• Mon. Jun 5th, 2023


Crypto & Blockchain information

What is BitcoinCash

Bitcoin Cash is a cryptocurrency created in 2017 by splitting off the Bitcoin blockchain and is denoted by BCH. It is among the most traded cryptocurrencies.

Restricting the transactions that can save blocks in the Bitcoin system to a certain limit causes the transactions to be slowed down. With Bitcoin Cash, this problem has been prevented and it is aimed to overcome the difficulties in sending and receiving money.

Although the solution of the problems in the Bitcoin system has been on the agenda many times, the lack of a center made such an innovation impossible. This system, which was initially established to prevent abuse, started to become a problem with the increase in the popularity of Bitcoin and the increase in the number of users.

Instead of changing the Bitcoin system as a solution to these problems, Bitcoin developers preferred to produce a new coin on the same blockchain. In the first days of Bitcoin Cash, the amount of Bitcoin Cash was defined to the accounts of the users as much as the Bitcoin amount.

As a solution to the problems in the Bitcoin system, the block sizes of Bitcoin Cash were increased from 1 MB to 8 MB, and by increasing the number of transactions recorded in the blocks, transactions were made faster and more efficiently.

Leave a Reply

Your email address will not be published. Required fields are marked *