Bitcointalk is a Bitcoin forum and crypto forum that is a key source of information related to blockchain, cryptocurrency and Bitcoin (BTC). Bitcoin Cash (BCH) is arguably the most popular hard fork of Bitcoin, flying the flag of being a “truer” Bitcoin than Bitcoin itself. Bitcoin Cash (BCH) is a hard forked version of the original Bitcoin. It is similar to bitcoin with regards to its protocol; Proof of Work SHA hashing. CRYPTOCURRENCY FOR BEGINNERS PDF
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In the same way that physical money, such as a dollar bill, is handed directly to the person being paid, Bitcoin Cash payments are sent directly from one person to another. As a permissionless, decentralized cryptocurrency, Bitcoin Cash requires no trusted third parties and no central bank. Unlike traditional fiat money, Bitcoin Cash does not depend on monetary middlemen such as banks and payment processors.
Transactions cannot be censored by governments or other centralized corporations. Similarly, funds cannot be seized or frozen — because financial third parties have no control over the Bitcoin Cash network. Bitcoin Cash is a clear result of a hard fork in blockchain. There are several distinctive features that separate BCH from the origin. The main one remains about the block size. Blocks in the BCH blockchain can be larger, which means that more transactions can be processed at a time, so that the additional space helps to avoid higher fees.
From the technical perspective, Bitcoin Cash is very similar to the Bitcoin algorithm, namely: both projects have a hard cap of 21 million coins, and also use Proof-of-Work PoW consensus framework and nodes to verify transactions. Thus, traders can consider BCH as a hedging tool, investing in which may save them some risk. On the plus side, due to the larger block size, Bitcoin Cash BCH works faster and has lower transaction fees, which makes BCH a better option for small everyday transactions.
Furthermore, Bitcoin Cash supports smart contracts and ecosystem apps like CashShuffle, a coin mixing protocol, and CashFusion, a privacy-enhancing solution for the Bitcoin Cash network. These technologies have their pros and cons: thanks to CashFusion, it becomes extremely difficult to trace the path to the user's assets, however one should bear in mind that commissions are charged for each mixing, so making frequent mixed transactions may have a cost.
This means that Bitcoin Cash is suitable for money transfers, international trade, everyday transactions and microtransactions. In addition, Bitcoin Cash supports economic freedoms by providing an alternative form of money, protected against confiscation, any other forms of censorship and devaluation due to inflation. Bitcoin Cash is a decentralized network where users influence the development of the protocol.
One key attribute is fixed in the code: the maximum supply of BCH is capped at 21 million coins, which is likely to remain so. Therefore, the key features of Bitcoin Cash include the following: Transactions are recorded on the blockchain, the ledger is updated at regular intervals, which allows users to track the history of ownership and eliminate fraud threats promptly. Bitcoin Cash is an open network that can be used by anyone for free and uncensored, identities are not attached to transactions.
Nodes that follow a set of rules aka protocol are responsible for the longevity of stored information. The protocol itself can be upgraded with the help of ecosystem participants, but that requires a high degree of consensus among them. All transactions that have ever been recorded on the blockchain are not subject to change. The Proof-of-Work PoW mechanism contributes to network security.
Bitcoin Cash guarantees its users fast, affordable, and most importantly - reliable transactions without being tied to any location, which makes it a worthy replacement for existing payment networks. What Is Bitcoin Cash Used for? Bitcoin Cash combines gold-like scarcity with the spendable nature of cash. With a limited total supply of 21 million coins, Bitcoin Cash is provably scarce and, like physical cash, can be easily spent.
Transactions are fast with transaction fees typically less than a tenth of a cent. Anybody can accept Bitcoin Cash payments with a smartphone or computer. Bitcoin Cash has various use cases. In addition to peer-to-peer payments between individuals, Bitcoin Cash can be used to pay participating merchants for goods and services in-store and online.
One wallet for all your cryptoassets The multi-coin wallet trusted by millions. Get direct access to the Bitcoin, Bitcoin Cash, and Ethereum public blockchains. Create unlimited wallets to support your privacy. Your wallet, in your control. Bitcoin Cash is a peer-to-peer electronic cash system that aims to become sound global money with fast payments, micro fees, privacy, and high transaction capacity big blocks.
In the same way that physical money, such as a dollar bill, is handed directly to the person being paid, Bitcoin Cash payments are sent directly from one person to another. Read more: What is Bitcoin Cash? How does Bitcoin Cash work? As a permissionless, decentralized cryptocurrency, Bitcoin Cash requires no trusted third parties and no central bank. Unlike traditional fiat money, Bitcoin Cash does not depend on monetary middlemen such as banks and payment processors.