Disclaimer: article posted originally on my Reddit account.
Bitcoin Cash (BCH) is a decentralized cryptocurrency that is based on the original Bitcoin (BTC) protocol. It was created as a result of a hard fork in the Bitcoin blockchain in 2017. BCH has several key differences compared to fiat currency, which is the legal tender issued by governments.
One of the main differences is that BCH is decentralized and not controlled by any government or central authority, while fiat currencies are issued and controlled by governments. This means that transactions using BCH cannot be censored or manipulated by any centralized entity, while transactions made with fiat currencies can be subject to government oversight and regulation.
Another difference is that BCH is a scarce resource, with a maximum supply of 21 million coins, while the supply of fiat currency can be increased at the discretion of the issuing government. This scarcity ensures that the value of BCH is not subject to inflation, while the value of fiat currency can be affected by inflation.
BCH transactions are faster and cheaper than traditional fiat currency transactions, making it more accessible for everyday transactions. On the other hand, fiat currency transactions can be slow and costly, especially cross-border transactions.
Finally, BCH is an open-source project, allowing for innovation and development from anyone in the community, providing opportunities for businesses and individuals to create new products and services. On the other hand, fiat currencies are controlled by central banks, which are not open-source projects.
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