Questions ยป What is the Bitcoin Cash network?

What is the Bitcoin Cash network?

Bitcoin Cash (BCH) is a cryptocurrency that was created as a result of a hard fork of the Bitcoin (BTC) network in August 2017. The main difference between Bitcoin and Bitcoin Cash is their block size limit. Bitcoin has a block size limit of 1 MB, while Bitcoin Cash has a block size limit of 32 MB, which means that Bitcoin Cash can process more transactions per second than Bitcoin.

Bitcoin Cash was created with the goal of creating a cryptocurrency that could be used as a peer-to-peer electronic cash system, similar to Bitcoin’s original vision. The larger block size limit of Bitcoin Cash allows for faster and cheaper transactions, making it more suitable for day-to-day transactions than Bitcoin.

Like Bitcoin, Bitcoin Cash is decentralized and operates on a peer-to-peer network of nodes that maintain a distributed ledger of all transactions. Transactions on the Bitcoin Cash network are verified by nodes on the network and recorded on the blockchain, which is a public ledger that cannot be altered or tampered with.

Overall, Bitcoin Cash aims to provide a more efficient and cost-effective alternative to Bitcoin, with faster transaction speeds and lower transaction fees. While it shares many similarities with Bitcoin, Bitcoin Cash has its own unique features and ecosystem, with its own community of developers, miners, and users.