Mikeurbane

joined 3 months ago
 
  1. Increased block size: Bitcoin Cash increased the block size limit from 1 MB to 8 MB (and later to 32 MB) to allow for more transactions to be processed per block.
  2. Faster transaction times: With increased block size, Bitcoin Cash aims to process transactions faster than Bitcoin.
  3. Lower transaction fees: Bitcoin Cash has lower transaction fees compared to Bitcoin, making it more accessible for microtransactions.
  4. Different mining algorithm: Bitcoin Cash uses a different mining algorithm called SHA-256, which is the same as Bitcoin's, but with some adjustments.
  5. Smart contract functionality: Bitcoin Cash has implemented smart contract functionality, allowing for more complex transactions and applications.
  6. Competing philosophy: Bitcoin Cash has a different philosophy than Bitcoin, focusing on being a fast and reliable peer-to-peer electronic cash system rather than a store of value.
 

As an avid cryptocurrency enthusiast, I had been using Bitcoin for years. I loved the idea of decentralized, peer-to-peer transactions without the need for intermediaries. However, over time, I started to notice a significant increase in transaction fees.

One day, I needed to send a small amount of Bitcoin to a friend. To my surprise, the transaction fee was nearly as much as the amount I was sending! I was shocked and frustrated. This wasn't the first time I'd experienced high fees, but it was the final straw.

I began researching alternative cryptocurrencies with lower transaction fees. That's when I stumbled upon Bitcoin Cash (BCH). I learned that BCH had increased its block size limit, allowing for more transactions to be processed per block and resulting in significantly lower fees.

Intrigued, I decided to give BCH a try. I downloaded a BCH wallet and bought a small amount of BCH to test it out. I was amazed at how fast and cheap transactions were! I sent a small amount of BCH to my friend, and the transaction fee was a tiny fraction of what I would have paid with Bitcoin.

I was hooked. I started using BCH for all my cryptocurrency transactions. The low fees and fast transaction times made it a game-changer for me. I even started using BCH for everyday purchases, like buying coffee or groceries online.

Looking back, switching to Bitcoin Cash was one of the best decisions I made. It's amazing how something as simple as low transaction fees can make such a big difference in your experience with cryptocurrency.

I'm grateful for the existence of BCH and the community that supports it. It's a reminder that there are always alternatives and innovations happening in the cryptocurrency space.

 

This is a summary of what you need to understand about Bitcoin cash and how it was created.

1
History of bitcoin cash (realbitcoin.cash)
submitted 3 months ago* (last edited 3 months ago) by Mikeurbane@realbitcoin.cash to c/bitcoincash@realbitcoin.cash
 

Bitcoin Cash (BCH) is a cryptocurrency that emerged as a result of a hard fork from Bitcoin (BTC) on August 1, 2017. Here’s a brief overview of its history:

Background

  • Bitcoin's Growth: As Bitcoin gained popularity, its blockchain faced scalability issues. Transaction speeds slowed, and fees increased, leading to debates within the Bitcoin community about how to handle these challenges.

The Hard Fork

  • Scaling Debate: The primary contention was between two groups: those who supported increasing the block size to allow more transactions (the Bitcoin Cash camp) and those who preferred to implement solutions like the Lightning Network (the Bitcoin camp).
  • Launch of Bitcoin Cash: On August 1, 2017, Bitcoin Cash was created when miners and nodes that supported the larger block size (initially 8 MB) split from the Bitcoin blockchain. This was intended to allow for more transactions per block, thereby reducing fees and increasing transaction speed.

Development and Features

  • Block Size Increase: Bitcoin Cash initially increased the block size limit to 8 MB, and it has since undergone further increases, with the current limit at 32 MB. This was aimed at improving scalability.
  • Community and Ecosystem: The BCH community has focused on promoting it as a medium of exchange, emphasizing faster transactions and lower fees compared to Bitcoin.

Challenges and Controversies

  • Internal Divisions: Like many cryptocurrencies, Bitcoin Cash has experienced its own internal disputes. In November 2018, a contentious split occurred, resulting in the creation of Bitcoin SV (BSV) after further disagreements over the future direction of BCH.
  • Market Adoption: While Bitcoin Cash has gained some traction among merchants and users, it has faced challenges in competing with Bitcoin and other cryptocurrencies in terms of market adoption and perception.

Current Status

  • Development: Bitcoin Cash continues to be actively developed, with ongoing efforts to improve its technology and increase adoption.
  • Market Position: As of the latest updates, Bitcoin Cash remains one of the top cryptocurrencies by market capitalization, but it is often overshadowed by Bitcoin and Ethereum.

Bitcoin Cash represents a significant chapter in the broader story of cryptocurrency, highlighting the ongoing debates over scalability, governance, and the future of digital currencies.