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Bitcoin Cash is a digital currency that, like Bitcoin, uses a peer-to-peer protocol to perform transactions. This cryptocurrency is implemented on a decentralized platform and does not need any bank or intermediary institution to exchange it. This was the definition provided by the company that created Bitcoin Cash. So far, you can see that the definition of Bitcoin Cash is quite similar to the definitions of other digital currencies, so the basic question is, what is the difference between Bitcoin Cash and other digital currencies? In the following, we will talk fully about Bitcoin Cash and how it came about. So stay with us.
Bitcoin Cash is an updated version of Bitcoin that was created to solve the problems of Bitcoin. In fact, the term updated version means hard fork and branching. As explained in the article on how to mine Bitcoin, one of the problems in Bitcoin is the difficulty of mining it for miners, which has actually reduced the economic efficiency of Bitcoin mining. On the other hand, it takes a lot of time to do Bitcoin transactions and the difficulty of its network is increasing day by day, that’s why Bitcoin Cash was designed to solve these problems.
Undoubtedly, Bitcoin and blockchain technology are considered to be one of the most revolutionary human inventions in the current century, which have caused extensive changes in the structure of the world’s financial and economic system. But the Bitcoin network has always faced a lot of criticism due to its scalability issues.
The lack of scalability causes the use of Bitcoin to decrease in various fields (such as making daily purchases in stores, paying taxi fares, etc.), because the speed of transactions in the Bitcoin network is very time-consuming and no seller He is not willing to wait for hours to receive a missionary’s payment. In addition, significant fees are charged for transactions, which is not cost-effective, and using the method of increasing fees to speed up transactions is considered illogical.
These factors caused Bitcoin Cash to be presented as a new digital currency that emerged from the Bitcoin fork on August 1, 2017. By performing a fork, two digital currencies are created with separate blockchains, for example, in this process, Bitcoin remains as the main currency on its blockchain network, and a new currency is separated from its blockchain. It is called Bitcoin Cash. The Bitcoin Cash digital currency is known by the symbol BCH.
In addition, Bitcoin Cash can be mined and the number of minable coins is 21 million, just like Bitcoin.
In 2018, Bitcoin Cash developers could not agree on its update, so they split into two groups and provided two separate updates. As a result, Bitcoin Cash was hard-forked, and from this update, two separate blockchain networks named Bitcoin ABC and Bitcoin SV were created. After this hard fork, it became clear that there was more support for the Bitcoin ABC version, for this reason, Bitcoin ABC was placed back in the main chain and was not changed to the same Bitcoin Cash. As a result, the hard fork of Bitcoin Cash led to the creation of a new digital currency (Bitcoin SV).
Bitcoin Cash has a very similar structure to Bitcoin. However, there are differences between these two digital currencies, which we discuss below:
It is not possible to support Segwit in Bitcoin Cash.
Bitcoin Cash does not support the replace by fee feature. (replace by fee is used to change the fee in the confirmation queue)
The Bitcoin Cash network has higher speed and lower fees than Bitcoin.
Bitcoin Cash is resistant to replay attacks.
Bitcoin Cash has solved the problem of network difficulty.
In addition to the above, currently the size of each Bitcoin block is 2 MB, while the size of each Bitcoin Cash block is 32 MB, this makes it possible to process more transactions in the Bitcoin Cash network.
Today, Bitcoin Cash has found a high position among digital currencies and is very popular among the general public, which has caused most platforms and digital wallets to support it. Here we introduce the best Bitcoin Cash wallets.
The Ledger Nano S hardware wallet allows us to store all kinds of altcoins such as Bitcoin, Bitcoin Cash, Ethereum, etc. Due to its high security features, this wallet is used to store and secure digital payments. Legernano S has a screen that is used to check and confirm each transaction. Usually, people who intend to make long-term investments in digital currencies use this wallet.
Trezor is another hardware wallet that has high security and offers wide applications for managing private keys of Bitcoin Cash and other digital currencies. The feature of Trezor is that it will enable secure transactions without revealing the private key.
Coinomi wallet is one of the best wallets available
It supports more than 70 digital currencies and 200 tokens. Also, inside this software, a platform has been created through which digital currencies can be converted to each other.
Coinomi Wallet is currently available for free in all mobile and desktop versions.
Exodus is also one of the most widely used digital wallets. Because it is completely easy to use and has a very attractive user interface. Exodus is available for Mac, Linux and Windows operating systems as well as Android and IOS and has high security.
Bitcoin Cash (BCH) is one of the cryptocurrencies that has faced a lot of price fluctuations in its history, and in December 2017, it attracted everyone’s attention more than ever due to its impressive growth up to the price range of $4090. But since then, it has experienced a heavy fall and currently the price of each Bitcoin Cash unit is calculated at around $290. Many experts believe that in the near future we will again see an increase in the market volume and an increase in the price of this digital currency.
