What is Bitcoin cash? What is the difference between Bitcoin and Bitcoin cash? In recent years, after the proliferation of cryptocurrency market, a variety of currencies have been derived, of which Bitcoin is the most popular one, and then a Bitcoin cash has been forked out soon. So what is Bitcoin cash? Now let's get to know.
Bitcoin has removed the limit of 1M block size, and can support up to 8M block size. It adheres to the chain expansion route. It is a blockchain asset generated by Bitcoin ABC scheme, with greater stability and security. More transactions can also be supported at a specific time. The first BCH block of Bitcoin cash has exceeded 1MB in size.
There are at most 21 million bitcoins. As more and more bitcoins are dug up and the margin is less and less, the algorithm becomes more difficult. Bitcoin cash adopts a dynamic difficulty adjustment mode, and the production difficulty will be adjusted with the computing power in the whole Bitcoin cash network. The more nodes are added, the higher the difficulty is, and vice versa. Since Bitcoin cash has been exported for a long time, the mining difficulty of Bitcoin cash was adjusted on August 8, and the speed of the export was increased. Technically, Bitcoin cash and Bitcoin use SHA256 as the workload proof algorithm, but the difference is the difficulty adjustment mechanism. The measure taken in the original Bitcoin chain is that the mining difficulty is adjusted once every 2106 blocks are excavated according to the computing power. In order to prevent insufficient computing power, Bitcoin Cash adopts an emergency difficulty adjustment mechanism (EDA) that automatically reduces the difficulty by 25% if the number of blocks produced in the last 12 hours is less than 6.
From the perspective of computing power distribution, when BTC and BCH use the SHA256 algorithm together, the miners can decide which mine to dig according to the mining income. In the past three months or more, whenever the mining income of BCH is more difficult to cut than that of BTC, the computing power will flow into BCH chain substantially, which will seriously affect the block out speed of the two chains.
BCH has been controversial since its birth. The dispute between BCH and BTC, the conflict between miners and Core, may continue. This is caused by defects in the design at that time. It is a "congenital disease". In addition, the irreconcilable contradiction of the day after tomorrow has led to an inseparable situation. And with the rising price of BCH, this contradiction may be further intensified.
In general, Bitcoin is the most popular digital currency at present, while Bitcoin Cash (BCH) is a new version of Bitcoin with different configurations launched by a small number of Bitcoin developers, which is a new type of blockchain asset. Bitcoin and Bitcoin cash are completely decentralized. Their block capacities for recording transaction information are different, and the algorithm difficulty is different.
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Tue, 18 Apr 2023