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Bitcoin cash is one of these cryptocurrencies that failed to reach a new all time high in the 2021 bull market but what is exactly Bitcoin cash?
It was launched in 2017 by a group of Bitcoin miners who were worried about the future of Bitcoin and its ability to scale efficiently. They achieved this by creating a hard fork of Bitcoin’s blockchain, which occurs when an existing blockchain splits into two, resulting in a new blockchain and a new cryptocurrency.
Bitcoin cash has a capacity of 32 Mega bites per block, as opposed to Bitcoin’s blockchain, which has a capacity of only 1 Mega bite per block. This enables the verification process to be faster, with an adjustable level of difficulty to ensure the chain’s survival and transaction verification speed, regardless of the number of miners supporting it. This also leads to reduced fees, making peer-to-peer payments between individuals possible for a fraction of a cent.
Although Bitcoin Cash had a higher value during the 2017 bull market compared to the 2021 bull market, there is still a possibility that it could reach a new all-time high but do you think it can?
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