Bitcoin Cash is a peer to peer electronic cash platform. Similarly to Bitcoin, Bitcoin Cash places emphasis on being decentralised and anonymous.
Bitcoin Cash came about due to developers wanting to increase the blocksize of Bitcoin. This would have some added benefits such as helping to alleviate the rising fees of trading on the original Bitcoin network as well as increase the processing capacity of the ledger. Under the old set of rules, Bitcoin had a limit of 1MB of data per block which translates to approximately 3 transactions a second. The new rules saw an increase of the block limit from 1MB to 8MB. A hard fork (a change in the rules the platform uses to validate transactions that would render any new blocks made according to the old rules invalid) came into effect in the 1st of August 2017.
Bitcoin Cash is very similar to Bitcoin. It is a continuation of the original Bitcoin project with an amendment to the consensus rules to allow it to better scale.
Published on: Aug 16, 2018
Author: Bob Grace
