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Bitcoin Cash- Why It's Different And Worth Your Investment
As Bitcoin Cash recently celebrated its first year since being created, it’s important to understand why the cryptocurrency was born and what makes it stand out from other projects in the crypto world. When it comes to the difference between Bitcoin Cash and Bitcoin, there are plenty of fundamental differences that make this project stand out from the rest of the crowd. In today’s blog post, we’ll be taking a look at some of the most important reasons why people should consider investing in Bitcoin Cash.
Bitcoin cash is a hard fork from Bitcoin core. In order to understand why this is important, you need to know the history of Bitcoin. After the 2008 financial crisis, people became increasingly skeptical of centralized banks. This led to the creation of Bitcoin in 2009, an electronic peer-to-peer currency. One year later, one person was able to take control of 51% of the mining power on the network, which could then be used maliciously to make themselves rich at other people’s expense or even destroy Bitcoin entirely by refusing to process transactions.
The bitcoin cash blockchain enables the use of 'smart contracts. These contracts will one day enable people to make agreements without resorting to expensive lawyers. They will be able to draw up a contract, send it out for completion by another party, pay the other party directly without having to go through a third party such as a bank, then not have to worry about whether or not the other person has fulfilled their obligations. This also means that if you hire someone from abroad who is paid in dollars or euros, you don't have to wait for them to convert their money into bitcoin cash before paying them their wages. It makes cross-border trade much easier. The bitcoin cash network also charges minimal transaction fees (less than 1 cent per transaction).
Bitcoin cash is a bitcoin fork that was created by the developer group: ViaBTC. The aim of the fork was to increase transaction speed, and the number of transactions per second, as well as to make BTC more decentralized. Bitcoin cash has some advantages over bitcoin:
The Bitcoin Cash project was created to fix the problems that had arisen from Bitcoin, namely the speed at which transactions are confirmed. When Bitcoin was released in 2008, this was not a problem because the popularity of the cryptocurrency had not yet been discovered. However, as more people started using Bitcoin, waiting for their transactions to be confirmed became an issue because of how long transactions take to be confirmed (sometimes up to 24 hours). This is where Bitcoin cash comes in; It has a block confirmation time of just ten minutes which makes transactions much faster than regular bitcoin transactions. Transactions on BCH are also cheaper than regular BTC transactions because there is no need for miners' fees with BCH.