On 1st August 2017 we saw the launch of Bitcoin Cash, the copy ‘n’ paste clone of the then, Bitcoin blockchain.
Those who owned Bitcoin before the fork, immediately received an equal amount of Bitcoin Cash, meaning Bitcoin Cash and Bitcoin each now have 16.5 million units in circulation.
This hard fork led to the creation of a whole new currency in the form of Bitcoin Cash, which has one key difference from the original Bitcoin blockchain – enhanced block size capacity.
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More on Bitcoin Cash
The small block size of the original Bitcoin blockchain being just 1 MB limits transaction speeds hugely, which will ultimately never lead to Bitcoin competing as a ‘currency’ or payment method.
Bitcoin Cash aims to go somewhere into solving this scaling issue by increasing block sizes. Taking on more transactions / day, and moving on from 1 MB to 8 MB block sizes will, enthusiasts say, allow BCC to compete with Visa, PayPal etc in a way that traditional Bitcoin can’t.