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Bitcoin Cash

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Bitcoin Cash
Bitcoin Cash.png
Logo
Ticker symbol BCH[a]
Precision 10−8
Coins Unspent outputs of transactions[b]
Development
Implementation(s) BitcoinABC, Bitcoin Unlimited, Bitcoin XT
Forked from Bitcoin
Website bitcoincash.org
Ledger
Block #1 9 January 2009 (9 years ago) (2009-01-09)[1]
First block after split (block #478559) 1 August 2017 (11 months ago) (2017-08-01)
Timestamping scheme Proof-of-work (partial hash inversion)
Hash function SHA-256
Issuance decentralized, block reward
Block reward 12.5 BCH[c]
Block time 10 minutes
Block explorer blockchair.com/bitcoin-cash/blocks
Supply limit 21,000,000 BCH
Valuation
Exchange rate Increase 1075.28 USD (as of 20 April 2018)[2]
Market cap Increase 18.36 billion USD (as of 20 April 2018)[2]
  1. ^ The code "BCC" is also used on several exchanges. BCC is more commonly used as the ticker symbol for Bitconnect.
  2. ^ any multiples of satoshi
  3. ^ from July 2016 to approximately June 2020, halved approximately every four years

Bitcoin Cash is a cryptocurrency.[3] 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 1 August 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two.[4] At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units.[4]

Classification

Bitcoin Cash is a cryptocurrency[5] and a payment network.[6] In relation to bitcoin it is characterized variously as a spin-off,[5] a strand,[7] a product of a hard fork,[8] an offshoot,[9] a clone[10] or an altcoin.[11]

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.[12] This push came to a head in July 2017 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.[13][14] This push by some to increase the block size met a resistance. Since its inception, Bitcoin users had maintained a common set of rules for the cryptocurrency.[13] Eventually, a small group of mostly China-based bitcoin 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.[10] 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.[13][14]

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 Chinese mining pool ViaBTC. Bitcoin Cash is also referred to as Bcash.[15]

Trading

Bitcoin Cash trades on digital currency exchanges including Bitstamp,[16] Coinbase,[17] Gemini,[18] Kraken,[19] and ShapeShift using the Bitcoin Cash name and the BCH ticker symbol for the cryptocurrency. A few other exchanges 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".[5] As of May 2018, daily transaction numbers for bitcoin cash are about one-tenth of those of bitcoin.[5]

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.[12]

See also

References

  1. ^ "Bitcoin Cash Block 1". blockchair.com. Retrieved 13 February 2018. 
  2. ^ a b "Cryptocurrency Market Capitalizations". coinmarketcap.com. Retrieved 20 April 2018. 
  3. ^ Smith, Oli (21 January 2018). "Bitcoin price RIVAL: Cryptocurrency 'faster than bitcoin' will CHALLENGE market leaders". Express. Retrieved 1 March 2018. 
  4. ^ 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. 
  5. ^ a b c d Kelly, Jemima (15 May 2018). "Bitcoin cash is expanding into the void". Financial Times. Retrieved 3 June 2018. (Registration required (help)). 
  6. ^ Lee, Timothy B. (20 December 2017). "Bitcoin rival Bitcoin Cash soars as Coinbase adds support". Ars Technica. Retrieved 19 June 2018. 
  7. ^ Titcomb, James (2 August 2017). "Bitcoin Cash: Price of new currency rises after bitcoin's 'hard fork'". The Telegraph. Retrieved 7 June 2018. 
  8. ^ 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. 
  9. ^ Chen, Lulu Yilun; Lam, Eric. "Bitcoin Is Likely to Split Again in November, Say Major Players". Bloomberg. Retrieved 22 January 2018. 
  10. ^ a b Irrera, Anna; Chavez-Dreyfuss, Gertrude (2 August 2017). "Bitcoin 'clone' sees a slow start following split". Independent. Retrieved 22 June 2018. 
  11. ^ Vigna, Paul (23 December 2017). "Bitcoin Cash, Litecoin, Ether, Oh My! What's With All the Bitcoin Clones?". WSJ. Retrieved 6 June 2018. 
  12. ^ a b Laura Shin (23 October 2017). "Will This Battle For The Soul Of Bitcoin Destroy It?". Forbes. Retrieved 14 April 2018. 
  13. ^ a b c 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. 
  14. ^ a b Nakamura, Yuri; Kharif, Olga (4 December 2017). "Battle for 'True' Bitcoin Is Just Getting Started". Bloomberg Businessweek. Retrieved 19 December 2017. 
  15. ^ Bcash Nickname Sources:
  16. ^ "Bitstamp To Launch Bitcoin Cash Trading". Forbes. 21 November 2017. Retrieved 22 June 2018. 
  17. ^ Peterson, Becky (9 January 2018). "Coinbase blames extreme buyer demand for last month's Bitcoin cash disaster". Business Insider. Retrieved 4 May 2018. 
  18. ^ del Castillo, Michael (14 May 2018). "Winklevoss Brothers Bitcoin Exchange Adds Zcash, Litecoin, Bitcoin Cash". Forbes. Retrieved 24 May 2018. 
  19. ^ 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. 

External links