Bitcoin Cash (BCH)

Bitcoin Cash is the result of a hard fork of Bitcoin.

History

In 2017, a lot of efforts were being made to solve Bitcoin’s scalability issues.

There were 2 popular solutions:

  1. increase the block size to allow more transactions to fit into each block, and
  2. maintain a 1 MB block size and scale using layer-two solutions.

In July 2017, Bitcoin (BTC) miners representing more than 80% of the Bitcoin computing power voted to incorporate the SegWit2x (segregated witness) technology to improve Bitcoin.

Many miners and developers, who did not want SegWit2x to be introduced, initiated a hard fork on August 1st, 2017, and created a new crypto - Bitcoin Cash (BCH).

BTC holders at block 478558 automatically got BCH free in a 1:1 ratio.

Features of BCH

  • BCH has its own blockchain and its network supports up to 32MB blocks. BTC has a block size of 1 MB.
  • BCH processes 200 transactions per second while BTC manages around 7 transactions per second.
  • BCH uses the Cashscript smart contract languages for enabling more complex functions.
  • The BCH Simple Ledger Protocol (SLP) enables developers to issue tokens on top of BCH in a manner similar to the Ethereum blockchain.

Bitcoin SV

Bitcoin SV (BSV), also called Bitcoin Satoshi’s Vision, is the result of a BCH hard fork in 2018. BSV seeks to raise its block size to 1 TB.

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