Bitcoin Cash

Bitcoin Cash was created by a group of Bitcoin developers, enthusiasts, and investors, with Roger Ver as a leading figure behind the fork.

Bitcoin Cash was created in August 2017, when concerns about Bitcoin’s scalability and increasing transaction costs split the community and led to a hard fork of the original Bitcoin blockchain.

Bitcoin Cash uses the very same consensus mechanism as Bitcoin, Proof of Work (PoW). The blockchain network can achieve 116 transactions per second, this is mainly possible because of its larger block size of up to 32 MB, compared to Bitcoin's which is limited to just 1 MB blocks and is only capable of handling 7 transactions per second. The block time for Bitcoin Cash is also the same as Bitcoins, which is 10 minutes. One feature of Bitcoin Cash is its per-block difficulty adjustment algorithm, known as ASERT (aserti3-2d), which replaced the short-lived Emergency Difficulty Adjustment (EDA) and its 2017 successor.

Bitcoin Cash offers several notable features:

• Scalability: By increasing the block size, Bitcoin Cash makes it possible to handle more transactions per block, which reduces congestion and costs.
• Low Transaction Fees: Bitcoin Cash has lower transaction fees compared to Bitcoin making it more cost-effective for microtransactions.
• Peer-to-peer Transactions: Bitcoin Cash is a decentralized, immutable, peer-to-peer cryptocurrency network.
• Merchant Adoption: Bitcoin Cash is accepted by many different merchants worldwide as a valid payment method.

Despite its advantages, Bitcoin Cash faces several challenges:

• Branding and Identity: The shared name with Bitcoin can sometimes lead to confusion and misidentification, especially for newcomers.
• Divisions: Conflicts and differences of opinion within the community can affect its development and adoption.
• Competition: Bitcoin Cash is in strong competition with Bitcoin and other altcoins that offer different technological advancements or applications.
• Security: As with all PoW networks, Bitcoin Cash is vulnerable to potential 51% attacks by mining power concentration.