What is BCH coin? Learn what BCH coin is in one minute

BCH coin (Bitcoin Cash) emerged through a Bitcoin hard fork in 2017, offering faster transactions, lower fees, and increased scalability.

Oct 18, 2024 at 04:12 pm

What is BCH coin? Learn what BCH coin is in one minute

1. Understanding BCH Coin

BCH coin, also known as Bitcoin Cash, is a cryptocurrency that emerged in August 2017 as a result of a hard fork on the Bitcoin blockchain.

2. Key Features:

Increased Block Size: BCH increased the block size limit from 1 MB to 8 MB, allowing for faster transaction processing times.
Lower Transaction Fees: BCH typically offers lower transaction fees than Bitcoin, especially during high-traffic periods.
Mining Algorithm: BCH utilizes the SHA-256 mining algorithm, which is also used by Bitcoin.
Community-Driven: BCH's development and governance are driven by a decentralized community of developers and users.

3. Purpose and Use:

BCH aims to provide a faster and more scalable payment system than Bitcoin. It is primarily used for:

Transactions: Sending and receiving payments with lower fees and faster confirmations.
Peer-to-Peer Payments: Facilitating direct payments between individuals without intermediaries.
Remittances: Transferring funds across borders at potentially lower costs.

4. Value Proposition:

BCH presents itself as:

Efficient: Enhanced scalability through increased block size.
Affordable: Significantly lower transaction fees.
Fast: Processed transactions confirm faster than Bitcoin on average.
Decentralized: Controlled by the community, ensuring transparency and independence.

5. Limitations:

Lower Adoption: BCH has less adoption and liquidity compared to Bitcoin.
Price Volatility: Cryptocurrencies, including BCH, are subject to price fluctuations.
Potential Forking: Like Bitcoin, BCH could potentially undergo further forks, leading to new cryptocurrencies.

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