Bitcoin from Best Cryptocurrency
Bitcoin cash (BCC or BCH), like its predecessor bitcoin (BTC), is a peer-to-peer electronic payment system that is supported by blockchain technology and decentralized network of computers. The cryptography-based system processes, verifies and records electronic payment transactions without relying on trusted third parties such as financial institutions. Bitcoin cash lowers transaction costs by removing third parties who mediate disputes between buyers and merchants. It decreases fraud by requiring security protocols such as proof-of-work and digital signatures that are verified on a publicly-distributed ledger known as blockchain.
Bitcoin cash was created on August 1, 2017 after a hard-fork split from bitcoin. BCC features a block size limit of 8 megabytes (MB) compared to bitcoin’s 1 MB. The 8 MB block size limit enables BCC miners to process more transactions on the payment network. Proponents argue that BCC’s larger block size leads to faster transactions, lower fees and improved scalability. Bitcoin cash is not backed by any government or central bank.
Thus far, it’s an unregulated financial instrument, although government and banking authorities in the United States, China, Russia and other developed countries are reviewing or implementing steps aimed at regulating cryptocurrencies.