Bitcoin Cash, which was forked from Bitcoin blockchain on August 1, 2017, has the potential to offer several benefits compared to its predecessor moreBitcoin Cash, which was forked from Bitcoin blockchain on August 1, 2017, has the potential to offer several benefits compared to its predecessor. One of the key advantages is its larger block size limit, which allows for faster processing of a higher number of transactions. According to its developers, Bitcoin Cash can support up to 32 MB blocks, which is significantly larger than Bitcoin's 1 MB block size limit.
Another benefit of Bitcoin Cash is its lower transaction fees. The average transaction fee on the BCH network is often much lower than the fee on the Bitcoin network. This is because the larger block size limit allows more transactions to be processed at once, resulting in lower transaction fees.
Moreover, BCH aims to be a more decentralized and democratic cryptocurrency. Unlike Bitcoin, which is largely dominated by miners in China, Bitcoin Cash's mining network is more evenly distributed. In addition, BCH has a more democratic governance structure that allows for community input and decision-making.
The BCH token serves as the native currency of the Bitcoin Cash network, and it is used to pay for transactions on the network. It can also be bought and sold on cryptocurrency exchanges.
Sources:
1. "What is Bitcoin Cash?" Bitcoin Cash Website, https://www.bitcoincash.org/index.html.
2. "Bitcoin Cash vs Bitcoin: What's the Difference?" Investopedia, https://www.investopedia.com/articles/forex/121815/bitcoin-cash-vs-bitcoin-whats-difference.asp.
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