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Bitcoin Cash priceBCH
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About Bitcoin Cash (BCH)
About Bitcoin Cash
With its surged popularity, Bitcoin has faced issues like slow processing speed, high transaction fees, and scalability. Different strategies were offered to address these challenges. Among them, altering the core rules of the Bitcoin blockchain stands out as a prominent solution to enhance processing speed.
Bitcoin Cash (BCH) was introduced in 2017 as a hard fork of the original Bitcoin (BTC). The idea behind this fork was to increase Bitcoin's block size to enhance network performance. However, the majority of nodes opposed the proposal, leading to the hard fork and the creation of Bitcoin Cash as a separate entity from Bitcoin at block number 478,558. Though both cryptocurrencies have a common genesis, they now function on two distinct chains.
For those holding Bitcoin at the time of the split, an equivalent amount of Bitcoin Cash was allocated to their wallets. Bitcoin Cash itself underwent further forks, most notably leading to the creation of Bitcoin SV (BSV) in November 2018. These forks have caused ongoing debates within the community and have led to a fragmentation of support.
Resources
Whitepaper: https://bch.info/bitcoin.pdf
Official website: https://bch.info/en/
How does Bitcoin Cash work?
Bitcoin Cash functions similarly to Bitcoin, operating as a public decentralized digital ledger that uses the Proof-of-Work consensus mechanism,known as SHA-256, relies on nodes to validate transactions, and has a fixed total supply of 21 million tokens. Miners receive Bitcoin Cash tokens as rewards for solving cryptographic puzzles and confirming transactions on the blockchain.
The main difference between Bitcoin and Bitcoin Cash is the block size. While Bitcoin only has a 1 MB block limit and can process roughly seven transactions per second, Bitcoin Cash has 32 MB per block capacity, allowing for over a hundred transactions per second. This increased block size and faster processing lead to lower fees, with most transactions on the Bitcoin Cash network costing less than US$1, in contrast to Bitcoin's high fee.
In cryptocurrency, speed and affordability often mean greater accessibility, and Bitcoin Cash excels in these areas. However, it also faces criticism regarding network security. Detractors argue that the quicker and cheaper transactions are possible due to less required mining, possibly making Bitcoin Cash less secure than Bitcoin and raising questions about the network's integrity.
Conclusion
In conclusion, Bitcoin Cash has made significant strides in enhancing transaction speeds and reducing fees. Though not without controversy, its innovations represent a notable advancement in the evolving cryptocurrency landscape.
It's important to note that like any other cryptocurrencies, Bitcoin Cash carries its own risks and it's always wise to do your own research and exercise caution while investing.
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How to buy Bitcoin Cash(BCH)
Create Your Free Bitget Account
Verify Your Account
Buy Bitcoin Cash (BCH)
Trade BCH perpetual futures
After having successfully signed up on Bitget and purchased USDT or BCH tokens, you can start trading derivatives, including BCH futures and margin trading to increase your income.
The current price of BCH is $454.49, with a 24h price change of +0.57%. Traders can profit by either going long or short onBCH futures.
Bitcoin Cash Social Data
In the last 24 hours, the social media sentiment score for Bitcoin Cash was 3.8, and the social media sentiment towards Bitcoin Cash price trend was Bullish. The overall Bitcoin Cash social media score was 9,194, which ranks 231 among all cryptocurrencies.
According to LunarCrush, in the last 24 hours, cryptocurrencies were mentioned on social media a total of 1,058,120 times, with Bitcoin Cash being mentioned with a frequency ratio of 0.02%, ranking 120 among all cryptocurrencies.
In the last 24 hours, there were a total of 839 unique users discussing Bitcoin Cash, with a total of Bitcoin Cash mentions of 185. However, compared to the previous 24-hour period, the number of unique users increase by 17%, and the total number of mentions has decrease by 32%.
On Twitter, there were a total of 4 tweets mentioning Bitcoin Cash in the last 24 hours. Among them, 75% are bullish on Bitcoin Cash, 0% are bearish on Bitcoin Cash, and 25% are neutral on Bitcoin Cash.
On Reddit, there were 72 posts mentioning Bitcoin Cash in the last 24 hours. Compared to the previous 24-hour period, the number of mentions decrease by 26% .
All social overview
3.8