Ever since it came on the scene this August, a lot of people lately are asking…
“What exactly is Bitcoin Cash??”
Bitcoin Cash (BCH) is what in cryptocurrency is called a “fork” which is when a currency gets split into two. This happens when the code for that specific coin needs to be updated. Afterall, cryptocurrencies are at their core a computer code. Let’s look at it in terms that are more familiar with this example:
Let’s say you just updated your iPhone to the new iOS but your friend didn’t. You notice there’s a ton of new emojis now and send one to your friend, let’s say the new “puking smiley face”. But his phone iOS doesn’t support those so instead of seeing the new puking face emoji, she gets this 🤢⍰ – the old sick emoji and an error box. When you updated your phone and they didn’t you created a fork. You can still text with each other but there’s gonna be some errors.
It’s the same with other computer code updates, like Bitcoin. So while updating the code, in order to avoid the errors they instituted a hard fork, which means they did it on purpose. They created a new code / coin (Bitcoin Cash) to avoid having errors between the old code and new.