BCH, or Bitcoin Cash, is a hard fork of Bitcoin that was created in 2017. It is a digital currency that operates on a decentralized blockchain and is designed to facilitate fast, secure, and low-cost transactions.
The main reason for the creation of BCH was to address some of the shortcomings of Bitcoin, such as slow transaction times and high fees. BCH aims to provide a more user-friendly and scalable alternative to Bitcoin.
One of the key differences between BCH and Bitcoin is the size of their blocks. Bitcoin’s block size is limited to 1 MB, which has led to an increase in transaction fees and slower transaction times. BCH, on the other hand, has a block size of 8 MB, which allows for more transactions to be processed at a faster rate, and at a lower cost.
Another difference between BCH and Bitcoin is the mining algorithm used to secure the network. Bitcoin uses the SHA-256 algorithm, which is also used by other cryptocurrencies such as Litecoin. BCH, on the other hand, uses the SHA-256 algorithm in combination with another algorithm called “Sighash,” which makes it more resistant to certain types of attacks.
The creation of BCH was not without controversy, as it led to a split in the Bitcoin community. Some people believed that BCH was a necessary step to improve Bitcoin, while others saw it as a threat to the integrity of the original Bitcoin blockchain.
Despite this controversy, BCH has gained a significant following, with many merchants and businesses accepting it as a form of payment. Its low transaction fees and fast transaction times make it an attractive option for those who want to use cryptocurrency for day-to-day transactions.
In addition to its practical uses, BCH also has strong ideological roots. Many proponents of BCH believe that it embodies the original vision of Bitcoin’s creator, Satoshi Nakamoto, who aimed to create a decentralized and peer-to-peer digital cash system that could operate without the need for intermediaries.
Overall, BCH represents an alternative vision for the future of cryptocurrency. While Bitcoin remains the dominant cryptocurrency, BCH has carved out its own niche as a fast, secure, and low-cost alternative that is well-suited for everyday use.