What is the difference between Bitcoin Cash and Bitcoin blockchain
What is the difference between Bitcoin Cash and Bitcoin blockchain
Bitcoin, the first and most well-known cryptocurrency, was created in 2009 by an anonymous individual or group going by the pseudonym Satoshi Nakamoto. Since then, thousands of other cryptocurrencies have been created, one of which is Bitcoin Cash, also known as BCH.
Bitcoin Cash is a fork of the original Bitcoin blockchain, which means that it has the same history and transactions up until the point of the fork. However, the two currencies have different rules and governance structures.
One of the main differences between Bitcoin and Bitcoin Cash is the block size limit. The original Bitcoin blockchain has a limit of 1 megabyte, which means that the network can only process a certain number of transactions per second. Bitcoin Cash, on the other hand, has a block size limit of 8 megabytes, which allows for more transactions to be processed per second.
Another difference is the way in which transactions are validated. Bitcoin uses a proof-of-work consensus mechanism, which requires miners to solve complex mathematical puzzles in order to validate transactions. Bitcoin Cash, however, uses a proof-of-stake mechanism, which allows for a more decentralized and energy-efficient way of validating transactions.
Despite these differences, Bitcoin Cash shares many similarities with Bitcoin. Both currencies use a decentralized peer-to-peer network and operate on a public blockchain. Both currencies can be used as a store of value and as a means of exchange.
Bitcoin Cash has a devoted community of supporters who believe that it is a more practical and useful version of Bitcoin. They claim that the larger block size limit and the different consensus mechanism make Bitcoin Cash more suitable for everyday transactions, such as buying goods and services.
However, Bitcoin Cash is not without its controversies. Some critics argue that the larger block size limit could lead to centralization, as only a few large mining pools would have the resources to process the larger blocks. Others argue that the different consensus mechanism could lead to a loss of security and decentralization.
In summary, Bitcoin Cash is a cryptocurrency that was created as a fork of the original Bitcoin blockchain. It has a larger block size limit and a different consensus mechanism, which makes it more suitable for everyday transactions. However, it also has its controversies and it is important to research before making a decision about investing in it."
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