Another post to know what is (BCH)

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2 years ago

Hi friends I hope you have a great day. I am sure most of you know what BCH is and how it works. But remembering the basics is always a good thing to do. And even more so when most people think they know about cryptocurrencies, because they know the concept of NFT.

let's start with the basics:

¿WHAT IS A CRYPTOCURRENCY?

  • A cryptocurrency is a digital asset that uses cryptographic technology to guarantee the security of transactions and control the creation of additional units.Cryptocurrencies are also digital money but the difference is that no one controls or regulates a cryptocurrency. There is no central bank or anyone to ask permission from, you are the custodian of your own money.

we continue with the basics:

¿WHAT IS BITCOIN?

  • launched in 2009 bitcoin is the world's first functional network and cryptocurrency. A mysterious character named satoshi nakamoto is the creator. Bitcoin offered the possibility of sending money from peer to peer (p2p), without intermediaries and in a decentralized way. however, when the BITCOIN network grew, it began to become congested, causing transaction fees to increase and the speed of transactions to slow down.

¿SO WHAT IS BITCOIN CASH (BCH)?

  • Bitcoin Cash (BCH) was created by a group of developers, investors, entrepreneurs and miners who were dissatisfied with Bitcoin's development plans. Created in August 2017, Bitcoin Cash is a peer-to-peer electronic cash system that focuses on increased scalability and low transaction fees. The project is also known as Bitcoin ABC (adjustable block size limit).

  • Bitcoin cash is a hardfork, a fork of the original bitcoin source code, so they have many things in common. Among the most important are:

  • The supply is limited to 21 million

  • The consensus mechanism is proof of work

But, what really makes BCH so much better is that it works perfectly as digital cash, which was perhaps one of the original visions of Satoshi Nakamoto.

The bitcoin cash community says it is designed to be used as money and I have actually checked it myself. Some time ago in my city I paid for a haircut with BCH in an instant.

In my opinion BITCOIN which is already a kind of store of value, will be used for long term savings but not as digital cash. On the other hand BCH does have all the characteristics to function as p2p money. This will help the eventual decentralization of money and people. Bitcoin and Bitcoincash can coexist so if you are a maximalist relax.

I hope my post has been useful. if you are new to the crypto world or if you still didn't know what BCH was, here is this post

@ozzycrypto

CREDITS: copyright free images from pixabay.com and depositphotos.com

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2 years ago

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Great information, very well explained, my friend. Thanks for sharing it. Best regards.

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