Like Bitcoin, Bitcoin Cash has the purpose of payment system on a decentralized network that is supported by blockchain technology. Here, too, you as a user are not dependent on financial institutions that act as third parties. Bitcoin Cash was created after years of discussion about the best way to scale Bitcoin to a platform accessible to more users. Bitcoin Cash finally saw the light on August 1, 2017.
Bitcoin Cash specifications
|Protocol||Proof of work (mining)|
Features of Bitcoin Cash
Since Bitcoin Cash is similar to Bitcoin in terms of function and underlying technology, their characteristics also show many similarities. The ease of use and the degree of anonymity are the same. In terms of speed, Bitcoin Cash should beat Bitcoin and also with regard to transaction costs, Bitcoin Cash is more positive. Bitcoin still wins Bitcoin Cash with flying colors when it comes to practical payment options outside the crypto world.
Technology behind Bitcoin Cash
The technology behind Bitcoin Cash is almost the same as that of Bitcoin. But what is the difference between Bitcoin and Bitcoin cash? The technological differences are briefly explained below.
Bitcoin Cash VS Bitcoin
To make Bitcoin Cash suitable for more users, without losing speed, two changes have been made to the source code copied from Bitcoin; increasing the block size and the frequency with which the level of difficulty of a block is revised.
Bitcoin Cash has a block size of 8 MB instead of 1 MB. This enlargement ensures more transactions per block and thus a faster working blockchain.
Bitcoin Cash revises the difficulty of the mathematical puzzles in the blockchain every 6 blocks instead of every 2016 blocks. This provides more flexibility in the balance between safety and speed.
Both adjustments ensure that Bitcoin Cash can handle two million transactions per day. For Bitcoin, this number is around 250,000 transactions per day. In practice, this means faster payments and lower transaction costs.