BCH long term coin

BCH, or Bitcoin Cash, is a cryptocurrency that was created in 2017 as a result of a hard fork of the original Bitcoin blockchain. The main purpose of BCH was to increase the block size limit of Bitcoin, which was previously set at 1 MB. This was seen as a necessary change in order to improve the scalability of the Bitcoin network and allow for more transactions to be processed per second.

One of the main advocates for increasing the block size limit was Roger Ver, who believed that the smaller block size was hindering the growth of Bitcoin as a mainstream payment method. He argued that the larger block size would allow for more transactions to be processed, making it more attractive to merchants and users.

The hard fork occurred on August 1st, 2017, when the Bitcoin Cash network was created. This resulted in the creation of two separate cryptocurrencies: Bitcoin and Bitcoin Cash. The two cryptocurrencies share the same history up until the point of the hard fork, but have since become separate entities.

Since its creation, Bitcoin Cash has gained a significant following and has become one of the top 10 cryptocurrencies by market capitalization. It has also attracted a large number of merchants who accept it as a form of payment.

One of the main differences between Bitcoin and Bitcoin Cash is the block size limit. While Bitcoin has a block size limit of 1 MB, Bitcoin Cash has a block size limit of 8 MB. This allows for more transactions to be processed per second, making it a more attractive option for merchants who need to process large numbers of transactions.

In addition to the larger block size limit, Bitcoin Cash also has a number of other features that differentiate it from Bitcoin. For example, it has a replay protection feature, which allows users to safely split their coins between the two chains after the hard fork. It also has a difficulty adjustment algorithm, which adjusts the mining difficulty to ensure that blocks are mined at a consistent rate.

Despite its popularity, Bitcoin Cash has faced its fair share of controversy. Some critics argue that the larger block size limit is unnecessary and could lead to centralization of the network. They also argue that the decision to increase the block size limit was made without proper consensus, leading to a split in the community.

Overall, Bitcoin Cash is a cryptocurrency that was created to address some of the scalability issues that were facing the original Bitcoin network. It has gained a significant following and is widely accepted as a form of payment.