Bitcoin Cash (BCH)
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1. Founding and Background:
Bitcoin Cash was created as a result of a contentious hard fork within
the Bitcoin community. A group of developers and miners, including Roger Ver
and Jihan Wu, advocated for larger block sizes to allow for more transactions
per block. This disagreement ultimately led to the creation of Bitcoin Cash on
August 1, 2017.
2. Block Size Evolution:
Bitcoin Cash underwent several hard forks to increase its block size,
each with its own block size limit. The most notable forks were the 8 MB block
size (the original) and the 32 MB block size. These larger blocks are intended
to accommodate more transactions and reduce transaction congestion.
3. Bitcoin Cash ABC and Bitcoin Cash SV:
Following the November 15, 2018, hard fork, Bitcoin Cash split into two
competing chains: Bitcoin Cash ABC (Adjustable Blocksize Cap) and Bitcoin Cash
SV (Satoshi Vision). The split was primarily due to differences in technical
and philosophical approaches. Bitcoin Cash ABC maintained the BCH ticker symbol
and is the more widely recognized of the two chains.
4. Adoption and Payment Processing:
Bitcoin Cash has been integrated into various payment processors,
enabling merchants to accept BCH as a payment method. It's often used for
online purchases and services as a fast and low-cost alternative to traditional
payment options.
5. Smart Contracts:
Bitcoin Cash has introduced features for basic smart contracts, enabling
developers to build decentralized applications (dApps) on its blockchain. This
feature is not as robust as Ethereum's smart contract capabilities but allows
for some degree of programmability.
6. Partnerships and Merchant Adoption:
Bitcoin Cash has entered partnerships with companies and platforms to
promote its use for payments and online transactions. Some well-known merchants
and websites accept BCH for goods and services.
7. Mining:
Mining for Bitcoin Cash is similar to Bitcoin, with miners competing to
solve complex mathematical puzzles to add new blocks to the blockchain. The
larger block size and lower fees can make Bitcoin Cash mining attractive to
some miners.
8. Market Capitalization:
Bitcoin Cash's market capitalization fluctuates along with its price. It
typically ranks among the top cryptocurrencies by market cap.
9. Wallets and Storage:
Users can choose from various cryptocurrency wallets to store their
Bitcoin Cash, including web wallets, hardware wallets, and mobile wallets. It's
important to choose a secure wallet to protect your holdings.
10. Community and Development:
Bitcoin Cash has a dedicated community and development teams that
continue to work on improving the protocol. Ongoing developments focus on
scalability, security, and enhanced features.
11. Price Volatility:
Like other cryptocurrencies, Bitcoin Cash's price can be subject to
significant fluctuations, making it both an opportunity and a risk for
investors and users.
Bitcoin Cash aims to address the need for faster, more affordable
transactions while retaining the characteristics of decentralization and
security associated with cryptocurrencies. As with all digital assets, it's
essential to stay informed about market dynamics, conduct thorough research,
and carefully consider your own investment strategy and risk tolerance.