What is Bitcoin Cash (BCH)?
Bitcoin Cash (code: BCH) is a peer-to-peer electronic currency. Allows users to pay directly from one party to another quickly and almost free of charge without having to go through any financial institution.
Wait! Do you see how this definition is very similar to the concept of any coin?Exactly! That is Bitcoin (BTC).So why do these two coins have such similar definitions?The simplest answer is: Bitcoin Cash is the first blockchain fork (Hard Fork) from the Bitcoin blockchain.And with the above definition, Bitcoin Cash SELF-CLAIMS they are the blockchain developed according to the original idea of when he founded Bitcoin A-Peer to Peer Electronic Cash.So what was the reason why Bitcoin Cash was born? Come with me to the next part!Why was Bitcoin Cash born?To find the answer to this question, let's go back to May 2017.At this stage, Bitcoin was trading above $8,000 per BTC. This is followed by the rapid development of the Bitcoin network.But that rapid development has made the Bitcoin development community realize an extremely important weakness, preventing Bitcoin from becoming a peer-to-peer currency.That is the block size of Bitcoin (1MB).It is so small that transaction processing time and transaction fees have increased many times.To solve this problem, the community has come up with two options: Bitcoin Unlimited (BU) and Segregated Witness (SegWit). In there:Bitcoin Unlimited (BU).This solution will remove Bitcoin's original block size limit (1MB). Instead miners are allowed to choose to process blocks of any size as long as it suits their capabilities.This raises concerns that Bitcoin's decentralization will be threatened when control of the network will fall into the hands of large mining corporations.Segregated Witness (SegWit)SegWit is a solution to increase Bitcoin's original block size by removing signature data from Bitcoin transactions.This makes Bitcoin's block size able to contain 4 times more data than the original.LThis means upgrading the block size from 1MB to 4MB.#BCH
