Frequently asked questions

Question 1

What is Bitcoin Cash (BCH)?

Accepted Answer

Bitcoin Cash (BCH) is categorized as a decentralized layer-1 payment coin, the goal of the project is to create what the Bitcoin Cash project defines as 'better money for the world', the idea is to increase the block size limit of the original Bitcoin blockchain, to make it possible for the blockchain to handle more transactions quicker and at a lower cost.

Question 2

When and who created Bitcoin Cash (BCH)?

Accepted Answer

Bitcoin Cash was created back in August 2017, by a group of Bitcoin developers, enthusiasts, and investors who were concerned about some important issues with Bitcoin's scalability, and increasing transaction costs, these issues split the community and it eventually ended up in something called a hard fork, of the original Bitcoin blockchain, a leading figure behind the fork was Roger Ver, also known as "Bitcoin Jesus", who is an early supporter and has been a major voice for Bitcoin throughout the years.

Question 3

How Does Bitcoin Cash (BCH) Work?

Accepted Answer

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 adjustable difficulty algorithm, known as the Emergency Difficulty Adjustment (EDA).

Question 4

What are Bitcoin Cash's (BCH) use cases?

Accepted Answer

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.

Question 5

Challenges of Bitcoin Cash (BCH)

Accepted Answer

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.

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