Bitcoin cash intends to be the faster and lower fee version of Bitcoin making the original promise of Bitcoin "Digital currency of masses" possible. Bitcoin Cash is a hard fork (backward incompatible)of Bitcoin that employ significantly large block-size (8 MB) to facilitate greater number of transactions at a faster pace. The Proof of Work algorithm that works for Bitcoin Cash remain unchanged i.e. SHA-256. Bitcoin Cash does not facilitate the replace by fee feature.
1. Bitcoin Cash is an improvement over Bitcoin in terms of a larger block-size bitcoin cash uses 8 MB block
2. Bitcoin use Segwit while bitcoin cash does not use Segwit as of now.
3. With Higher blocksize Bitcoin cash enable faster transaction throughput
Due to the growing popularity and wide acceptance of Bitcoin all over the globe, the limitation of block-size became a big time hindrance in the way of its effective mechanism.
Segwit model was proposed that suggested a separate block for the transactions and the digital signature. The proposed model was rejected by the miner community. Subsequently, BIP 148 (User activated soft fork) took place, which was an initiative from the user’s league to compel the miners to adopt the Segwit model. BIP 148 was followed by a UAHF (User Activated Hard fork), but all the explained initiatives went in vain until the Bitcoin Cash arrived to resolve this tug of war between the miners and users of the Bitcoin.
Finally, the hard fork occurred on 1 August, 2017.
· Trezor (Hardware Wallet)
· Ledger Nano S (Hardware Wallet)
· KeepKey (Hardware Wallet)
· BTC.com (Web & Mobile Wallet)
· Coinomi (Mobile Wallet)
· CashAddress (Paper Wallet)
· BitcoinUnlimited (Desktop Wallet)
· ElectronCash (Desktop & Mobile Wallet)
· Jaxx (Desktop & Mobile Wallet)
Bitcoin Cash is easily accessible via cash, credit card and bank transfer.
Conventionally, at the time of split, the maintained balance of Bitcoins was rewarded with the same denomination of the Bitcoin Cash. The option of converting the Bitcoin Cash back into the Bitcoins is also available to the users.
The rest of the utility of Bitcoin Cash remains the same as that of Bitcoin. After possessing a digital wallet, desired value of Bitcoin Cash can be ascertained from the below mentioned exchanges.
Bitcoin Cash Exchanges
The list of popular exchanges involving the trade of Bitcoin Cash is stated below:
· Via BTC
· Bitcoin Cash is an effective means of transferring the funds worldwide at a click.
· The transaction cost chargeable is nominal and tax free.
· Extended block-size of 8 MB of Bitcoin Cash is an advantage over the conventional Bitcoin.
· Decentralised block-chain offers a fair and transparent currency system.
· Lack of understanding and awareness is one of the clogs.
· Being in a decentralized domain, where fairness and transparency is one side of coin, lack of authentication from any recognised agency of State is the other side of the same coin.