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Bitcoin Cash

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Bitcoin Cash
Logo
Denominations
CodeBCH[a]
Precision10−8
Development
Implementation(s)BitcoinABC, Bitcoin Unlimited, Bitcoin XT
Project fork ofBitcoin
Ledger
Genesis block3 January 2009 (15 years ago) (2009-01-03)[1]
Block #19 January 2009 (15 years ago) (2009-01-09)[2]
First block after split (block #478559)1 August 2017 (7 years ago) (2017-08-01)
Timestamping schemeProof-of-work (partial hash inversion)
Hash functionSHA-256
Issuance scheduledecentralized, block reward
Block reward12.5 BCH[b]
Block time10 minutes
Block explorerblockchair.com/bitcoin-cash/blocks
Supply limit21,000,000 BCH
Valuation
Exchange rateIncrease 1075.28 USD (as of 20 April 2018)[3]
Website
Websitebitcoincash.org
  1. ^ The code "BCC" is also used on several exchanges. BCC is more commonly used as the ticker symbol for Bitconnect.
  2. ^ from July 2016 to approximately June 2020, halved approximately every four years

Bitcoin Cash is a cryptocurrency.[4] In mid-2017, a group of developers wanting to increase bitcoin block size limit prepared a code change. The change, called a hard fork, took effect on August 1, 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two.[5] At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units.[5]

Description

Bitcoin Cash is also referred to as Bcash.[6][7][8][undue weight? – discuss] Bitcoin Cash is a cryptocurrency.[9] In relation to bitcoin it is characterized variously as a spin-off,[10] a strand,[11] a product of a hard fork,[12] an offshoot,[13] or an altcoin.[14]

History

In 2016, bitcoin's block size limit has created a bottleneck resulting in increasing transaction fees and delayed processing of transactions that cannot be fit into a block.[15] This situation contributed to a push by some in the community to create a hard fork to increase the blocksize.[16] In June 2017, Bitmain took leadership and formally announced a plan for the hard fork, then named Bitcoin UAHF (User Activated Hard Fork).[17] It garnered community support and was later renamed Bitcoin Cash.

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 and devised a plan to increase the number of transactions its ledger can process by increasing the block size limit to eight megabytes.[18][19]

When BitCoin Cash launched in early August, BitCoin holders received one Bitcoin Cash token for each Bitcoin they held.[16] 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.[16]

Exchanges

Bitcoin cash trades on digital currency exchanges including Coinbase, [20] Gemini,[21] and Kraken.[22]

Trading volumes for bitcoin cash are about one-tenth of those of bitcoin.[10][failed verification]

On 26 March 2018, KuCoin[failed verification] removed all Bitcoin Cash trading pairs followed by OKEx on 30 March 2018, who also ceased Bitcoin Cash trading pairs (BCH/BTC, BCH/ETH, BCH/USDT) due to "inadequate liquidity".[10]

See also

References

  1. ^ "Bitcoin Cash Block 0". blockchair.com. Retrieved 13 February 2018.
  2. ^ "Bitcoin Cash Block 1". blockchair.com. Retrieved 13 February 2018.
  3. ^ "Cryptocurrency Market Capitalizations". coinmarketcap.com. Retrieved 20 April 2018.
  4. ^ Smith, Oli (21 January 2018). "Bitcoin price RIVAL: Cryptocurrency 'faster than bitcoin' will CHALLENGE market leaders". Express. Retrieved 1 March 2018.
  5. ^ a b Selena Larson (1 August 2017). "Bitcoin split in two, here's what that means". CNN Tech. Cable News Network. Retrieved 2 April 2018.
  6. ^ Shen, Lucinda (8 August 2017). "Bitcoin Just Surged to Yet Another All-Time High". Fortune Magazine.
  7. ^ Ambler, Pamela (9 August 2017). "The Rapid Rise And Fall Of Bitcoin Cash". Forbes.
  8. ^ Graham, Luke (31 July 2017). "A new digital currency is about to be created as the bitcoin blockchain is forced to split in two". CNBC.
  9. ^ Williams-Grut, Oscar (23 April 2018). "Bitcoin Cash has risen 80% over the last week". Business Insider. Retrieved 12 June 2018.
  10. ^ a b c Kelly, Jemima (15 May 2018). "Bitcoin cash is expanding into the void". Financial Times. Retrieved 3 June 2018.
  11. ^ Titcomb, James (2 August 2017). "Bitcoin Cash: Price of new currency rises after bitcoin's 'hard fork'". The Telegraph. Retrieved 7 June 2018.
  12. ^ 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.
  13. ^ Chen, Lulu Yilun; Lam, Eric. "Bitcoin Is Likely to Split Again in November, Say Major Players". Bloomberg. Retrieved 22 January 2018.
  14. ^ Vigna, Paul (23 December 2017). "Bitcoin Cash, Litecoin, Ether, Oh My! What's With All the Bitcoin Clones?". WSJ. Retrieved 6 June 2018.
  15. ^ Jordan Pearson (14 October 2016). "'Bitcoin Unlimited' Hopes to Save Bitcoin from Itself". Motherboard. Vice Media LLC. Retrieved 17 January 2017.
  16. ^ a b c Laura Shin (23 October 2017). "Will This Battle For The Soul Of Bitcoin Destroy It?". Forbes. Retrieved 14 April 2018.
  17. ^ "UAHF: A contingency plan against UASF (BIP148)". 14 June 2017.
  18. ^ 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.
  19. ^ Nakamura, Yuri; Kharif, Olga (4 December 2017). "Battle for 'True' Bitcoin Is Just Getting Started". Bloomberg Businessweek. Retrieved 19 December 2017.
  20. ^ Peterson, Becky (9 January 2018). "Coinbase blames extreme buyer demand for last month's Bitcoin cash disaster". Business Insider. Retrieved 4 May 2018.
  21. ^ del Castillo, Michael (14 May 2018). "Winklevoss Brothers Bitcoin Exchange Adds Zcash, Litecoin, Bitcoin Cash". Forbes. Retrieved 24 May 2018.
  22. ^ 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.
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