Bitcoin Cash – Wiki
Overview
Bitcoin Cash functions as peer-to-peer electronic “cash.” It is a cryptocurrency hard-forked from the Bitcoin blockchain, meaning that Bitcoin Cash is a community-activated update to the protocol or code. The service allows merchants and users to access low fees and definite confirmations in transactions.
Key features
The platform’s key features include on-chain scalability, sighash flag type for secured transactions, responsive proof-of-work difficulty adjustment algorithm (DAA), and decentralized development. The distributed timestamp server operates on a peer-to-peer basis, and was designed to be similar to Adam Back’s Hashcash. Majority decisions are represented by the longest chain with the best proof-of-work effort invested in it. However, it is possible to verify payments without running a full network node. Bitcoin Cash is designed to rely on trust to provide electronic transactions.
Bitcoin Cash is represented by the ticker symbol BCH. The currency was forked into Bitcoin SV and Bitcoin ABC, and eventually Bitcoin ABC grew to be the dominant chain with more hash power and a majority of nodes on the network.
Benefits for merchants
According to Bitcoin Cash, merchants can benefit from using the platform in the following ways:
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Low fees: The network fee for an average Bitcoin Cash transaction amounts to less than one penny. Additionally, If users wish to convert BCH into fiat currency such as US dollars, they can do so through merchant processors for a significantly lower cost than credit card processing.
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No chargebacks: Unlike credit cards, Bitcoin Cash does not feature automatic voids, refunds, chargebacks, or any other extra fees. Fraud protection is integrated into the system at no cost to the merchant.
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Free marketing and press: By utilizing Bitcoin Cash, merchants can gain free listings in website and app directories and potentially attract more customers. In addition, they can take advantage of the cryptocurrency trend to generate press for their business.
