blockchain: News of Bitcoin Cash (BCH) - July 2024 Price Update - 7.24% Breakout Crypto News and Analysis

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Bitcoin Cash (BCH) is a peer-to-peer electronic cash system that aims to become sound global money with fast payments, micro fees, privacy and larger block size. As a permissionless, decentralized cryptocurrency, Bitcoin Cash requires no trusted third parties. Bitcoin Cash was created as an alternative to the first and most valuable cryptocurrency — Bitcoin (BTC). In 2017, BCH developers modified the BTC code, releasing their software version and a full-fledged competitive product, which split Bitcoin into two blockchains: Bitcoin and Bitcoin Cash. Bitcoin Cash is a result of a hard fork in the blockchain due to differences in the community over Bitcoin scaling and the SegWit upgrade. Moreover, another hard fork, which divided Bitcoin Cash into two parts, Bitcoin ABC and Bitcoin SV, took place in the fall of 2018. The scaling debate involved two sides: small block supporters opposed increasing block size as it could lead to blockchain centralization and vulnerability by making it harder to host full nodes. Large block supporters, however, advocated for a faster solution, concerned that rising transaction fees could hinder growth.

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Bitcoin Cash: A Fork for Scalability Bitcoin Cash emerged as a fork of the original Bitcoin blockchain in 2017 with the primary goal of addressing Bitcoin's scalability challenges. Solving Big Problems Scalability: Bitcoin Cash increased the block size to accommodate more transactions, aiming to improve transaction speed and reduce fees. Transaction Fees: By allowing for larger blocks, Bitcoin Cash aimed to lower transaction fees compared to the original Bitcoin. Innovative Use Cases While Bitcoin Cash primarily focuses on improving the core functionality of Bitcoin, its increased block size opens up possibilities for certain use cases: Point-of-Sale Transactions: Lower transaction fees make Bitcoin Cash more suitable for everyday purchases. Micropayments: Small-value transactions become more feasible due to reduced fees. Remittances: Faster transaction speeds and lower costs can benefit cross-border remittances.

Student

Explore the Core.

Bitcoin Cash (BCH) is a peer-to-peer electronic cash system that aims to become sound global money with fast payments, micro fees, privacy and larger block size. As a permissionless, decentralized cryptocurrency, Bitcoin Cash requires no trusted third parties. Bitcoin Cash was created as an alternative to the first and most valuable cryptocurrency — Bitcoin (BTC). In 2017, BCH developers modified the BTC code, releasing their software version and a full-fledged competitive product, which split Bitcoin into two blockchains: Bitcoin and Bitcoin Cash. Bitcoin Cash is a result of a hard fork in the blockchain due to differences in the community over Bitcoin scaling and the SegWit upgrade. Moreover, another hard fork, which divided Bitcoin Cash into two parts, Bitcoin ABC and Bitcoin SV, took place in the fall of 2018. The scaling debate involved two sides: small block supporters opposed increasing block size as it could lead to blockchain centralization and vulnerability by making it harder to host full nodes. Large block supporters, however, advocated for a faster solution, concerned that rising transaction fees could hinder growth.

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