What is Bitcoin Cash (BCH)? In a nutshell, it is a Bitcoin alternative created for efficient, and competitive transactions. For those getting crypto back from [Mt Gox] (), they are being [refunded] () in Bitcoin and some will get Bitcoin Cash. While most people understand Bitcoin, some people are asking, 'what is Bitcoin Cash?'

Let's find out about Mt. Gox refunds in BCH and the differences compared to getting a refund in Bitcoin (BTC).

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The reason why some Mt. Gox creditors will be refunded in Bitcoin (BTC) and Bitcoin Cash (BCH) is because of the Bitcoin Cash hard fork that occurred in August 2017.

The hard fork split the Bitcoin blockchain into two separate chains: Bitcoin (BTC) and Bitcoin Cash (BCH). Anyone who held BTC in a Bitcoin wallet that supported the fork (at the time of the fork) received an equivalent amount of BCH in a new wallet.

Since Mt. Gox held a significant amount of BTC when the fork happened, they also received a corresponding amount of BCH. This is why they're now able to offer creditors the two cryptocurrencies.

What is Bitcoin Cash (BCH)?

Bitcoin Cash (BCH) is a cryptocurrency that emerged from a 2017 "hard fork" of the original Bitcoin blockchain. This division stemmed from disagreements within the Bitcoin community about how to scale the network and increase transaction capacity.

Why Bitcoin Cash? The scalability debate

Bitcoin's original design limited block sizes to 1 megabyte, which restricted the number of transactions it could process per second. As Bitcoin's popularity grew, transaction fees soared and confirmation times lengthened, hindering its use as a day-to-day currency.

Bitcoin Cash proponents argued for increasing the block size to accommodate more transactions, resulting in competitive fees and efficient confirmations. This approach aimed to fulfill Bitcoin's original vision as a peer-to-peer electronic cash system.

Differences between Bitcoin Cash (BCH) and Bitcoin (BTC)

Block Size: BCH has a larger block size (initially 8 MB, later increased), allowing it to process more transactions per second than BTC.

Transaction Fees

BCH transactions are generally more competitive than BTC transactions due to the increased block size.

Confirmation Times

BCH transactions typically confirm in a more timely manner than BTC transactions.

Community and Development

BCH has a distinct community and development team focused on its specific goals.

Who uses BCH?

-Individuals: Those seeking an efficient, more competitive way to send and receive money online.

-Merchants: Businesses accepting BCH as payment due to its competitive fees and quicker transaction times.

Developers: Those building applications and services on top of the BCH blockchain.

Mt. Gox refunds: Bitcoin Cash (BCH) option

The infamous Mt. Gox exchange, once the largest Bitcoin exchange, collapsed in 2014 after a major security breach and [hack] (). The exchange has been working on refunding its creditors.,

The future of BCH

BCH continues to evolve. Whether it ultimately fulfills its vision of becoming a widely used digital cash system remains to be seen. However, its role in the Mt. Gox refunds and its ongoing development highlight its significance in the cryptocurrency landscape.