Bitcoin Cash is peer-to-peer electronic cash for the internet. It is fully decentralized, with no central bank, and requires no trusted third parties to operate.
It was created in August 2017 and is essentially a clone of the original Bitcoin blockchain but has increased block size capacity (from 1 MB to 8 MB) which improves its ability to grow and scale.
The original Bitcoin uses 1 MB block sizes, but Bitcoin Cash supporters believed a larger block size could better serve the currency during its scaling process. So on August 1, 2017, the Bitcoin blockchain forked into two different chains. Bitcoin still uses 1 MB blocks, while the newly-formed Bitcoin Cash uses 8 MB block sizes.
What is the ticker symbol for Bitcoin Cash?
It is represented by several different ticker symbols depending on the service or wallet.
BCH or BCC are the most popular tickers, with XBC being used to meet the International Standard for currency codes (ISO 4217).
Bitcoin Cash (BCH) is a type of digital money, kind of like regular money, but it exists only online. It was made to make digital money more like regular money, where nobody controls it, and you can use it freely. Bitcoin Cash came about because some people who worked with Bitcoin, another type of digital money, disagreed on how it should work.
Bitcoin Cash allows more transactions to happen at once compared to Bitcoin. This means it can handle more people buying and selling stuff using Bitcoin Cash without slowing down or costing too much.
Here are some things to know about Bitcoin Cash:
- It’s Different from Bitcoin: Bitcoin Cash started in 2017 when some people who used Bitcoin didn’t agree on what to do next. So they split and created Bitcoin Cash.
- It’s Designed for Cheap Payments: Bitcoin Cash aims to be a cheap way for people to buy things online. The fees for transactions are usually really low, much lower than Bitcoin’s fees.
- It’s Run by a Community: Bitcoin Cash is managed and improved by a group of people who believe in it. They think it’s essential to have a digital money system that’s not controlled by big companies or governments.
- It Solves Problems: Bitcoin Cash was made to solve issues with Bitcoin, like slow transactions and high fees. It wants to be used for everyday payments, not just as an investment.
Bitcoin Cash also went through some changes along the way. It is split into different versions like Bitcoin Cash ABC and Bitcoin Cash SV. In 2021, it changed its name to eCash.
How Bitcoin Cash is Different from Bitcoin:
Bitcoin Cash has a bigger block size, which means it can handle more transactions at once compared to Bitcoin. It doesn’t use a technology called Segregated Witness (SegWit) like Bitcoin does. This helps Bitcoin Cash process transactions differently.
FAQs
Is Bitcoin Cash Still Around?
Yes, you can still use and trade Bitcoin Cash. In May 2023, there were about 19.4 million Bitcoin Cash coins in use. It’s not as popular as Bitcoin, but you can still buy and sell it on major cryptocurrency websites.
Has Bitcoin Cash Been Successful?
Bitcoin Cash aims to be a useful way for people to buy things online quickly and cheaply. However, it hasn’t become as popular as some people hoped. It’s still not widely used as a form of payment, and its value compared to Bitcoin is much lower.
Why is Bitcoin Cash Cheaper Than Bitcoin?
Bitcoin Cash is cheaper to use for transactions compared to Bitcoin, which makes it attractive to some people. However, its value is lower because it’s not as widely accepted or in demand as Bitcoin.
Where Can You Buy Bitcoin Cash?
You can buy Bitcoin Cash on many cryptocurrency websites once you set up an account and deposit some money.