Bitcoin Cash is a cryptocurrency that is an off-shoot of the original Bitcoin blockchain and is designed to be an effective form of peer-to-peer electronic money. Like all cryptocurrencies, Bitcoin Cash is decentralised and does not require a central bank or other controlling third parties. Bitcoin Cash was created in August 2017, as a ‘hard fork’ from the main Bitcoin blockchain. A ‘fork’ is a way of updating the software that runs a blockchain. A ‘soft’ fork creates a new blockchain that is still compatible with the old one. A ‘hard’ fork, in contrast, creates a new blockchain that is not backwards compatible. The reason for the hard fork was that a section of the Bitcoin community felt that the cryptocurrency was no longer effective as a currency. Instead, it was becoming more and more a digital asset. Reasons for the hard fork There were two main reasons for that. First, the
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