A number of cryptocurrencies are created to rectify the flaws in Bitcoin. None emphasize it more clearly than Bitcoin Cash. BCH was created in 2017, making it the youngest in this list. Since it was based on Bitcoin, it used the same SHA-256d hash function, C++ scripting, and Proof-of-Work blockchain. However, BCH increased the block size on the blockchain from 1mb to 8mb and made a hard fork. This changed a lot.
By increasing the block size, BCH allowed more transactions to be verified per block. Naturally, more transactions verified per block would mean faster verification speed for every transaction. Additionally, BCH has a DAA (difficulty adjustment algorithm) which is much more stable than that of Bitcoin.
Bitcoin Cash might not have succeeded in replacing Bitcoin like it initially planned to, but it has carved out a niche for itself. Especially with the higher TPS, it can actually compete with companies like Visa and PayPal. BCH has been trying to reduce its transaction fee so that greater traffic comes on its way. In such aspects, it differs from Bitcoin. Currently, BCH has a market cap of $3.3 billion, being the fifth most popular cryptocurrency in the market. Since it is based on Bitcoin, it too has a supply cap of 21 million. Like Bitcoin, it too has 18 million coins in circulation right now. Bitcoin Cash is a decent investment option for those who want something similar to Bitcoin, but faster and more scalable.
We have put together the ultimate beginner’s guide for understanding and investing in cryptocurrency!