The Bitcoin Cash (BCH) hard fork is a major BCH network update that occurred on November 15, 2020. This update was designed to bring several improvements to the BCH blockchain, including features such as performance improvements, cost reductions, and programmability support . The BCH hard fork was a major upgrade to the BCH network and allowed the blockchain to improve and become more efficient.
What is a hard fork?
A hard fork is a major upgrade to a blockchain designed to enhance and/or add functionality to the blockchain. Once a hard fork is implemented, all nodes operating on the blockchain must update their software to accommodate the new changes. A hard fork is very different from a minor update, as it requires all nodes in the network to accept the new changes for them to take effect.
What are the benefits of the Bitcoin Cash hard fork?
The BCH hard fork brings several improvements and benefits to the BCH blockchain, including performance improvements, fee reductions, and the addition of programmability.
One of the major improvements that the hard fork brings is improved performance. The update increased the block size on the BCH blockchain from 8MB to 32MB, doubling the transaction processing capacity. This increase in block size has also allowed users to save money on transaction fees, as they don’t have to pay as much to send transactions on the blockchain.
The hard fork also brought programmability to the BCH blockchain. Programmability will allow developers to build applications and tools on the BCH blockchain, allowing users to do things they couldn’t do before. This will make the BCH blockchain more robust and useful than it was before.
How did the hard fork affect the price of BCH?
The BCH hard fork actually affected the price of BCH. After the hard fork, the price of BCH increased significantly from $250 on November 15th to over $600 on December 1st. This price increase is mainly due to improved performance, reduced fees, and added programmability to the BCH blockchain. Investors and users of BCH have been very enthusiastic about the new features and improvements, which have resulted in an increase in the price.
The Bitcoin Cash (BCH) hard fork is a major upgrade to the BCH network that is designed to bring several improvements to the blockchain, including performance improvements, fee reductions, and programmability. The hard fork had a positive impact on the price of BCH and was well received by users and investors. Clearly, the BCH hard fork was a very successful upgrade and helped improve the blockchain and make cryptocurrency more attractive to users and investors.