Get to Know Bitcoin Cash and How It Works

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Bittime - In the cryptocurrency ecosystem, Bitcoin Cash has become a topic of interest, especially as an alternative to Bitcoin. 

But what exactly is Bitcoin Cash? How does it work, and how is it different from Bitcoin? 

Read this article for a more complete explanation.

What is Bitcoin Cash?

Basic Definition

Bitcoin Cash (BCH) is a cryptocurrency resulting from the Bitcoin hard fork in August 2017. 

The main purpose of establishing Bitcoin Cash was to increase the block capacity of Bitcoin, which at that time was limited to 1 megabyte per block. 

By increasing the block size to 8 megabytes, Bitcoin Cash is expected to process transactions faster and with lower fees.

Scalability Troubleshooting

One of the main goals of Bitcoin Cash is to address the scalability issues faced by Bitcoin. 

By increasing block capacity , Bitcoin Cash can process more transactions per second, allowing the network to handle a greater volume of transactions without experiencing significant delays or fee increases.

Also Read: Buy Bitcoin vs Spot Bitcoin ETF, Which is More Profitable?

Bitcoin Cash Function

As a means of payment

Like Bitcoin, Bitcoin Cash can be used as a means of payment for various online and offline transactions. 

Users can send BCH to others around the world quickly and at relatively low fees.

Investment and Store of Value

Apart from being used as a means of payment, Bitcoin Cash is also often considered as an investment and store of value. 

Many investors buy BCH in the hope that its value will increase in the future, similar to investing in assets such as gold or stocks.

Also read:

How Bitcoin Cash Works

Blockchain Technology

Bitcoin Cash uses the same blockchain technology as Bitcoin.

Blockchain is a decentralized ledger that records all transactions made with Bitcoin Cash. 

Each block in the blockchain contains a number of transactions that have been verified by the network.

Mining Process

Bitcoin Cash transactions are verified and added to the blockchain through a process known as mining. 

Miners use their computing power to solve a complex series of mathematical calculations, known as proof-of-work , to verify transactions and create new blocks.

Use of Wallets

Bitcoin Cash users need a special wallet to store and send BCH. 

This wallet can be a software wallet installed on their device, an online wallet accessed via a web browser, or a hardware wallet which is a physical device that stores the user's private keys offline.

Peer-to-Peer Transactions

Bitcoin Cash transactions are carried out peer-to-peer, without the need to go through third parties such as banks or other financial institutions. 

Users can send BCH directly to the recipient's wallet address, without the need to provide personal information or rely on intermediary services.

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Conclusion

Bitcoin Cash is a cryptocurrency that has attracted the attention of many people since its launch in 2017. 

By increasing its block capacity and offering faster and cheaper transactions than Bitcoin, Bitcoin Cash has become an attractive option for users and investors around the world. 

A good understanding of how Bitcoin Cash works and how it differs from Bitcoin, users can exploit the full potential of this cryptocurrency for various purposes, from payments to investments.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via  Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on  Bittime ,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into  your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  Complete Guide How to Buy Crypto on Bittime .

Monitor price chart movements  for Bitcoin (BTC) ,  Ethereum (ETH ) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

What is the Real Purpose of Bitcoin?

Bitcoin Virtual Machine (BitVM), Evolution of Smart Contracts in Bitcoin

Bitcoin Halving: What is it and when does it happen?

Buy Bitcoin Before or After the Halving? Here's the Guide!

What is the Financial Crisis and its Relationship to Bitcoin

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.