BitcoinCash is the offspring of Bitcoin and follows the same protocol as Bitcoin and was forked/cloned on the 1st of August 2017 from the bitcoin blockchain block number 478558.
Bitcoin came as a solution in 2009 to all of the discrepancies that fiat money allows like the global financial meltdown that happened in 2008 and twice before. While the decentralization of the currency is its biggest USP issues with the speed of transaction still persist. Furthermore, with the world embracing the crypto-currency the demand for bitcoin has increased thereby increasing its popularity for transactions and its functional uses. This however means that bitcoin needs to process more transactions per second than what it currently does.
If bitcoin was created with the idea of introducing an alternative to the centralized fiat currency system it needs to be widely accepted. This could only happen if it was able to compete with the transaction speed and rate of regular fiat system. (For e.g. :Visa can process around 24,000 transactions per second).
Solution?? New Kid on the blockchain…..BitcoinCash!! BitcoinCash manages to bridge the gaps and solve quite a few issues encountered by the original Bitcoin. While still maintaining the integral values and ideas of its predecessor, it manages to provide quicker secure transactions. BitcoinCash is like an enhanced version of Bitcoin that allows more transactions per block as compared to the original. BitcoinCash was forked/cloned to serve the public just as the original white-paper of Satoshi intended, “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution”.
BitcoinCash today is the ‘Crown Prince’ of the Digital Assets Class, Store of Value and the ‘King’ of payments with lower transaction cost and higher speed of transaction.