Bitcoin Cash is a cryptocurrency which works on peer to peer transaction. It works on a decentralized system, which means it doesn’t require any centralized authority. There is no involvement of trusted third parties.
What leads to the creation of Bitcoin Cash?
In mid-2017, the developer of Bitcoin was not happy with the new Segregated Witness feature which leads to the split of Bitcoin’s blockchain into two parts. This led to the hard fork of Bitcoin. The block which was hard-forked was 478558. Anyone who owned a Bitcoin on the block 478558 was gifted an equal number of Bitcoin Cash in their Bitcoin Cash wallet.
What is the difference between Bitcoin Cash and Bitcoin?
The greatest issue with Bitcoin was with its block size and security. This led to the increase in transaction fees. And, there was delay in the transaction confirmation. The solution for this was Bitcoin Cash. The block size was increased to 8MB.
The segregated Witness (SegWit) is removed. A proposed code adjustment I s designed to free up block space by removing certain parts of the transaction. Both the cryptocurrencies have the same hash rate, but BCH allows more transactions per second. It leads to faster payments and lower fees.
Bitcoin Cash’s blockchain works on a new algorithm called the new Difficulty Adjustment Algorithm (DAA). DAA works on responsive Poof of Work. It prevents hash rate fluctuations. BCH also implemented a new transaction signature called the SigHash. It protects from replay and improved hardware. It also provides wallet security and removes quadratic hashing problem.
Bitcoin Cash is mine-able like Bitcoin. It takes about 10 minutes to mine a block. The rewards are also similar to Bitcoin, which is 12.5 Bitcoin Cash. This value will halve every 210,000 blocks. It typically takes four years for the same. The subunit for Bitcoin Cash is Satoshi, and the smallest fraction of Bitcoin Cash is 8 decimal. The total supply of BCH is 21 million.
Exchange platforms to buy Bitcoin Cash in India
UnoCoin Cryptocurrency Exchange
Toro Social Crypto Trading
Kucoin Cryptocurrency Exchange
Kraken Cryptocurrency Exchange[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]