1. Bitcoin Cash Overview
Bitcoin Cash (BCH), which upgraded Bitcoin's software to address the slower processing speed and increase trading volume caused by the surge in Bitcoin's trading volume, is a new altcoin created on August 1, 2017 in the hard fork (UAHF).
The difference is that Bitcoin's block is limited to 1MB, whereas Bitcoin Cache can scale up to 8MB.
2. Venue and Issuance Method
Bitcoin Cash (BCH) began with UAHF being split into both Bitcoin and Bitcoin Cash, starting with 478558 blocks, created at 10:16 on August 1 at ViaBTC, which operates Bitcoin mining and exchanges.
Bitcoin Cash (BCH) has almost the same technology structure as Bitcoin, including 21 million issues, SHA256 algorithm, and proof of work (PoW). However, the trading volume is different.
Bitcoin Cash can scale up to 8MB. As a result, processing is faster and fees are lower than traditional Bitcoin.
3. Function and features
Bitcoin Cash Blockchain adopts Bitcoin ABC technology that can flexibly expand the block size from 2MB to 8MB.
By increasing the volume of transactions in the existing block 1, the payment rate is lowered and the confirmation speed is faster than the existing bitcoin.
Unlike Bitcoin, which adjusts the difficulty level every 2016 blocks, Bitcoin Cash adjusts the difficulty level every six blocks.
4. Mining method
Because the same proof of work is used to protect Bitcoin's and Bitcoin Cash's transaction history, both networks are hash-powered as mining companies continue to mine profitable chains.