Jul 14, 2022
Bitcoin Cash (BCH): a peer-to-peer electronic cash system
The Bitcoin Cash (BCH) Cryptocurrency is a simple peer-to-peer electronic cash system that focuses on becoming sound global money with micro fees, fast payments, privacy, and high transaction capacity (big blocks). In the same way that physical money like an Indian rupee note or a dollar bill and it is handed directly to the person being paid, these Bitcoin Cash (BCH) Cryptocurrency goods, services in and online cash payments are sent directly from one person to another.
As a permissionless and decentralized cryptocurrency, the Bitcoin Cash (BCH) Cryptocurrency requires no trusted third parties and no central bank. Unlike other traditional fiat money, Bitcoin Cash (BCH) Cryptocurrency is independent of monetary intermediaries like payment processors and banks. Furthermore, the transactions made by Bitcoin Cash (BCH) Cryptocurrency cannot be censored by other centralized corporations or governments. Similarly, the funds cannot be frozen or seized because the financial third parties have no control over the Bitcoin Cash (BCH) Cryptocurrency network.
What Is Bitcoin Cash (Bch) Cryptocurrency Used For?
The Bitcoin Cash (BCH) Cryptocurrency combines gold-like scarcity with the spendable nature of the cash. Also, with a limited supply of around 21 million coins, Bitcoin Cash (BCH) Cryptocurrency is provably scarce, and just like physical cash, it can be spent efficiently. The transactions are also speedy, and the fee is typically less than a tenth of a cent. Anybody can accept these payments of Bitcoin Cash (BCH) Cryptocurrency with a computer or smartphone.
Furthermore, Bitcoin Cash (BCH) Cryptocurrency has different use cases. With peer-to-peer payments between two individuals, Bitcoin Cash (BCH) Cryptocurrency can be used to pay the participating merchants for in-store and online. There are meager fees that enable the microtransaction economies, like tipping the content creators and rewarding the app users a few cents and much more. The Bitcoin Cash (BCH) Cryptocurrency also reduces the settlement times and the fees for remittances and cross-border trade. Additionally, other use cases comprise tokens, simplified, intelligent contracts, and private payments with tools like CashFusion and CashShuffle.
Is Bitcoin Cash (BCH) Cryptocurrency Is Different From Bitcoin Cryptocurrency?
In the year 2017, the Bitcoin project and its community were split into two concerns regarding the scalability of Bitcoin. The result was hard work that created the Bitcoin Cash (BCH) Cryptocurrency, a new cryptocurrency considered by the supporters to be the legitimate continuation of the Bitcoin project as peer-to-peer electronic cash. All the bitcoin holders at the time of the fork (block 478,558) automatically became the very owners of the Bitcoin Cash (BCH) Cryptocurrency.
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The pseudonymous Satoshi Nakomoto invented Bitcoin, and it remains a separate cryptocurrency. Unlike Bitcoin Crypto, Bitcoin Cash (BCH) Cryptocurrency aims to scale to meet the demands of a global payment system quickly. Furthermore, at the time of the split, the Bitcoin Cash (BCH) Cryptocurrency block size was increased from 1 MB to 8 MB. With an increased block size, the Bitcoin Cash (BCH) Cryptocurrency can easily handle more transactions per second significantly while keeping the transaction fee extremely low, which further solves the issues of payment delays and high costs experienced by some users on the Bitcoin network. As per the data of October 2021, the Bitcoin Cash (BCH) Cryptocurrency has a block size of around 32MB, compared to the size of the Bitcoin cryptocurrency, which is 1 MB.
How Do You Mine The Bitcoin Cash (Bch) Cryptocurrency?
Mining, in simple words, is the process in which the new Bitcoin Cash (BCH) Cryptocurrency transactions are confirmed, and the new blocks are also added to the Bitcoin Cash blockchain. The miners also use computing power and electricity to solve complex puzzles. By doing this, they gain the ability to produce some new blocks of transactions. Furthermore, if one of their blocks is accepted by the network, the mining pool or the miner earns a block reward in newly issued Bitcoin Cash.
Mining is highly competitive as the Bitcoin cash price in the marketplace rises; more miners are thus incentivized to bring more hash rates into the ever-increasing miner competition to produce blocks. These blocks have them accepted by the Bitcoin Cash (BCH) Cryptocurrency network. The more miners, the more secured the network becomes by increasing and distributing the hash rate. This also prevents a single miner from having all the network control.
Originally published on procommun.com
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