BCH, Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is a cryptocurrency that was designed to function as a peer-to-peer electronic cash system. It is an implementation of Bitcoin that focuses on scalability and transaction efficiency.
Bitcoin Cash aims to scale peer-to-peer cash transactions globally by utilizing both on-chain and off-chain scaling solutions. The BCH network undergoes regular updates and improvements to enhance its functionality and user experience.
Bitcoin Cash (BCH) was created as a result of a hard fork from the Bitcoin (BTC) blockchain on August 1, 2017. The fork was motivated by the Bitcoin community's reluctance to perform hard forks, which led to the Bitcoin network reaching its capacity limit. This resulted in higher transaction costs on the Bitcoin network, with fees often ranging from ~$2-8, compared to BCH's ability to maintain transaction fees as low as $0.001. During periods of high network usage, Bitcoin's transaction costs can increase significantly.
* All terms and definitions may update as the Cryptionary improves.