BITCOIN CASH (BCH) IS A PEER-TO-PEER ELECTRONIC CASH SYSTEM THAT EMERGED AS A RESULT OF A HARD FORK FROM BITCOIN IN 2017. IT AIMS TO BE A FAST, LOW-COST, AND SCALABLE DIGITAL CURRENCY.
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BITCOIN CASH'S GENESIS BLOCK WAS MINED ON AUGUST 1, 2017, MARKING ITS SEPARATION FROM THE ORIGINAL BITCOIN BLOCKCHAIN. THIS EVENT IS KNOWN AS THE HARD FORK AND WAS DRIVEN BY A DESIRE TO INCREASE BLOCK SIZE FOR FASTER TRANSACTIONS.
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ONE OF THE KEY FEATURES OF BITCOIN CASH IS ITS LARGER BLOCK SIZE (32MB COMPARED TO BITCOIN'S 1MB). THIS ALLOWS FOR MORE TRANSACTIONS TO BE PROCESSED IN EACH BLOCK, LEADING TO QUICKER CONFIRMATION TIMES AND LOWER FEES.
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BITCOIN CASH FOCUSES ON ON-CHAIN SCALABILITY, INTENDING TO HANDLE A HIGHER VOLUME OF TRANSACTIONS DIRECTLY ON THE BLOCKCHAIN. THIS IS IN CONTRAST TO OFF-CHAIN SOLUTIONS LIKE THE LIGHTNING NETWORK ADOPTED BY BITCOIN.
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WITH ITS LARGER BLOCK SIZE, BITCOIN CASH CAN CONFIRM TRANSACTIONS FASTER THAN BITCOIN. THIS MAKES IT A SUITABLE CHOICE FOR THOSE WHO VALUE QUICK AND LOW-COST TRANSACTIONS.
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BITCOIN CASH HAS A DECENTRALIZED DEVELOPMENT MODEL, WITH MULTIPLE INDEPENDENT DEVELOPMENT TEAMS WORKING ON ITS PROTOCOL. THIS APPROACH AIMS TO PREVENT CENTRALIZATION AND ENSURE THE CONTINUOUS EVOLUTION OF THE NETWORK.
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BITCOIN CASH HAS GARNERED SUPPORT FROM VARIOUS CRYPTOCURRENCY ENTHUSIASTS AND BUSINESSES. ITS COMMUNITY IS ACTIVELY INVOLVED IN PROMOTING THE ADOPTION OF BCH AS A DIGITAL CURRENCY FOR EVERYDAY TRANSACTIONS.
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SEVERAL MERCHANTS AND BUSINESSES ACCEPT BITCOIN CASH AS A PAYMENT METHOD. ITS FOCUS ON BEING A MEDIUM OF EXCHANGE HAS LED TO INCREASED ADOPTION IN THE RETAIL SECTOR.
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BITCOIN CASH HAS STARTED EXPLORING SMART CONTRACT CAPABILITIES TO ENHANCE ITS FUNCTIONALITY. THIS MOVE AIMS TO BRING MORE COMPLEX AND PROGRAMMABLE TRANSACTIONS TO THE BITCOIN CASH BLOCKCHAIN.