BCH (Bitcoin Cash) is a cryptocurrency split off from the original Bitcoin blockchain on August 1st, 2017. It was created as a result of diverging opinions between two groups of users in the Bitcoin community over how to scale up the network and make it more efficient for processing larger volumes of transactions at once. BCH has seen considerable growth since its inception and continues to be one of the most popular cryptocurrencies today.
In terms of technology, BCH runs on an improved version of Bitcoin’s codebase known as “ABC” or “Bitcoin ABC”. This software makes use of various features such as increased block sizes that increase transaction throughput while also introducing new opcodes which enable developers to build powerful applications within its protocol framework. The consensus mechanism used by BCH is Proof-of-Work (PoW), which requires miners to solve cryptographic puzzles in order to add blocks onto the chain and receive rewards for their efforts.
The main benefit offered by using BCH instead of other cryptocurrencies lies in its low fees due to faster confirmation times compared with other networks like BTC’s; this makes it particularly attractive for everyday purchases where waiting too long for confirmations can be inconvenient or costly. Additionally, BCH offers support for smart contracts via specialized programming languages like Simplicity & Wormhole, allowing users greater flexibility when creating digital assets or engaging with decentralized applications built upon its platform ecosystem . Finally, unlike some competing projects that rely solely on closed source technologies, all code related components associated with running a full node are open sourced so anyone can review them independently before making decisions about participating in any given network activity securely & safely .
In conclusion , investing into BC H provides access t o high levels o f security , better scalability , lower transaction fees compar ed to many other cryptocurrencie s out there an d opens u p possibilities fo r exciting application s powered b y these features . Ultimately , this sets th e foundations fo r stronger decentralizatio n wit hin our financial infrastructure s — paving th e way towards great er economic freedom globally!
