Introduction to Bitcoin Cash – All You need to Know About

Since this cryptocurrency emerged back in 2009 it managed to surpass all of the hardships that it stumbled across over the years. We can see that BTC is now stronger than it has ever been. Even with many different steps back that were made over the years, it established itself as the main cryptocurrency in the world. We can see that a lot of businesses started regulating it as one of the legal payments.

Also, we can see that many smaller miners have been canceled due to the fact that bigger companies managed to mine BTC on a much higher level. All of these facts can provide us with the fact that we are talking about a concept that will stay with us for many years to come. At the same time, we can see that many, let’s say, spin-offs have been created who later established themselves as cryptos on their own.

Furthermore, we can see that many things emerged who have BTC as their source. One of these things is Bitcoin cash. We are absolutely sure that many people don’t have the right idea about this concept since they don’t have the right idea about BTC itself. What’s important to know is that this is a completely different story from the original Bitcoin concept. One of the things that can help you with using Bitcoin Cash is, and you should  check it out.

Its main goal is to establish itself as the concept that looks for increasing the number of transactions that can be processed by the network in question. The true intention behind it was to be competitive enough to go against the competitions like Visa and PayPal. Since it cannot measure itself with these two by the number of years it is present on the market, what will be achieved remains to be seen. Now let us talk about Bitcoin Cash itself.

What is Bitcoin Cash?

Source: Somag News

What people need to understand is that Bitcoin Cash was created a couple of years ago, so it is not as old as the crypto itself. To be precise, it was launched in August 2017. The whole idea was to increase the size of blocks, which means that the network will be able to process. That way the whole process of creating coins becomes much faster. The reason it was named Bitcoin Cash is that it used the original Bitcoin Cash client in the beginning. Now that we know the basics, let us see what the philosophy behind it really is.

The Story Behind Bitcoin Cash

Source: Information Age

We can see that the difference between Bitcoin and Bitcoin Cash is huge. But, in order to completely understand it, you need to know the backstory. Since BTC was introduced back in 2009, the concept behind this cryptocurrency was it to be peer-to-peer crypto that will be used for many daily transactions that will completely replace money in a couple of years or decades. Since its price managed to skyrocket in the last couple of years, we can see that it managed to become much more than it was initially planned.

We can describe it as an investment vehicle much more than a currency. So, there was a need for something that will take it back to the initial intent of the creator. At the same time, much faster processing of the blocks was crucial for the further development of the BTC. So, this is where Bitcoin Cash was born, practically out of nothing. Some credit this concept for the growth of the cryptocurrency, but we are not bold enough to say something like this. However, instead of reinventing the whole concept, BTC Cash started building on top of the concept that was already introduced through cryptos.

It can be said that it uses the original work of BTC’s inventor, Satoshi Nakamoto. Naturally, a couple of other concepts were introduced along the way and the result was what we can see in front of us. It became an electronic currency, which is much different from the concept that BTC itself became over time. Furthermore, it managed to preserve all the values of the crypto like fast transactions and almost every other feature characteristic for BTC itself.

The Common Man’s Platform

Source: BankBazaar

BCH markets itself as a much more common man’s platform than any other similar app or tool. It should be said that this is, in fact, true. The reason is that this app is much more open to people than, for example, PayPal. It offers many more possibilities and you will be able to use it for a wide array of different things, which is much more than some of the tools and payment methods will provide you with.

At the same time, it manages to similar to BTC and it keeps all of the things that made the crypto popular. Plus, it was made possible to have much lower fees, which is a pretty great move by the developers. The process of how the BCH was born can tell us the story about BCH itself.

Was Some New Technology Involved?

Source: Bitcoin News

We can see that Bitcoin Cash managed to introduce some new technologies, like Wipeout Protection and Replay to the table. Replay is a good tool to use in situations where the user has coins on a couple of chains after a fork. It happens whenever someone wants to transfer some coins to some other chain.

The Bottom Line

With the launching of Bitcoin, the need for something that will be much more available to common people needed satisfaction. Therefore, Bitcoin Cash was created. So, now we have something similar to Visa or PayPal, but with BTC. IT means that you are able to use your coins and spend them as when you are spending money on a credit card. So, it needs to be said that many people have found a way for much better use for coins than having a regular BTC. So, it should be said that this was the right move that will provide a much clearer future for everyone interested in BTC.