A newest clone of the highly acclaimed cryptocurrency, Bitcoin has finally arrived and is making the headlines. Bitcoin Cash (BCH) is a newfangled spin-off of Bitcoin which aims on extending the existing capabilities of Bitcoin through several crucial upgrades. Although there are hundreds of Bitcoin clones already in the market, Bitcoin Cash is very different from the rest.
Bitcoin Cash is the continuation of the Bitcoin project with improved features and upgrades. It’s a Peer-to-Peer (P2P) digital currency that not only copies Bitcoin in codebase but also copies the Bitcoin blockchain up to a certain point. Due to this reason, the users having some BTC balance in their wallets will also have an equivalent BCH value. The split was initiated on August 1 and it divides the Bitcoin blockchain in such a way that all the Bitcoin holders of block 478558 will now readily have access to the Bitcoin cash.
You may also like Bitcoin To Have SegWit 2x Activation Starting From August.
New Offerings From Bitcoin Cash
Bitcoin Cash offers a myriad of new features, upgrades and improvements to the original Bitcoin protocol. First and foremost, it brings the much anticipated scalability enhancement and increases the block size limit from 1MB to 8MB. This scalability upgrade will allow more number of transactions per block which will speed up the processing, making transactions faster than ever before. Unlike Bitcoin, the BCH transactions are processed in seconds while the Bitcoin transactions typically take minutes or even hours to do the same.
Apart from that, Bitcoin Cash imposes relatively lower transaction fee. For all we know, the Bitcoin transaction fee is rising exponentially as the number of transactions is increasing meteorically. However, Bitcoin Cash puts an end to many such setbacks as it raises the block size limit to 8MB through a powerful on-chain scaling. This also brings a radical decline in transaction fee.
Above all, Bitcoin Cash provides replay and wipeout protection against all odds. It very much reduces the user disruption and allows for a secure coexistence of the two chains altogether. Last but not the least, Bitcoin Cash brings a new way of signing transactions which further consolidates the hardware wallet security and eliminates the quadratic hashing issues.
Wallets and Exchanges Supporting BCH
No comments:
Post a Comment