What's Bitcoin Cash (BCH) all about?
BCH is a cryptocurrency, which was created as a result of Bitcoin's hard-fork. It employs a Proof-of-Work (PoW) mechanism.
Why was BCH created in the first place?
BCH is a fork from Bitcoin and serves as an alternative. BCH offers faster and cheaper transactions, which are good for everyday use.
What's "block size" and why does BCH care about it?
Block size is the maximum amount of data a block can hold. BCH raised it from 8 MB to 32 MB to increase the number of transactions it can make. Currently, Bitcoin Cash allows for more than 100 transactions per second, while BTC can only process 7 of them.
How's BCH different from Bitcoin (BTC)?
BCH has larger blocks, so it's faster, as well as it provides cheaper transactions, so that it's more suited for daily use.
What's the "scaling debate" I've heard about?
It's a heated crypto argument about how to handle Bitcoin's growth. For solving this problem, BCH offers bigger blocks, which should allow more transactions to fit into each block.
Can I use BCH for trading like BTC?
Sure! Users can trade their BCH through such exchanges like Kraken, Gate.io, Binance, Huobi, and MEXC.
What's "SegWit" and why is BCH not a fan?
SegWit is a soft fork for Bitcoin, which aims increase the number of transactions that can be included in a block. However, BCH prefers larger blocks to fix scalability issues in the BTC network.
Is BCH more "peer-to-peer" than BTC?
Yes, as it's more like cash, which cannot be said about BTC. BCH allows peer-to-peer payments, but in a digital format.
Can I mine BCH like Bitcoin?
Yes, it's possible to mine BCH using ASIC miners, just like with BTC.
How's BCH's adoption for everyday purchases?
It's growing. Merchants and services are increasingly accepting BCH. But it's still a work in progress as there are many factors that hinder it.
What means "Satoshi's Vision"?
"Satoshi's Vision" is the philosophy, according to which Bitcoin should be a peer-to-peer electronic cash system. It emphasises desentralised and low-cost transactions suitable for everyday use. BCH does that!
What's BCH's current block reward for miners?
Miners currently get 6.25 BCH per block, which is approximately $443.
What's "CashAddr" and why is it crucial for BCH?
CashAddr is a format which represents BCH addresses. It's crucial due to the fact that it helps distinct BCH addresses from BTC ones, improving reliablity and reducing errors. Moreover, CashAddr also enchances users' privacy.
Can BCH handle smart contracts like Ethereum?
It can but not as smoothly as Ethereum. BCH was developed primarly as a peer-to-peer electronic cash system.
How's BCH's market capitalization compared to BTC?
BCH's market cap is significantly smaller, standing at approximately $8 million. BTC's market cap surpasses $1 trillion.
