Bitcoin Cash-A cryptocoin which is much akin to Bitcoin but still retains its unique properties. Bitcoin cash has surged and has edged into the top 10 largest digital currencies list. Bitcoin Cash codes are much akin to Bitcoin but transaction speed is much faster. The crypto coin has surged by almost 300% this year and in excess to 11% on Thursday as per data received from Coinbase.
What Is Bitcoin Cash?
Bitcoin Cash was formed in 2017 as a separate entity from Bitcoin by a process which is known as fork in crypto lingo. Forks are usually effected to take care of some lacunae in the original blockchain platform. BTC Cash was formed to suitably augment the speed of transactions. Bitcoin platform could process only 7 transactions per second which was woefully slow and unsuitable for modern day crypto-transactions.
The fork created Bitcoin Cash and developers who concluded the fork were able to augment the bitcoin’s block size limit of one megabyte every 10 minutes to eight megabytes every 10 minutes. This leads to a maximum of 10 transactions per second as compared to seven transactions earlier. This can be further augmented to 32 megabytes .
“BTC cash is the version of bitcoin that implemented an increase in the transaction capacity,” digital currency economist Alex de Vries told CNN Business.
Forks were effected earlier also and in 2018, and it led to the creation of bitcoin SV, which, with a market value of nearly $8 billion. It is currently ranked 19 among the top digital currencies as per data received from Coinbase.
Bitcoin Cash And Bitcoin- How Different Are They From Another ?
The size of BTC Cash by the way of Market value is miniscule as compared to Bitcoin. The latter has a market cap of $1 trillion, according to Coinbase. Bitcoin Cash has just pulled beyond Litecoin to become the No. 10 on the list of largest digital currencies, with a market value of almost $26 billion.