Bitcoin Cash is a cryptocurrency that arose after a Bitcoin hard fork . Since the inception of the oldest cryptocurrency, miners and developers have been seriously concerned about the future of this project and its ability to scale effectively and efficiently. One of the main concerns of the cryptocurrency community regarding Bitcoin Cash was the adoption of the SegWit2x technology on which BCH relies. The subject of concern was that this model did not significantly address the fundamental problem of scalability, and was also inconsistent with the plan initially outlined by Satoshi Nakamoto - the anonymous person or group of people who first proposed blockchain technology, which is the technological basis for all cryptocurrencies. .
Concerns about the scalability of BTC led in August 2017 to the fact that some miners and developers initiated a hard fork, effectively creating a new cryptocurrency: BCH. Bitcoin Cash has its own blockchain and specifications as well as one very important distinction from BTC - increased block size to 8MB. This change was aimed at speeding up the verification process and introducing a regulated mining difficulty level to ensure effective chain survival and speed of transaction verification, regardless of the number of miners involved in the project.
At the 2018 stage, the maximum block size in the BCH network was increased to 32 MB. Consequently, Bitcoin Cash is able to process transactions much faster than the Bitcoin network, which means waiting times are noticeably shorter and transaction processing fees are generally lower. As a result, the Bitcoin Cash protocol is able to handle significantly more transactions per second than the Bitcoin network. However, faster transaction verification times also have some downsides. One potential problem with the larger block size associated with BCH is that it significantly affects network security.
The discussion of scalability as well as transaction processing also took place after the fork of the chain that led to the creation of Bitcoin Cash. As a result of these events, in November 2018 the BCH network experienced its own hard fork, which resulted in the creation of another Bitcoin-based cryptocurrency called Bitcoin Satoshi Vision (BSV). Bitcoin SV was created to stay true to Satoshi Nakamoto's original vision outlined in the Bitcoin white paper. Therefore, both modifications were introduced to facilitate network scalability and faster transactions. Nevertheless, despite the implementation of all these technological changes, the debate over the future of BTC continues and has shown no concrete signs of ending.