BCH stands for Bitcoin Cash, which is a cryptocurrency that was created as a result of a hard fork in the original Bitcoin blockchain. As a digital currency, it operates on a decentralized network and implements blockchain technology to allow for peer-to-peer transactions without the need for intermediaries such as banks.
Bitcoin Cash differentiates itself from the original Bitcoin by increasing the block size limit from 1MB to 8MB, which enables faster and more scalable transactions. This larger block size allows for a higher volume of transactions to be processed within each block on the blockchain, reducing congestion and lowering transaction fees.
BCH aims to provide a more efficient and accessible form of digital currency, emphasizing faster transaction confirmation times and lower processing fees. It seeks to address some of the limitations of Bitcoin's scalability, which has faced challenges handling a growing number of transactions.
Similar to Bitcoin, BCH relies on a consensus algorithm called Proof-of-Work, where miners compete to validate transactions and secure the network. It also incorporates cryptographic techniques to ensure the security and immutability of transactions.
Bitcoin Cash has gained significant adoption and support from various cryptocurrency exchanges, wallets, and merchants since its launch. It allows users to send, receive, and store digital funds while having more control over their financial transactions. Additionally, BCH provides individuals with an alternative to traditional banking systems, promoting financial inclusivity and increased accessibility to digital currencies.
