What is Bitcoin Cash?
Bitcoin Cash (BCH) is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate. BCH is the continuation of the bitcoin project as peer-to-peer digital cash. It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale. If you own a bitcoin then you should have some BCH also, because it is a fork of the ledger.
You can get you BCH wallet HERE
Why Was A Fork Necessary
The legacy Bitcoin code had a maximum limit of 1MB of data per block, or about 3 transactions per second. Although technically simple to raise this limit, the community could not reach a consensus, even after years of debate.
Was the 1 MB blocksize causing problems for Bitcoin?
Yes, In 2017, capacity hit the ‘invisible wall’. Transfer fees becomes high, and Bitcoin became unreliable, with some users unable to get their transactions confirmed, even after days of waiting.
Bitcoin stop growing. Many users, merchants, businesses and investors left bitcoin. Its market share among other cryptocurrencies quickly goes down from 95% to 40%.
Does Bitcoin Cash fix these problems?
Yes. Bitcoin Cash immediately raises the blocksize limit to 8MB as part of a massive on-chain scaling approach. There will be ample capacity for everyone’s transactions.
Low fees and fast confirmations will resume with Bitcoin Cash. The network will grow again. Users, merchants, businesses, and investors will return.
Why didn’t Bitcoin raise the blocksize if it was easy?
Some of the developers did not understand and agree with the original vision of peer-to-peer electronic cash. Instead, they want bitcoin become a settlement layer.
Which Development Team is In Charge of Bitcoin Cash?
Unlike the previous situation in Bitcoin, there is no one single development team for Bitcoin Cash. There are now multiple independent teams of developers.