The famous Bitcoin whitepaper published in 2008 by Satoshi Nakamoto had a very simple title that showed Satoshi’s ultimate vision: “Bitcoin: A Peer-to-Peer Electronic Cash System.” Though digital cash might have been the goal, as bitcoin grew in popularity, its users and fans started to have disagreements on the evolution of the asset.
Some believed bitcoin is a digital investment; others wanted bitcoin to become a transactional currency. In addition, as the network became larger and the number of transactions increased, it took longer and cost more money to sync the Blockchain. A number of proposals to fix these problems were suggested by the community. Bitcoin Cash and Litecoin are some of those plans.
When bitcoin was created almost a decade ago, the size of a block of transactions in the blockchain was limited to just one megabyte. That made the network slow and expensive. Bitcoin Cash’s main change was to increase the size of a block by eight times, making it eight megabytes. This allowed more transactions to be processed, greatly decreasing the time required to process as well as the fees involved.