What Was The Purpose of Bitcoin Cash? | Blockchain Central

The video explores the differences between Bitcoin and Bitcoin Cash, focusing on Bitcoin's scalability issues and the ideological divide within the community. It explains the creation of Bitcoin Cash through a hard fork and its aim to provide a faster, low-fee transaction network. The video also discusses the criticisms of Bitcoin Cash, including concerns about centralization and its potential as a money-making scheme.

What was the main scalability issue faced by Bitcoin?

• Limited block size and slow transaction speed

• Centralized control

• High transaction fees

• Lack of security

What solution does the Bitcoin core team prefer to address scalability?

• Using a centralized ledger

• Implementing off-chain solutions like the Lightning Network

• Increasing block size

• Creating a new cryptocurrency

What was the result of the disagreement within the Bitcoin community?

• Complete resolution of scalability issues

• Creation of a new cryptocurrency called Bitcoin Cash

• Abandonment of Bitcoin

• Adoption of a single scalability solution

What is the primary goal of Bitcoin Cash?

• To increase the value of Bitcoin

• To provide low fees and fast transactions

• To eliminate all transaction fees

• To replace Bitcoin entirely

What is a major criticism of Bitcoin Cash?

• It lacks security features

• It has higher transaction fees than Bitcoin

• It requires more computing power, potentially centralizing control

• It is not widely accepted

How did the Bitcoin Cash hard fork affect existing Bitcoin holders?

• They lost all their Bitcoin

• They received an equal amount of Bitcoin Cash

• They had to pay a fee to convert

• They were unaffected

What potential threat does Bitcoin Cash face due to larger block sizes?

• Decreased transaction speed

• Centralization of mining power

• Loss of market value

• Increased transaction fees