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Bitcoin Cash (BCH) is a decentralized digital currency that was created as a result of a hard fork from the Bitcoin (BTC) blockchain in August 2017. It aims to provide a scalable and low-cost payment system by increasing the block size limit.
Bitcoin Cash shares many similarities with Bitcoin but differs in a few key aspects. One of the main differences is the larger block size, initially set at 8MB and later increased to 32MB. This allows for more transactions to be processed per block and potentially faster confirmation times. Bitcoin Cash also implements a different difficulty adjustment algorithm, known as the “Emergency Difficulty Adjustment” (EDA), to ensure a more stable block production rate.
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The creation of Bitcoin Cash was driven by a disagreement within the Bitcoin community regarding the scalability and transaction processing capacity of the original Bitcoin network. A group of developers and miners believed that increasing the block size would be a more effective solution to handle the growing demand for transactions.
Bitcoin Cash is represented by the ticker symbol BCH and is supported by various cryptocurrency exchanges and wallets. It operates on its own separate blockchain, independent from Bitcoin. Users can send, receive, and store Bitcoin Cash similarly to Bitcoin, utilizing compatible wallets and exchanges.
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It’s important to note that Bitcoin Cash and Bitcoin are separate cryptocurrencies, and each has its own market value, community, and ecosystem. The value of Bitcoin Cash is determined by factors such as market demand, adoption, investor sentiment, technological developments, and overall market conditions.