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Bitcoin Cash is a [[cryptocurrency]]<ref name="FT05152018">{{cite news |last1=Kelly |first1=Jemima |title=Bitcoin cash is expanding into the void |url=https://ftalphaville.ft.com/2018/05/15/1526356800000/Bitcoin-cash-is-expanding-into-the-void/ |accessdate=3 June 2018 |publisher=[[Financial Times]] |date=15 May 2018}}</ref> and a payment network.<ref name="at20171220">{{cite news |last1=Lee |first1=Timothy B. |title=Bitcoin rival Bitcoin Cash soars as Coinbase adds support |url=https://arstechnica.com/tech-policy/2017/12/bitcoin-rival-bitcoin-cash-soars-as-coinbase-adds-support/ |accessdate=19 June 2018 |work=[[Ars Technica]] |date=20 December 2017}}</ref> In relation to [[bitcoin]] it is characterized variously as a spin-off,<ref name="FT05152018" /> a strand,<ref>{{cite news |last1=Titcomb |first1=James |title=Bitcoin Cash: Price of new currency rises after bitcoin's 'hard fork' |url=https://www.telegraph.co.uk/technology/2017/08/01/bitcoin-cash-everything-need-know-bitcoins-hard-fork/ |accessdate=7 June 2018 |work=The Telegraph |date=2 August 2017}}</ref> a product of a hard fork,<ref>{{cite news |last1=Orcutt |first1=Mike |title=Bitcoin Cash Had a Big Day, Hinting at a Deep Conflict in the Cryptocurrency Community |url=https://www.technologyreview.com/the-download/609485/bitcoin-cash-had-a-big-day-hinting-at-a-deep-conflict-in-the-cryptocurrency/ |accessdate=7 June 2018 |work=MIT Technology Review |date=14 November 2017}}</ref> an offshoot,<ref>{{cite news|last1=Chen|first1=Lulu Yilun|last2=Lam|first2=Eric|title=Bitcoin Is Likely to Split Again in November, Say Major Players|url=https://www.bloomberg.com/news/articles/2017-09-20/-bitcoin-jesus-ver-sees-the-digital-currency-splitting-again|accessdate=22 January 2018|work=Bloomberg}}</ref> a clone,<ref name="independent2017">{{cite news |last1=Irrera |first1=Anna |last2=Chavez-Dreyfuss |first2=Gertrude |title=Bitcoin 'clone' sees a slow start following split|url=https://www.independent.co.uk/news/business/news/bitcoin-cash-latest-news-clone-digital-currency-encrypted-privacy-dark-web-a7872081.html |accessdate=22 June 2018 |publisher=Independent |date=2 August 2017}}</ref> a second version<ref name="te20170805">{{cite news |title=Bitcoin divides to rule |url=https://www.economist.com/finance-and-economics/2017/08/05/bitcoin-divides-to-rule |accessdate=23 July 2018 |work=The Economist |date=5 August 2017}}</ref> or an [[altcoin]].<ref name="WSJ20171223">{{cite news|last1=Vigna|first1=Paul|title=Bitcoin Cash, Litecoin, Ether, Oh My! What’s With All the Bitcoin Clones?|url=https://www.wsj.com/articles/bitcoin-cash-litecoin-ether-oh-my-whats-with-all-the-bitcoin-clones-1514037600|accessdate=6 June 2018|work=WSJ|date=23 December 2017}}</ref>
Bitcoin Cash is a [[cryptocurrency]]<ref name="FT05152018">{{cite news |last1=Kelly |first1=Jemima |title=Bitcoin cash is expanding into the void |url=https://ftalphaville.ft.com/2018/05/15/1526356800000/Bitcoin-cash-is-expanding-into-the-void/ |accessdate=3 June 2018 |publisher=[[Financial Times]] |date=15 May 2018}}</ref> and a payment network.<ref name="at20171220">{{cite news |last1=Lee |first1=Timothy B. |title=Bitcoin rival Bitcoin Cash soars as Coinbase adds support |url=https://arstechnica.com/tech-policy/2017/12/bitcoin-rival-bitcoin-cash-soars-as-coinbase-adds-support/ |accessdate=19 June 2018 |work=[[Ars Technica]] |date=20 December 2017}}</ref> In relation to [[bitcoin]] it is characterized variously as a spin-off,<ref name="FT05152018" /> a strand,<ref>{{cite news |last1=Titcomb |first1=James |title=Bitcoin Cash: Price of new currency rises after bitcoin's 'hard fork' |url=https://www.telegraph.co.uk/technology/2017/08/01/bitcoin-cash-everything-need-know-bitcoins-hard-fork/ |accessdate=7 June 2018 |work=The Telegraph |date=2 August 2017}}</ref> a product of a hard fork,<ref>{{cite news |last1=Orcutt |first1=Mike |title=Bitcoin Cash Had a Big Day, Hinting at a Deep Conflict in the Cryptocurrency Community |url=https://www.technologyreview.com/the-download/609485/bitcoin-cash-had-a-big-day-hinting-at-a-deep-conflict-in-the-cryptocurrency/ |accessdate=7 June 2018 |work=MIT Technology Review |date=14 November 2017}}</ref> an offshoot,<ref>{{cite news|last1=Chen|first1=Lulu Yilun|last2=Lam|first2=Eric|title=Bitcoin Is Likely to Split Again in November, Say Major Players|url=https://www.bloomberg.com/news/articles/2017-09-20/-bitcoin-jesus-ver-sees-the-digital-currency-splitting-again|accessdate=22 January 2018|work=Bloomberg}}</ref> a clone,<ref name="independent2017">{{cite news |last1=Irrera |first1=Anna |last2=Chavez-Dreyfuss |first2=Gertrude |title=Bitcoin 'clone' sees a slow start following split|url=https://www.independent.co.uk/news/business/news/bitcoin-cash-latest-news-clone-digital-currency-encrypted-privacy-dark-web-a7872081.html |accessdate=22 June 2018 |publisher=Independent |date=2 August 2017}}</ref> a second version<ref name="te20170805">{{cite news |title=Bitcoin divides to rule |url=https://www.economist.com/finance-and-economics/2017/08/05/bitcoin-divides-to-rule |accessdate=23 July 2018 |work=The Economist |date=5 August 2017}}</ref> or an [[altcoin]].<ref name="WSJ20171223">{{cite news|last1=Vigna|first1=Paul|title=Bitcoin Cash, Litecoin, Ether, Oh My! What’s With All the Bitcoin Clones?|url=https://www.wsj.com/articles/bitcoin-cash-litecoin-ether-oh-my-whats-with-all-the-bitcoin-clones-1514037600|accessdate=6 June 2018|work=WSJ|date=23 December 2017}}</ref>


The "Bitcoin Cash" name is used by the cryptocurrency advocates such as [[Roger Ver]],<sup>[[Talk:Bitcoin Cash#cite%20note-Deconomy2018-4|[2]]]</sup> investors, entrepreneurs, developers, users, miners<sup>[[Talk:Bitcoin Cash#cite%20note-nyt-split-5|[3]]][[Talk:Bitcoin Cash#cite%20note-Bloomberg%20Businessweek-6|[4]]]</sup> or people trying to remain neutral such as [[Andreas Antonopoulos]].<sup>[[Talk:Bitcoin Cash#cite%20note-one%20true-3|[1]]]</sup> Its detractors refer to it as "Bcash", "Btrash" or simply "a scam".<ref>{{Cite web|url=https://www.theverge.com/2018/4/12/17229796/bitcoin-cash-conflict-transactions-fight|title=The one true Bitcoin|last=Jeffries|first=Adrianne|date=2018-04-12|website=The Verge|access-date=2019-05-01}}</ref>
The naming of Bitcoin Cash is contentious; it is sometimes referred to as Bcash.<ref>Bcash Nickname Sources:
*{{Cite news|url=http://fortune.com/2017/08/08/bitcoin-price-bitcoin-cash-bcash/|title=Bitcoin Just Surged to Yet Another All-Time High|last=Shen|first=Lucinda|publisher=Fortune Magazine|accessdate=20 June 2018|date=8 August 2017}}
*{{Cite news|url=https://www.forbes.com/sites/pamelaambler/2017/08/09/the-rapid-rise-and-fall-of-bitcoin-cash/|title=The Rapid Rise And Fall Of Bitcoin Cash|last=Ambler|first=Pamela|publisher=Forbes|accessdate=20 June 2018|date=9 August 2017}}
*{{Cite news|url=https://www.cnbc.com/2017/07/31/blockchain-fork-will-create-new-digital-crypto-currency-bitcoin-cash.html|title=A new digital currency is about to be created as the bitcoin blockchain is forced to split in two|last=Graham|first=Luke|publisher=CNBC|accessdate=20 June 2018|date=31 July 2017}}
*{{Cite news|url=https://www.reuters.com/article/brief-riot-blockchain-produced-about-100/brief-riot-blockchain-produced-about-100-bitcoins-and-61-bcash-for-april-idUSFWN1SB0OL|title=BRIEF-Riot Blockchain Produced About 100 Bitcoins And 61 Bcash For April|last=Staff Writer|first=|publisher=Reuters|accessdate=20 June 2018 |date=4 May 2018}}
*{{Cite news|url=https://www.bizjournals.com/denver/news/2018/05/04/whats-riot-blockchain-up-to-now-mining-more.html|title=What's Riot Blockchain up to now? Mining more bitcoin, apparently|last=Miller|first=Ben|publisher=BizJournals|accessdate=20 June 2018 |date=4 May 2018}}
*{{Cite news|url=http://madridjournals.com/2017/12/21/the-bitcoin-community-is-furious-with-coinbases-surprise-launch-of-bcash/|title= The Bitcoin Community Is Furious With Coinbase’s Surprise Launch Of ‘BCash’|last=Dulis|first=Ezra|publisher=MadridJournals|accessdate=20 June 2018 |date=21 December 2017}}
*{{Cite web|url=https://www.pcmag.com/encyclopedia/term/69789/bcash|title= PC Magazine Encyclopedia Definition of BCash|last=|first=|publisher=PC Magazine|accessdate=7 July 2018 |date=}}
*{{Cite news|url=https://www.bizjournals.com/denver/news/2018/05/17/denver-among-top-cities-for-blockchain-jobs.html|title=Denver among top cities for blockchain jobs|last=Vendituoli|first=Monica|publisher=Denver Business Journal|accessdate=5 July 2018 |date=17 May 2018}}
*{{Cite news|url=https://twitter.com/CNBCFastMoney/status/1017884653578018817| title=VIDEO:Coinbase just announced they could add five new coins to their platform|last=Kelly|first=Brian|publisher=CNBC|accessdate=14 July 2018 |date=14 July 2018}}
*{{Cite news|url=https://www.theverge.com/2018/4/12/17229796/bitcoin-cash-conflict-transactions-fight| title=THE ONE TRUE BITCOIN - Inside the struggle between Bitcoin and Bitcoin Cash|last=Jeffries|first=Adrianne|publisher=Verge|access-date=7 April 2019 |date=12 April 2018}}
*{{Cite news|url=https://techcrunch.com/2018/08/09/cryptocurrency-insecurity-iota-bcash-and-too-many-more/| title=Cryptocurrency insecurity: IOTA, BCash and too many more|last=Evans|first=John|publisher=Techcrunch|accessdate=12 August 2018 |date=10 August 2018}}</ref>


== History ==
== History ==

Revision as of 14:11, 2 May 2019

Bitcoin Cash
Logo
Denominations
CodeBCH
Precision10−8
Development
Implementation(s)BitcoinABC, Bitcoin Unlimited, Bitcoin XT
Project fork ofBitcoin
Ledger
First block after split (block #478559)1 August 2017 (6 years ago) (2017-08-01)
Timestamping schemeProof-of-work (partial hash inversion)
Hash functionSHA-256
Issuance scheduledecentralized, block reward
Block reward12.5 BCH[a]
Block time10 minutes
Block explorerblockchair.com/bitcoin-cash/blocks
Supply limit21,000,000 BCH
Valuation
Exchange rateDecrease US$549.75 (as of 11 August 2018)[1]
Website
Websitebitcoincash.org
  1. ^ from July 2016 to approximately June 2020, halved approximately every four years

Bitcoin Cash is a cryptocurrency.[2] In mid-2017, a group of developers wanting to increase bitcoin's block size limit prepared a code change. The change, called a hard fork, took effect on 1 August 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two.[3] At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units.[3] The technical difference between Bitcoin Cash and bitcoin is that Bitcoin Cash allows larger blocks in its blockchain than bitcoin, which in theory allows it to process more transactions per second.[4]

On 15 November 2018 Bitcoin Cash split into two cryptocurrencies.[5]

Classification

Bitcoin Cash is a cryptocurrency[6] and a payment network.[7] In relation to bitcoin it is characterized variously as a spin-off,[6] a strand,[8] a product of a hard fork,[9] an offshoot,[10] a clone,[11] a second version[12] or an altcoin.[13]

The "Bitcoin Cash" name is used by the cryptocurrency advocates such as Roger Ver,[2] investors, entrepreneurs, developers, users, miners[3][4] or people trying to remain neutral such as Andreas Antonopoulos.[1] Its detractors refer to it as "Bcash", "Btrash" or simply "a scam".[14]

History

Rising fees on the bitcoin network contributed to a push by some in the community to create a hard fork to increase the blocksize.[15] This push came to a head in July 2017 when some members of the Bitcoin community including Roger Ver felt that adopting BIP 91 without increasing the block-size limit favored people who wanted to treat Bitcoin as a digital investment rather than as a transactional currency.[16][17] This push by some to increase the block size met a resistance. Since its inception up to July 2017, bitcoin users had maintained a common set of rules for the cryptocurrency.[16] Eventually, a group of bitcoin activists,[12] investors, entrepreneurs, developers[16] and largely China based miners were unhappy with bitcoin's proposed SegWit improvement plans meant to increase capacity and pushed forward alternative plans for a split which created Bitcoin Cash.[11] The proposed split included a plan to increase the number of transactions its ledger can process by increasing the block size limit to eight megabytes.[16][17]

The would-be hard fork with an expanded block size limit was described by hardware manufacturer Bitmain in June 2017 as a "contingency plan" should the Bitcoin community decide to fork; the first implementation of the software was proposed under the name Bitcoin ABC at a conference that month. In July 2017, the Bitcoin Cash name was proposed by mining pool ViaBTC.

On 1 August 2017 Bitcoin Cash began trading at about $240, while Bitcoin traded at about $2,700.[3]

In 2018 Bitcoin Core developer Cory Fields found a bug in the Bitcoin ABC software that would have allowed an attacker to create a block causing a chain split. Fields notified the development team about it and the bug was fixed.[18]

November 2018 split

In November 2018, a hard-fork chain split of Bitcoin Cash occurred between two rival factions called Bitcoin ABC and Bitcoin SV.[19] On 15 November 2018 Bitcoin Cash ABC traded at about $289 and Bitcoin SV traded at about $96.50, down from $425.01 on 14 November for the un-split Bitcoin Cash.[5]

The split originated from what was described as a "civil war" in two competing bitcoin cash camps.[20][21] The first camp, led by entrepreneur Roger Ver and Jihan Wu of Bitmain, promoted the software entitled Bitcoin ABC (short for Adjustable Blocksize Cap) which would maintain the block size at 32MB.[21] The second camp led by Craig Steven Wright and billionaire Calvin Ayre put forth a competing software version Bitcoin SV, short for "Bitcoin Satoshi's Vision," that would increase the block size limit to 128MB.[19][21]

Controversy

Controversy

“The arguments have devolved over three or four years of bitter debate, the principles are real and they are important to preserve, but a lot of the drama has nothing to do with principles anymore. A lot of this debate is now more about hurt feelings. It’s about bruised egos. It’s about things that were said that can’t be unsaid, insults that were exchanged, and personalities and ego.”

Andreas Antonopoulos, "The Verge"

There are two factions of bitcoin supporters, that support large blocks or small blocks.[4] The Bitcoin Cash faction favors the use of its currency as a medium of exchange for commerce while the bitcoin supporting faction view Bitcoin's primary use as that of a store of value.[4] Some bitcoin supporters like to call Bitcoin Cash “Bcash,” “Btrash,” or simply, a scam, while Bitcoin Cash advocates insist that their implementation is the pure form of Bitcoin.[4]

Trading

Bitcoin Cash trades on digital currency exchanges including Bitstamp,[22] Coinbase,[23] Gemini,[24] Kraken,[25] Bitfinex, and ShapeShift using the Bitcoin Cash name and the BCH ticker symbol for the cryptocurrency. A few other exchanges[who?] use the BCC ticker symbol, though BCC is commonly used for Bitconnect. On 26 March 2018, OKEx removed all Bitcoin Cash trading pairs except for BCH/BTC, BCH/ETH and BCH/USDT due to "inadequate liquidity".[6] As of May 2018, daily transaction numbers for Bitcoin Cash are about one-tenth of those of bitcoin.[6]

By November 2017 the value of Bitcoin Cash, which had been as high as $900, had fallen to around $300, much of that due to people who had originally held Bitcoin selling off the Bitcoin Cash they received at the hard fork.[15] On 20 December 2017 it reached an intraday high of $4,355.62 and then fell 88% to $519.12 on 23 August 2018.[26]

Payment service providers

As of August 2018, Bitcoin Cash payments are supported by payment service providers such as BitPay, Coinify and GoCoin.[27]

See also

References

  1. ^ "Cryptocurrency Market Capitalizations". coinmarketcap.com. Retrieved 20 April 2018.
  2. ^ Smith, Oli (21 January 2018). "Bitcoin price RIVAL: Cryptocurrency 'faster than bitcoin' will CHALLENGE market leaders". Express. Retrieved 1 March 2018.
  3. ^ a b c Selena Larson (1 August 2017). "Bitcoin split in two, here's what that means". CNN Tech. Cable News Network. Retrieved 2 April 2018.
  4. ^ a b c d Jeffries, Adrianne (12 April 2018). "THE ONE TRUE BITCOIN - Inside the struggle between Bitcoin and Bitcoin Cash". The Verge. Retrieved 7 April 2019.
  5. ^ a b Kharif, Olga (15 November 2018). "Bitcoin Cash Fork Hits Investors' Pocketbooks as Two Coins Slip". Bloomberg. Retrieved 18 November 2018.
  6. ^ a b c d Kelly, Jemima (15 May 2018). "Bitcoin cash is expanding into the void". Financial Times. Retrieved 3 June 2018.
  7. ^ Lee, Timothy B. (20 December 2017). "Bitcoin rival Bitcoin Cash soars as Coinbase adds support". Ars Technica. Retrieved 19 June 2018.
  8. ^ Titcomb, James (2 August 2017). "Bitcoin Cash: Price of new currency rises after bitcoin's 'hard fork'". The Telegraph. Retrieved 7 June 2018.
  9. ^ Orcutt, Mike (14 November 2017). "Bitcoin Cash Had a Big Day, Hinting at a Deep Conflict in the Cryptocurrency Community". MIT Technology Review. Retrieved 7 June 2018.
  10. ^ Chen, Lulu Yilun; Lam, Eric. "Bitcoin Is Likely to Split Again in November, Say Major Players". Bloomberg. Retrieved 22 January 2018.
  11. ^ a b Irrera, Anna; Chavez-Dreyfuss, Gertrude (2 August 2017). "Bitcoin 'clone' sees a slow start following split". Independent. Retrieved 22 June 2018.
  12. ^ a b "Bitcoin divides to rule". The Economist. 5 August 2017. Retrieved 23 July 2018.
  13. ^ Vigna, Paul (23 December 2017). "Bitcoin Cash, Litecoin, Ether, Oh My! What's With All the Bitcoin Clones?". WSJ. Retrieved 6 June 2018.
  14. ^ Jeffries, Adrianne (12 April 2018). "The one true Bitcoin". The Verge. Retrieved 1 May 2019.
  15. ^ a b Laura Shin (23 October 2017). "Will This Battle For The Soul Of Bitcoin Destroy It?". Forbes. Retrieved 14 April 2018.
  16. ^ a b c d Popper, Nathaniel (25 July 2017). "Some Bitcoin Backers Are Defecting to Create a Rival Currency". The New York Times. ISSN 0362-4331. Retrieved 28 July 2017.
  17. ^ a b Nakamura, Yuri; Kharif, Olga (4 December 2017). "Battle for 'True' Bitcoin Is Just Getting Started". Bloomberg Businessweek. Retrieved 19 December 2017.
  18. ^ Evans, John (10 August 2018). "Cryptocurrency insecurity: IOTA, BCash and too many more". Techcrunch. Retrieved 12 August 2018.
  19. ^ a b Kharif, Olga (17 November 2018). "Bitcoin Cash Clash Is Costing Billions With No End in Sight". Bloomberg. Retrieved 18 November 2018.
  20. ^ Clifford, Tyler (14 November 2018). "'Crypto civil war' slams bitcoin, but it won't last, says BKCM's Brian Kelly". CNBC. Retrieved 18 November 2018.
  21. ^ a b c Huang, Zheping (15 November 2018). "Bitcoin cash "hard fork": everything you need to know about the latest cryptocurrency civil war". South China Morning Post. Retrieved 18 November 2018.
  22. ^ "Bitstamp To Launch Bitcoin Cash Trading". Forbes. 21 November 2017. Retrieved 22 June 2018.
  23. ^ Peterson, Becky (9 January 2018). "Coinbase blames extreme buyer demand for last month's Bitcoin cash disaster". Business Insider. Retrieved 4 May 2018.
  24. ^ del Castillo, Michael (14 May 2018). "Winklevoss Brothers Bitcoin Exchange Adds Zcash, Litecoin, Bitcoin Cash". Forbes. Retrieved 24 May 2018.
  25. ^ Decambre, Mark (2 August 2017). "Meet Bitcoin Cash—the new digital-currency that surged 122% in less than a day". MarketWatch. Retrieved 5 June 2018.
  26. ^ Osipovich, Alexander (24 August 2018). "It Was Meant to Be the Better Bitcoin. It's Down Nearly 90%". Wall Street Journal. Retrieved 26 August 2018.
  27. ^ Cite error: The named reference payments201805 was invoked but never defined (see the help page).

External links

Wikimedia Commons has media related to Bitcoin Cash.
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