What is Bitcoin Cash?
Bitcoin Cash is a cryptocurrency that was developed based on the original Bitcoin project and is designed to function as a form of peer-to-peer digital cash with enhanced transaction capacity. Its goal is to offer fast payments, low fees, privacy, and high transaction capacity through its peer-to-peer electronic cash system. Bitcoin Cash was created in August 2017 through a hard fork of the Bitcoin blockchain, following a heated debate within the Bitcoin community about scalability issues. While Bitcoin maintained its block size of 1 MB after the hard fork, Bitcoin Cash increased its block size to 8 MB at the time of the split and then to 32 MB in 2018. Since then, Bitcoin Cash has undergone two more hard forks, in November 2018 and November 2020, which led to the creation of Bitcoin SV and Bitcoin Cash ABC, respectively.
The split in November 2018 was caused by a disagreement within the Bitcoin Cash community, with the creators of Bitcoin SV claiming that Bitcoin Cash had strayed from the original vision outlined in the Bitcoin white paper. The hard fork in November 2020 resulted in the creation of a network that includes an 8% miners' tax that is distributed to developers. Bitcoin Cash's network is secured using a proof of work (PoW) consensus algorithm that relies on mining, similar to Bitcoin. Miners who successfully contribute to the network are rewarded with newly-issued Bitcoin Cash.
Bitcoin Cash can be used as a form of peer-to-peer digital cash that can be transferred to other users on the network. Its larger block size in comparison to Bitcoin allows for faster transaction speeds.
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