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Before 20th july of 2020, i didn't aware of the existence of cryptocurrency world.A little backdated nah?😅 Whatever,I discover these whole new world on that day by the help of my friend @Arnavaria .She introduced me with these platform read.cash.And through read.cash i entered to this world.
As i say,i had a zero knowledge about cryptocurrency and BCH but i am a learner.I have watched videos,i have read articles. Though many terms seem to be difficult for me, i am still working on it and i 'll not lose hope until i get it completely. Today i gathered some courage to write about ABC of Bitcoincash as @Arnavaria declared a writing contest about BCH in a simpler way. Let's see if I could fulfill her expectations or not.
BCH or Bitcoin cash is a cryptocurrency.So first thing should be explained first.
What is Cryptocurrency?
It has a longer definition but on short term it means 'Virtual Cash'.It has no physical existence.You can't print them like 'US dollars' or 'Bangladeshi taka'.First decentralized cryptocurrency is Bitcoin.
Here , comes another question.
What is Decentralization?
It means not being under control of any central authority like bank or Government.It is maintained by Blockchain technology.
What is Blockchain technology?
As the name says, Blockchain is chain of blocks contain data e.g. transaction data.It acts like distributed ledger ,it is transparent,any one can see it.That's why not a single person or group can make a change in it.Blocks are interconnected with each other in such way no one can do tamper with it.It's a very secure technology.
How BCH created?
When bitcoin transaction added to a block it needs storage space. Maximum capacity for each block of transaction is 1 Mb.It's not possible to hold many transactions per second due to shortage of space.And a new block is created in every 10 minutes.So,when a lot of people sending BTC it needs more time to enter a block and to get confirmed. If anyone willing to cut the line he have to pay higher transaction fees.
Due to these problems(long confirmation,high transaction fees),on August 1st,2017 an alternate version of Bitcoin is created which is BCH .BCH is supported by Roger Ver and Bitmain.It has larger block size of 8 Mb which make it different from original BTC.
What are the advantages of BCH?
BCH transaction fees are low and require shorter time for transaction.Many transactions can be listed per second.Because of these properties it can be used in day to day activity. And like other cryptos you can carry it anywhere and can use it where it is accepted by using your BCH wallet.
BCH in future:Users play a vital role here.More people adopt BCH, more brighter will be it's future.Til now BCH is holding its own space with other cryptocurrencies.I am hopeful it will stand strong in future.
That's all my knowledge about BCH.Please correct me if i do wrong anywhere . I would love to learn more from you.