What is Bitcoin Cash?
Bitcoin Cash is a cryptocurrency created in 2017 by splitting off the Bitcoin blockchain and is denoted by BCH. It is among the most traded crypto money values.
Restricting the transactions that can record blocks in the Bitcoin system to a certain limit causes the transactions to be slowed down. With Bitcoin Cash, this problem has been prevented and it is aimed to overcome the difficulties in sending and receiving money.
Although the problems experienced in the Bitcoin system have come to the fore many times, the lack of a center made such an innovation impossible. This system, which was initially established to prevent abuse, started to become a problem with the increasing popularity of Bitcoin and the increase in the number of users.
Bitcoin developers preferred to produce a new coin on the same blockchain instead of changing the Bitcoin system as a solution to these problems. When Bitcoin Cash was first launched, users' accounts were defined as Bitcoin Cash as much as the Bitcoin amount.
As a solution to the problems in the Bitcoin system, Bitcoin Cash has increased the capacity of the block sizes from 1 MB to 8 MB and increased the number of transactions recorded in the blocks, enabling transactions to be carried out faster and more efficiently.
Bitcoin Cash has become a faster confirmation system by increasing the capacity of the traded blocks to 8 MB separately from the Bitcoin system. Bitcoin Cash has increased both its block capacity by removing the SegWit protocol in the Bitcoin system. With the advantage of being one of the most traded crypto currencies, it is traded on many stock exchanges.
Mining is an important factor in Bitcoin Cash as it is for other cryptocurrency values. It is traded on the Bitcoin blockchain system. It is important for the continuity and security of the system.
Before you start mining, you should create a wallet where you can store the Bitcoin Cash values you earn. In order to make a profit, you need to have ASIC devices specially produced for this purpose in Bitcoin Cash mining as in Bitcoin mining.
You will receive one reward for each block you create in mining. The size of Bitcoin Cash blocks of 8 MB causes more processing power and more energy to be needed to create blocks.
You can mine Bitcoin Cash individually or as part of a pool. Since the block completion process is a difficult process, if you do not have enough equipment, it will be more profitable to join a pool.
• Bitcoin Cash, created by separating from the blockchain used by the Bitcoin system, is a new and up-to-date crypto currency.
• While the Bitcoin block limit is limited to 1MB, Bitcoin Cash blocks are 8 MB in size.
• Uses Bitcoin SegWit protocol, Bitcoin Cash removed SegWit protocol from the system.
• Bitcoin Cash has a faster and cheaper transaction system.
Source: Bitlo.com