What Was The Purpose of Bitcoin Cash?

The video explores Bitcoin and Bitcoin Cash, highlighting Bitcoin's scalability issues and the resulting hard fork that created Bitcoin Cash. It discusses the limitations of Bitcoin's transaction capacity and the proposed solutions like SegWit and the Lightning Network. Bitcoin Cash emerged as an alternative with larger block sizes to improve transaction speed and reduce fees. However, it faces criticism for potentially centralizing mining power and being seen as a money-making scheme. The video concludes by comparing the potential of Bitcoin and Bitcoin Cash as global payment systems.

What was the main limitation of Bitcoin that affected its use as a payment method?

• Limited availability

• Complex user interface

• Lack of security

• High transaction fees

What was one of the proposed solutions by the Bitcoin core developer team to address scalability?

• Increasing block size

• Implementing Segregated Witness

• Introducing a new cryptocurrency

• Reducing transaction fees

What was the primary goal of creating Bitcoin Cash?

• To provide a faster and cheaper transaction network

• To replace Bitcoin entirely

• To create a new form of digital gold

• To eliminate the need for miners

How did Bitcoin Cash initially increase its transaction capacity?

• By using a new consensus algorithm

• By implementing the Lightning Network

• By increasing block size to 8 MB

• By reducing transaction fees

What is a potential risk associated with larger block sizes in Bitcoin Cash?

• Slower transaction speeds

• Centralization of mining power

• Increased transaction fees

• Decreased network security

What concern was raised about the distribution of Bitcoin Cash tokens after the split?

• It would increase transaction fees

• It would decrease Bitcoin's value

• It might be a money-making scheme

• It could lead to inflation

What is the current market position of Bitcoin Cash in terms of market capitalization?

• Third

• First

• Fourth

• Second