What is Bitcoin Cash ( $BCH ) ?!
Bitcoin Cash is a blockchain network based on the Proof-of-Work (PoW) consensus mechanism, and #BCH is the native token of this network. BCH can be used for various purposes, including peer-to-peer transactions, online purchases, investment, value storage, etc. In 2017, the #bitcoin cash network split from the Bitcoin network, becoming a variant or "hard fork" of Bitcoin.
This hard fork occurred due to disagreements within the BTC community regarding the scalability and efficiency of the original Bitcoin network. Unlike the original BTC community's resistance to censorship and the goal of minimizing trust, supporters of the BCH network advocate for the establishment of a "peer-to-peer electronic cash system" as its core principle. They aim to achieve faster and cheaper transactions, by increasing transaction throughput and reducing transaction fees of the network.
Specifically, in the initial design of Bitcoin, each block had a size limit of 1MB. As Bitcoin gained more widespread use, the 1MB block size proved to be restrictive in processing a large volume of transactions, resulting in high latency and high transaction fees across the network.
BCH network's proposal was to increase the block size from 1MB to 8MB, allowing for a higher number of transactions the network can handle. (Since May 2018, the block size limit for BCH has further increased to 32MB.) From this perspective, BCH is indeed a faster, more efficient, and more suitable version of BTC for everyday use. Consequently, the BCH community believes that BCH aligns better with Satoshi Nakamoto's original intention.
-NOT FINANCIAL ADVISE - #dyor