Bitcoin Cash aims to be a decentralized digital currency that can be used for everyday transactions, such as buying goods and services or transferring value between parties. It operates on a blockchain, a distributed ledger technology that ensures transparency and security by recording all transactions across a network of computers.
Key Features and Characteristics:
- Increased Block Size: Bitcoin Cash increased the block size limit from 1 MB to 8 MB (later further increased to 32 MB), allowing for more transactions to be included in each block. This helps in reducing transaction congestion and lowering fees.
- Lower Transaction Fees: With larger block sizes, Bitcoin Cash transactions typically have lower fees compared to Bitcoin, making it more cost-effective for smaller transactions.
- Faster Confirmations: The larger block size and lower congestion result in faster confirmation times for transactions on the Bitcoin Cash network, providing a better user experience for everyday transactions.
- On-Chain Scalability: Bitcoin Cash focuses on on-chain scaling solutions, aiming to handle a higher volume of transactions directly on the blockchain without relying extensively on layer-two solutions like the Lightning Network.
- Decentralization: Similar to Bitcoin, Bitcoin Cash operates on a decentralized network of nodes, ensuring censorship resistance and resilience against central control or manipulation.
- Community Governance: Bitcoin Cash has a diverse community of developers, miners, and users who contribute to its development and decision-making process. Governance decisions are made through rough consensus among participants.
- Continuation of Bitcoin’s Vision: Bitcoin Cash proponents believe that it stays true to the original vision of Bitcoin as outlined in Satoshi Nakamoto’s whitepaper – as a peer-to-peer electronic cash system, emphasizing low fees, fast transactions, and accessibility for all.
Bitcoin Cash continues to evolve with ongoing development efforts to improve scalability, security, and usability, aiming to fulfill its mission of becoming a widely adopted digital currency for everyday transactions.
For more info please visit https://bitcoincash.org/
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