Bitcoin Cash (BCH): An Introduction to the Scalable Cryptocurrency
Bitcoin Cash (BCH) is a cryptocurrency that emerged as a result of a hard fork from the original Bitcoin (BTC) blockchain in 2017. The main objective of Bitcoin Cash was to increase the block size limit of the Bitcoin network to enable faster transaction processing and lower fees. The BCH network supports larger blocks of up to 32 megabytes, compared to the 1 megabyte limit of the BTC network, allowing for more transactions to be processed in each block. This scalability upgrade aimed to make Bitcoin Cash more practical for daily use and increase its adoption as a means of payment.
The Decentralized and Permissionless Nature of Bitcoin Cash (BCH)
Bitcoin Cash has gained popularity as a decentralized and permissionless digital currency that operates on a peer-to-peer network without intermediaries. Users can send and receive BCH globally without the need for a central authority, such as a bank or government. Transactions are validated by network participants through a consensus mechanism called proof-of-work, which involves solving complex mathematical problems to confirm transactions and add them to the blockchain. Bitcoin Cash uses the same cryptographic principles as Bitcoin, such as public-key cryptography and digital signatures, to secure transactions and protect user privacy.
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