$BCH About BCH (Bitcoin Cash)

• Definition and Function:

• Bitcoin Cash (BCH) is a cryptocurrency that was forked from Bitcoin in 2017, aimed at solving Bitcoin's scalability issues and providing faster and more cost-effective transactions. The main feature of BCH is the increased block size, which was raised from 1MB to 8MB, thereby improving transaction speed and processing capacity.

• Technical Features:

• Block Size: BCH increased the block size from 1MB to 8MB, allowing BCH to handle more transactions and improving the network's throughput.

• Mining Algorithm: BCH continues to use Bitcoin's mining algorithm—SHA-256, which is a widely used cryptographic hash algorithm.

• Scalability Improvements: BCH introduced Segregated Witness (SegWit) technology, which separates signature data from transaction data, further increasing block capacity.

• Consensus Algorithm: BCH uses the Proof of Work consensus algorithm, the same as Bitcoin.

• Project Characteristics:

• Decentralization: The BCH network is collectively controlled by all users, and no individual or organization can change or stop BCH from operating unless the vast majority of users agree to make a change.

• Transaction Speed and Fees: Due to the increased block size, BCH's transaction speed is faster than Bitcoin's during network congestion, and the transaction fees are relatively lower.

• Community Philosophy: The BCH community emphasizes its practicality as a peer-to-peer electronic cash system, aiming to be a payment tool for daily transactions and pursuing higher transaction efficiency and lower fees.

• Transaction Replay Protection:

• After the fork, BCH and Bitcoin implemented different transaction replay protection mechanisms to prevent users' transactions on one blockchain from being replayed on another, ensuring that transactions of the two currencies are independent of each other.

• Supply:

• The maximum supply of BCH is 21 million coins, the same as Bitcoin.

• Application Scenarios:

• The main goal of BCH is to provide a viable alternative to physical currency, thereby facilitating low-cost daily transactions. BCH is increasingly accepted by online and brick-and-mortar merchants and can also be used for fast and cheap remittances worldwide.