What is Bitcoin, BCH's Core Benefits and Solutions
In the world of cryptocurrencies, Bitcoin Cash (BCH) is undoubtedly one of the most talked about currencies. As a fork of Bitcoin, Bitcoin strives to solve Bitcoin's scalability problems and provide a faster and cheaper transaction option. This post will delve into Bitcoin's core strengths and analyze how it solves the current bottleneck in blockchain transactions. Whether you're new to cryptocurrencies or you already know a bit about BCH, this article will help you better understand the potential and future of this currency.
What is Bitcoin (BCH)?
Bitcoin Cash (or BCH) is a fork of Bitcoin (BTC), which was born on August 1, 2017 . It was born out of a controversy within the Bitcoin community over the scalability of the blockchain. The goal of BitCash is to solve Bitcoin's problems with transaction speed and transaction fees, allowing the cryptocurrency to be used on a larger scale for everyday payments.
The main difference between Bitcoin and Bitcoin is the block size. Bitcoin has expanded its block size from 1MB for Bitcoin to 8MB (later upgraded to 32MB), which means that each block can accommodate more transactions, thus increasing throughput and speed.
Background on the creation of BCH
Bitcoin was born out of a disagreement within the Bitcoin community over the increase in block size. At the time, Bitcoin's transaction speeds were slowing down and transaction fees were rising, which was troubling for many users. Supporters of Bitcoin argued that it should remain decentralized, but at the same time optimize its transaction efficiency and scalability, so they proposed a fork, which eventually led to the birth of Bitcoin.
**The core strengths of bitcoin **
High scalability and low transaction costs
One of the biggest advantages of Bitcoin is its high scalability. Bitcoin increases transaction throughput by increasing block size, which allows Bitcoin to support more transactions per second (TPS) and significantly reduces transaction fees. Compared to Bitcoin, where the per-transaction fee can rise dramatically with network congestion due to block size limitations, Bitcoin effectively avoids this problem and ensures that users are not deterred from making everyday payments by high transaction fees.
Faster transaction processing
Bitcoin is able to process transactions more quickly. Due to the increase in block size, BCH's blockchain is able to carry more transaction data, thus increasing the speed of transaction confirmation. This means that Bitcoin can provide a faster transaction experience in commercial and cross-border payments.
Decentralization and Trustless Transactions
Bitcoin still maintains the decentralized characteristics of Bitcoin. This means that the operation of Bitcoin does not depend on a single organization or central authority, and all transactions can be publicly verified on the blockchain, ensuring transparency and security. This makes Bitcoin ideal for decentralized payments on a global scale.
**How Bit Cash Solves Existing Blockchain Problems **
Solutions to Extensibility Problems
One of the main challenges facing many cryptocurrencies today is scalability. As the number of users and transactions increased, existing blockchain systems such as Bitcoin faced the problem of slow processing speeds and high transaction fees. Bitcoin solves this problem by increasing the size of its blocks, allowing it to dramatically increase its transaction processing power.
For example, while Bitcoin has a TPS of about 7 transactions, Bitcoin is able to support more than 60 transactions, which allows Bitcoin to maintain a fast transaction processing speed during high-demand periods. The block size of Bitcoin has been upgraded several times and can now support 32MB blocks, which allows each block to hold more transaction data and further improves the overall transaction efficiency.
Reduced transaction costs
In addition to increasing transaction speed, Bitcoin also effectively solves the problem of high transaction fees. In the case of Bitcoin transaction congestion, users need to pay higher fees to ensure that transactions are processed quickly. Bitcoin's large block capacity allows it to process more transactions, so transaction fees are relatively low. This makes Bitcoin particularly suitable for everyday payments and small transactions.
Feasibility of global payments
Due to its low transaction costs and high speed, Bitcoin has become an ideal choice for global payments. Especially in the field of cross-border payments, Bit Cash is able to effectively reduce the high transaction fees and long processing cycles required in the traditional banking system. Whether in developing countries or for users who need to make international remittances on a regular basis, Bit Cash offers a reliable and convenient option.
**How to buy and use Bit Cash (BCH)**
Buying Bitcoin is similar to other cryptocurrencies in that users can trade it through mainstream cryptocurrency exchanges. For example, exchanges such as Ouyi (OKX), Binance, and Fire Coin offer trading pairs for BCH. On these platforms, users can trade in fiat currencies (e.g., Taiwan dollars, US dollars, etc.) or other cryptocurrencies (e.g., Bitcoin, Ether).
The process of buying Bitcoin is not complicated for newcomers. All a user needs to do is complete KYC authentication (verification of identity) and then select the appropriate pair to buy. Many exchanges also support the transfer of BCH into wallets for storage or future use.
BCH's daily applications
The Bitcoin scene is becoming more and more widespread, with many merchants and service providers beginning to accept BCH as a form of payment. For example, many online stores, restaurants, hotels, and other merchants have begun accepting Bitcoin as payment, making it a practically usable digital currency.
Frequently Asked Questions Q&A
Q1: What is the difference between Bitcoin and Bitcoin?
A1: The main difference between BitCash and Bitcoin is the block size. Bitcoin has a larger block size, which allows it to process more transactions and at a faster rate with lower fees. Bitcoin is more focused on ensuring decentralization and security.
Q2: How can I safely store my Bitcoin (BCH)?
A2: The safest way to store Bitcoin is to use a hardware wallet, such as Ledger or Trezor, which can provide offline storage and avoid the risk of cyberattacks.
Q3: What is the future of Bitcoin?
A3: With the gradual maturation of the cryptocurrency market, the application of Bitcoin is gradually expanding. Its low transaction fees and high transaction speeds give it great potential for everyday payments, and it is expected to be adopted more globally in the future.
English 
Chinese