On the first day of August this year a new cryptocurrency referred to as Bitcoin Cash was created, the event was facilitated by a Fork in the currency’s network.
Bitcoin Cash Explained
BCC or BCH (term dependent on the token platform) allows any user in possession of Bitcoin when the fork occurred to possess an equal quantity of Bitcoin Cash within the blockchain of the forked Bitcoin cash.
The difference between Bitcoin Cash and Bitcoin
Over the years questions have arisen within Bitcoin enthusiasts on how the currency could be made available to more currency faithful. Bitcoin cash operates on a Max Block size limit so an increment in the codebase parameter of Bitcoin was adopted.
With this effected Change, Bitcoin Cash has increased its codebase parameter to eight megabytes thereby facilitating 2 million transactions per day, whereas Bitcoin is still limited at 1MB which processes just 250k transactions per day. Usage of both currencies doesn’t really affect the way consumers perceive them, the only visible difference is with a large codebase parameter Bitcoin cash now has the capacity to perform additional transactions which means a reduction in fees and faster payments can be carried out.
In all honesty, the choice of using Bitcoin Cash is a decision you can make on your own, but after taking into account the analysis I have given on BCC, you’ll recognize that adopting the currency provides you with a simpler and faster way of performing transactions while Incurring fewer charges.
Be rest assured that the basic coding of Bitcoin Cash is in correlation with Bitcoins coding, which makes future tweaks to be carried out without any hassles.
Bitcoin cash can be used on the following Exchanges
- BCC can be Used on Huobi.
- Transactions can be performed on OkCoin.
- BCC can be used on Bitfinex and it is referred to as BCH on this platform.
- Transactions can be performed using Kraken Exchange
- Others are ViaBTC, Korbit, and Bittrex.