Bitcoin Cash was brought about from the original bitcoin therefore they have many things in common. They both run on a Proof of Work consensus therefore, the system is open for anyone to join and make use of. People that used bitcoin before this fork came out were able to receive an equal amount after the BCH fork. Same address string however performing on different networks.
How does BCH work?
Bitcoin cash similar to bitcoin has a target block of 10 minutes and a maximum supply of 21 million coins. The rate of emission of bitcoin cash halves every 210,000 blocks, resulting in about every four years. The current block reward falls out to roughly 6.25 BCH per block.
Bitcoin cash has an increased block size limit, unlike the original bitcoin. This allows for more transactions to be included in a single block. The block size limit originally stood at 1 MB then was raised to 8 MB and raised again to 32 MB.
They both share the similarity of using the difficulty adjustment algorithm (DAA). Bitcoin adjusting the difficulty every 2016 and BCH adjusting after every block.
The Schnorr Signature implemented by Bitcoin changes the way digital signatures are used. It is a simple and secure way to protect privacy and scalability.
How are payments made?
The BCH community stands by its word that BCH can be used quickly and efficiently. Anyone holding a BCH wallet can easily send and receive money one from the other. It provides quick transaction times, low fees and can even be suitable for daily use especially when making small payments.
Bitcoin Cash has yet to become widespread yet. It has been accepted in multiple stores however not to its full capacity.
How can it be stored?
There are various wallets that can be used to store Bitcoin cash. Trust Wallet, Ledger, Trezor, and Cobo Vault are of the many. A desktop wallet such as Ethereum Cash can also be used to store BCH. BCH supporters have recommended using Bitcoin.com or Coinomi wallets to store the cash. One thing to keep in mind is that BTC and BCH run on different blockchain networks therefore you can’t send Bitcoin to a Bitcoin Cash wallet and vice versa.
Conclusion:
Among the various cryptocurrency forks that have been created from bitcoin BCH has been one of the most successful, one that has stayed the most relevant. Although it has not surpassed bitcoin there are stores that have come to accept this new fork as a means of payment because of its low transaction fees and rather quick confirmation time. Bitcoin is still considered the most secure blockchain network and it continues to be the most popular form of cryptocurrency.
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