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What is Bitcoin Cash? | Mt. Gox Refunds Explained
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).
##Latest news
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.
Frequently asked questions
What is Bitcoin Cash (BCH)?
BCH is a cryptocurrency that emerged from a fork of the original Bitcoin (BTC) blockchain in August 2017. It is a peer-to-peer payment system.
The fork was driven by disagreements within the Bitcoin community about the block size limitation and the best way to scale the network to accommodate more transactions.
Why was BCH created?
BCH was created to fulfill the original vision of Bitcoin as peer-to-peer electronic cash. BCH supporters believed that increasing the block size would allow for faster, cheaper transactions, making BCH more suitable for everyday use as a digital currency.
How is BCH different from Bitcoin?
Bitcoin Cash (BCH) is a cryptocurrency that emerged from a fork of the original Bitcoin (BTC) blockchain in August 2017. It is a peer-to-peer payment system.
The fork was driven by disagreements within the Bitcoin community about the block size limitation and the best way to scale the network to accommodate more transactions.
Roger Ver, a prominent supporter of Bitcoin Cash, believes its larger maximum block size is crucial for wider adoption, which could positively impact the price of Bitcoin Cash, as it allows for faster and cheaper transactions than Bitcoin.
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