What is Bitcoin Cash?
Bitcoin Cash (BCH) is a cryptocurrency that was created as a hard fork of Bitcoin on the 1st of August 2017 to increase the size of each mined block from 2MB to 8MB so more transactions could be mined in the same intervals.
In doing so, the network aims to keep transaction fees low, while accelerating confirmation times.
What is the difference between Bitcoin & Bitcoin Cash?
- Bitcoin Cash uses larger transaction blocks in order to combat scaling problems. When more transactions fit into one block, transactions are generally processed faster. The block size of bitcoin is currently 1MB, bitcoin cash initially increased the block size to 8MB and then increased it further to 32MB.
- Bitcoin uses SegWit as a solution to their scaling problem. SegWit is a method that is used to separate signature information from a transaction block. This allows space to be distributed more efficiently within a transaction block which in turn, allows more transactions to fit into one block. SegWit also allows applications such as the Lightning Network to work on the blockchain.