A hard fork in blockchain technology refers to a significant change in the protocol that validates previously invalid blocks or transactions, requiring all nodes or users to upgrade to the latest software version. This results in a permanent split from the previous blockchain version, with one path following the upgraded blockchain and the other continuing along the old one. Eventually, users on the old chain usually transition to the new version. If both chains gain support, it can lead to the creation of two separate coins.
The one megabyte block size limit was originally intended to prevent spam and DDoS attacks. However, as the number of Bitcoin transactions increased, this limit caused delays in block processing, leading to extended confirmation times. The issue peaked in May 2017 when users had to wait days for confirmations. While users could pay higher fees to speed up confirmations, this made Bitcoin impractical for smaller transactions.
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About Bitcoin cash
In August 2017, a group of developers proposed to increase Bitcoin's block size limit to 32MB in order to accommodate more transactions per block. This change, known as a hard fork, was implemented on August 1, 2017, resulting in the splitting of the Bitcoin blockchain and the creation of two separate cryptocurrencies. During the fork, anyone who owned Bitcoin also received the equivalent amount of Bitcoin Cash units.
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Learn more about Bitcoin cash
1. How Does Bitcoin Cash Work: BCH and Electronic Cash
2. What is Bitcoin Cash and its Impact on the World of Frocks
3. What is Bitcoin Cash and Froks: A Comprehensive Guide
4. What is Bitcoin and Bitcoin Cash: A Comprehensive Guide
5. How to Split and Sell Bitcoin Cash
6. What is Bitcoin Cash and How Does It Work
7. How to Get Bitcoin and Bitcoin Cash
8. How Do I Cash Out Bitcoin and Bitcoin Cash
9. How Can You Keep Bitcoin and Bitcoin Cash
10. What is Bitcoin Cash and Do I Have Any
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