While we may have many words of praise for the pioneering cryptocurrency that shook the fintech space, and in many ways inaugurated it, Bitcoin has also faced a lot of criticism in terms of its scalability issues. Now, as we already know, many hard forks of Bitcoin result in altcoins that strive to improve upon these problems. One of them, which has its own fork coming up in a day, is Bitcoin Cash. Given that there is a clear difference between Bitcoin and Bitcoin Cash (BCH), we definitely need to have a look at this altcoin to understand how it individually fares. In this beginner’s guide to Bitcoin Cash, we explore the basics of this cryptocurrency.
What is Bitcoin Cash?
Bitcoin Cash is a cryptocurrency that was born out of a fork of the Bitcoin, and means to put Bitcoin’s scalability debates to rest by achieving increased operational efficiency through a much larger block size (8MB compared to Bitcoin’s 1MB). This helps in bringing down the transaction time and making the network far more cost-effective, so that the scalability can be enhanced. While the key difference between the two is in terms of their respective block sizes, there are also several similarities between Bitcoin and Bitcoin Cash. These similarities give a strong grounding to the BCH, even as the differences make it better than its parent crypto.
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Source: BTC Wires