![]() ![]() ![]() In 2017, as Bitcoin’s popularity increased and network fees began to rise, a group of Bitcoin developers proposed a technical solution to support Bitcoin’s use for smaller transactions. Buying a coffee with Bitcoin directly wouldn’t make much sense at those costs.Īnd, while there are “second layer” solutions such as the Lightning Network that may enable low-fee transactions, Bitcoin fees can add up (as of December 2021 Bitcoin fees have settled to be less than $1.00 per transaction, Bitcoin Cash fees are typically less than $0.01 per transaction). As of May 10, 2021, for example, the median fee to send a Bitcoin transaction was approximately $8.00. ![]() In the case of Bitcoin Cash, the community set out to create a cryptocurrency that’s better suited than Bitcoin for cheap, every day payments.īitcoin itself, despite originally being named “Peer-to-Peer Electronic Cash” in its whitepaper published in 2009, may not be well-suited for use as cash in everyday purchases due to its fees. What does that mean? A fork happens whenever a community makes a change to the blockchain’s protocol, or basic set of rules, that results in a new blockchain. Bitcoin Cash (BCH) is a cryptocurrency that was “forked” from Bitcoin (BTC), the world’s largest cryptocurrency, in 2017 due to a division over the future of the protocol. ![]()
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