Bitcoin Cash is derived from Bitcoin, which is the first cryptocurrency known to everyone, aiming to enable cheaper and faster transactions. However, to understand the whole picture of Bitcoin Cash, it is important to know about its origins and purpose, as well as its technical characteristics.
The Origin of Bitcoin Cash
Bitcoin Cash was born in 2017 as a hard fork of Bitcoin. This was an attempt by some community members to address the scaling issue of Bitcoin, that is, the problem that Bitcoin’s blockchain has a limited capacity to process transactions. The developers of Bitcoin Cash believed that by increasing the block size, they could increase the number of transactions that could be processed on the network.
The Purpose of Bitcoin Cash
The main purpose of Bitcoin Cash is to solve Bitcoin’s scaling problem and to be able to process more transactions efficiently. This improves the usability of Bitcoin as a currency, making it more suitable for everyday transactions.
Technical Characteristics of Bitcoin Cash
One of the most important characteristics of Bitcoin Cash is its block size. While Bitcoin has a block size of 1MB, Bitcoin Cash currently has a block size of 32MB. This allows Bitcoin Cash to process more transactions per block than Bitcoin.
Furthermore, Bitcoin Cash has a feature called “adjustable block size.” This allows the block size to be increased or decreased according to the demand on the network, improving the network’s performance and scalability.
Summary
Bitcoin Cash was born as one solution to Bitcoin’s scaling problem. With its larger block size and adjustable block size features, Bitcoin Cash has the potential to process more transactions efficiently than Bitcoin. Therefore, Bitcoin Cash is trying to achieve the original goal of Bitcoin, which is to be a digital currency suitable for transactions in daily life.