Bitcoin cash. How did the “green bitcoin” come about?
The electronic currency exchange service MINE.exchange continues to acquaint readers with reviews of popular cryptocurrencies that you can exchange on our service. Today our focus is on Bitcoin Cash (BCH). It is a cryptocurrency created in 2017 as a fork of the original bitcoin chain. The fork resulted from a longstanding debate in the bitcoin community about how best to scale the network to accommodate more users.
The main point of contention was the Bitcoin block size limit, which was capped at 1 megabyte. This meant that the network could only process a limited number of transactions per block, resulting in slow confirmation times and high fees.
Proponents of increasing the block size limit believed this would allow more transactions to be processed in each block, resulting in faster confirmation and lower fees. This group of individuals and companies that supported the increase in the block size limit formed Bitcoin Cash to increase the block size limit to 8 megabytes.
There is a version that the green tint of the Bitcoin Cash logo corresponds to the number #478559 and indicates the block height at which the BCH fork occurred.
Bitcoin Cash has implemented several other technical changes to improve the scalability and reliability of the network. These changes include using a new difficulty adjustment algorithm to reduce block times and better resist mining centralization. The project also introduces a new signing method, increasing their security.
With fast processing and low fees, BCH is suitable for small transactions like buying a cup of coffee or paying a bill. It is also considered a decentralized digital currency, allowing the user to control the trade without the involvement of third parties fully. In addition, Bitcoin Cash has a large and active community of supporters and developers working to improve the network and promote its use as a digital currency.
Bitcoin Cash is also considered a good store of value, just like Bitcoin. But like any other cryptocurrency, BCH is highly volatile, making it a risky investment. The market capitalization of Bitcoin Cash fluctuates, but it has always been in the top ten in the market.
Bitcoin Cash also has its drawbacks. One of the main criticisms is that it has yet to be widely adopted by traders. Users may need help determining where to spend Bitcoin Cash, limiting its usefulness as a currency. In addition, there are still concerns about the network’s security, as it has been subject to several high-profile hacks.
However, some marketplaces, such as Memo, only accept BCH as payment.cash, Read.cash, and Honest Cash.
In conclusion, Bitcoin Cash was created to address the scalability issues of the original Bitcoin by increasing the block size limit and introducing other technical changes. Faster confirmation times and low fees make it suitable for small transactions, and has a large and active community of supporters. However, it is yet to be widely adopted by traders and businesses, limiting its usefulness as a currency. It is still considered a high-risk investment.
The MINE.exchange team, the best e-currency exchange service, prepared the material. Everything is changing for the better!
