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Bitcoin Cash (BCH) is a cryptocurrency created in August 2017 as a result of a hard fork of the original Bitcoin network. It was created in order to increase the number of transactions that can fit into each block, as well as to offer lower transaction fees. In theory, this could help to speed up the time it takes for a transaction to complete.
As with Bitcoin, Bitcoin Cash is designed to be a deflationary currency with no more than 21 million units outstanding worldwide. In addition, Bitcoin Cash and Bitcoin share several common technical traits, including key cryptographic (SHA-256) and consensus (proof-of-work) algorithms.
Bitcoin Cash also underwent a “hard fork” of its own in November 2018, splitting into Bitcoin ABC (also known as Bitcoin Cash ABC or BCHABC) and Bitcoin SV (or BCHSV). This split was a result of the disagreement between two groups of developers over the future development of Bitcoin Cash, and how it should be improved over time.
In 2021, Bitcoin Cash ABC changed its name to eCash, while Bitcoin Cash SV continues to be known as Bitcoin Cash SV.
When it comes to actual usage and global acceptance, Bitcoin Cash has yet to gain the same level of mainstream acceptance that Bitcoin enjoys. This is largely due to the fact that Bitcoin is still the cryptocurrency of choice for many traders and investors, and the cost of BCH remains much lower than that of Bitcoin. Furthermore, Bitcoin Cash is the fifth largest cryptocurrency and ranks behind Bitcoin, Ethereum, Ripple, and Tether, in terms of market capitalization.
Despite its relative obscurity, Bitcoin Cash has seen increasing attention in the cryptocurrency world, with some analysts and traders seeing it as a possible alternative to Bitcoin for day-to-day transactions or even as a long-term investment.
In the end, Bitcoin Cash will continue to remain a viable option for those who believe in its mission and prospects. But much like any other cryptocurrency, investors should always invest cautiously – particularly where their own money is concerned.
As with Bitcoin, Bitcoin Cash is designed to be a deflationary currency with no more than 21 million units outstanding worldwide. In addition, Bitcoin Cash and Bitcoin share several common technical traits, including key cryptographic (SHA-256) and consensus (proof-of-work) algorithms.
Bitcoin Cash also underwent a “hard fork” of its own in November 2018, splitting into Bitcoin ABC (also known as Bitcoin Cash ABC or BCHABC) and Bitcoin SV (or BCHSV). This split was a result of the disagreement between two groups of developers over the future development of Bitcoin Cash, and how it should be improved over time.
In 2021, Bitcoin Cash ABC changed its name to eCash, while Bitcoin Cash SV continues to be known as Bitcoin Cash SV.
When it comes to actual usage and global acceptance, Bitcoin Cash has yet to gain the same level of mainstream acceptance that Bitcoin enjoys. This is largely due to the fact that Bitcoin is still the cryptocurrency of choice for many traders and investors, and the cost of BCH remains much lower than that of Bitcoin. Furthermore, Bitcoin Cash is the fifth largest cryptocurrency and ranks behind Bitcoin, Ethereum, Ripple, and Tether, in terms of market capitalization.
Despite its relative obscurity, Bitcoin Cash has seen increasing attention in the cryptocurrency world, with some analysts and traders seeing it as a possible alternative to Bitcoin for day-to-day transactions or even as a long-term investment.
In the end, Bitcoin Cash will continue to remain a viable option for those who believe in its mission and prospects. But much like any other cryptocurrency, investors should always invest cautiously – particularly where their own money is concerned.