What is Bitcoin Cash?
Bitcoin Cash was created in August 2017 as a fork of Bitcoin, by bitcoin miners and developers that were concerned with the future of Bitcoin and its challenges to scale. Bitcoin Cash has the same underlying protocol, but with distinct differences in features.
For instance, a transaction with Bitcoin Cash is, in average, 20 times faster than Bitcoin.
The reduced transaction times and fees were addressed by increasing the “block size”, allowing for more transactions per second to happen.
The Bitcoin Cash blockchain has an increased block size of 8 MB, compared to Bitcoins 1 MB, making transactions more or less instant and allowing more people to take part in the network without transactions being queued.
The increase in block size does come with a downside: an increased security risk. With the increase in block size, more computer power has to be dedicated to keeping the network intact, making it a subject for doxx events.