What is Bitcoin Cash? A Simple Guide For Begineers!
05 January 2021
Bitcoin has grown in popularity. More people have started to invest (or) use bitcoin as a medium of payment. As the market size continued to grow, the Bitcoin network faced severe difficulties like scalability issues.
The time taken to process a transaction increased, only seven transactions were able to be performed per second, thereby its transaction fee started to mount.
To keep up with the requirements of the people, Bitcoin was hard forked to Bitcoin Cash that performed significantly better than the former.
While Bitcoin had a block size of just 1 MB, Bitcoin Cash grew to a block size of 8 MB. It was implemented on Bitcoin Unlimited and transaction signatures were validated on the blockchain.
Back in 2017 when Bitcoin Cash was released, holders of Bitcoin were rewarded with Bitcoin Cash in a 1:1 ration. Yes, if someone held 10 Bitcoins, they’d receive 10 Bitcoin Cash.
Bitcoin Cash has the same use cases as Bitcoin - as a medium of investment and a medium of payment. Bitcoin cash can also be used to purchase online and offline goods based on adoption.
Top cryptocurrency exchanges have listed Bitcoin Cash on their platforms, and users can trade instantly and make a quick profit.
No matter what, Bitcoin has got quite a popularity among the crypto community, and despite the scalability issues faced by bitcoin, it’s adoption rate continues to climb.
Thus, bitcoin shall dominate the market in the upcoming future though Bitcoin Cash has solved some of the major barriers faced by the former.