Bitcoin Cash – The Improved Version of the Bitcoin
Bitcoin Cash is a peer-to-peer cryptocurrency that works as electronic cash for the Internet. This digital currency is fully decentralized, so it doesn’t require a central bank or trusted third parties to operate.
Bitcoin Cash is some form of continuation of the Bitcoin project that took a different path as peer-to-peer digital cash. This cryptocurrency is actually a fork of the Bitcoin blockchain ledger that features upgraded consensus rules, allowing it to grow and scale better than the original Bitcoin.
If you held Bitcoin when Bitcoin Cash was created then you automatically became the owner of a certain Bitcoin Cash amount. Bitcoin holders on August 1st at 13:16 UTC suddenly received the same amount of Bitcoin Cash as they had in Bitcoin.
There are no reasons to be confused about this, Bitcoin and Bitcoin Cash are now different cryptocurrencies, so they are not related or dependent in any way.
Bitcoin Cash transactions use a whole new signature hashing algorithm. Such signatures are not valid on the Bitcoin blockchain, preventing Bitcoin transactions from being replayed on the Bitcoin Cash blockchain and vice versa.
The legacy Bitcoin code has a maximum limit of 1MB of data per block, and this causes problems for Bitcoin users. After years of continued growth and success, Bitcoin capacity hit an invisible wall. Suddenly, transaction fees skyrocketed and the platform became a bit unreliable, having users waiting hours and even days to have their transactions confirmed.
Bitcoin Cash attempts to solve this issue with its own platform by raising the block size limit to 8MB, which represents a massive on-chain scaling approach. Therefore, the Bitcoin Cash platform has capacity enough for everyone’s transactions.
The main purposes of using cryptocurrencies are in part fast confirmations and low fees, this will be possible with the Bitcoin Cash platform.
Bitcoin Cash has multiple independent developing teams, which makes the platform development completely decentralized, a much-needed improvement for cryptocurrencies.