, the idea was not to create another useless coin but to strengthen the existing Bitcoin protocol. It represents a community-driven proposal and idea execution.
Since there was an argument and the majority didn’t agree on suggested changes, a fork was made. With so many cryptocurrencies to choose from, however, will Bitcoin Cash survive in its current form or fade into insignificance as other examples would suggest?
