There can be blocks of up to 8 megabytes in the Bitcoin Cash blockchain. The purpose of the change is to confirm transactions faster and include more transactions in the block. Do not send Bitcoin Cash to Bitcoin addresses and vice versa.
What is the fee for sending Bitcoin Cash?
Although the services of our wallet are entirely free, the transaction includes the commission that miners receive for supporting the Bitcoin Cash network. To ensure reliable and consistent confirmation of transactions, your wallet automatically includes a recommended fee, the amount of which depends on the size of the transaction and the level of network activity at a given time. You can see before departure what the recommended commission is.
When Bitcoin Cash was initially created, Bitcoin BTC and Bitcoin Cash BCH addresses looked the same, making it difficult to verify that a transaction was being made with the correct cryptocurrency. This created confusion, and as a result, funds were often sent to the wrong address. This is why the developers of Bitcoin Cash have introduced a new format for BCH addresses so that now they do not look like BTC addresses. This format only changes how the addresses look but does not change the original public and private keys.
For each address in the new format, there is also an address in the old format legacy address, but the Blockchain wallet will only use the new format for BCH addresses.
He recommends that our users use the new format for all new transactions, although the old addresses will still be valid and can be used to receive funds. But if you used the old format address in the Blockchain wallet to receive or send funds, it will be displayed in the new format in the transaction history. The corresponding old addresses for any BCH address can be found on another BCH block.
Block Explorers provides a visually appealing and user-friendly way to navigate the Bitcoin blockchain. Your Block Explorer was launched in last year; it makes it possible to study bitcoin transactions, creates informative graphs and tables showing the activity on the network.
Bitcoin terms
Block
The blocks are on the bitcoin blockchain chain. Blocks connect all transactions. Transactions are combined into single blocks and checked every 10 minutes using a mining operation.
BIP
BIP Bitcoin Improvement Proposal, Bitcoin Development Project is a document that describes the technical design, or new opportunities for Bitcoin, or new processes, or software environment that changes the Bitcoin protocol. New features, ideas, and protocol design changes should be proposed as BIPs. The authors of the BIP are responsible for building consensus among community members and for drafting a document describing disagreements.
Blockchain
There is also a use of this term as public accounting database. The blockchain contains all records of bitcoin transactions, starting from the very first in time. Anyone can download and check the entire blockchain, and the same can be done online with a block explorer.
Block reward
Once the block is successful, proceed to add the bitcoin network, there is a block fee reward that encourages miners to work to keep the network safe and secure.
Hash rate
Hash is referring to the measure of the mining power of the Bitcoin network. Keep reading to know more about possession rate of virtual currency
Mining
Bitcoin mining consists of using computers to perform mathematical calculations to confirm transactions on the Bitcoin network. Miners collect payment for the transactions they confirm and receive bitcoins for each block verified.
Proof of work
Proof of work refers to hash of the block header bitcoin transaction blocks. Each block maps to a previous block and adds previous proof of work to form a chain of blocks known as a blockchain.
Public address
The public bitcoin address is a cryptographic hash of the public key. A public address usually starts with a 1. You can think of a public address as analogous to an email address. It can be published anywhere, and bitcoins can be sent to that address, just like a letter can be sent by email. You can read about how to get bitcoins to your wallet here.