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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
Genesis block 3 January 2009 (9 years ago) (2009-01-03)[1]
Block #1 9 January 2009 (9 years ago) (2009-01-09)[2]
First block after split (block #478559) 1 August 2017 (13 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 Decrease US$549.75 (as of 11 August 2018)[3]
Market cap Decrease US$9.50 billion (as of 11 August 2018)[3]
  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.[4] 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.[5] At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units.[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]

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.[14] 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.[15][16] 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.[15] Eventually, a group of bitcoin activists,[12] investors, entrepreneurs, developers[15] 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.[15][16]

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.

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.[17]

The research firm Chainanalysis noted that in May 2018, 17 largest payment processing services such as BitPay, Coinify, and GoCoin processed Bitcoin Cash payments worth of US$3.7 million, down from US$10.5 million processed in March.[18]

Bitcoin Cash is also referred to as Bcash.[19]

Trading

Bitcoin Cash trades on digital currency exchanges including Bitstamp,[20] Coinbase,[21] Gemini,[22] Kraken,[23] 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".[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.[14] On December 20, 2017 it reached an intraday high of $4,355.62 and then fell 88% to $519.12 on August 23, 2018.[24]

Payment service providers

As of August 2018, Bitcoin Cash payments are supported by payment service providers such as BitPay, Coinify and GoCoin.[18]

See also

References

  1. ^ Cuthbertson, Anthony (21 May 2018). "The Battle over Bitcoin: Scandal and Infighting as 'Bitcoin Cash' Threatens to Overthrow the Most Famous Cryptocurrency". Independent. Retrieved 23 July 2018. 
  2. ^ "Bitcoin Cash Block 1". blockchair.com. Retrieved 13 February 2018. 
  3. ^ a b "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. ^ 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)). 
  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. ^ a b Laura Shin (23 October 2017). "Will This Battle For The Soul Of Bitcoin Destroy It?". Forbes. Retrieved 14 April 2018. 
  15. ^ 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. 
  16. ^ a b Nakamura, Yuri; Kharif, Olga (4 December 2017). "Battle for 'True' Bitcoin Is Just Getting Started". Bloomberg Businessweek. Retrieved 19 December 2017. 
  17. ^ Evans, John (10 August 2018). "Cryptocurrency insecurity: IOTA, BCash and too many more". Techcrunch. Retrieved 12 August 2018. 
  18. ^ a b Kharif, Olga (20 August 2018). "'Bitcoin Jesus' Is Having a Hard Time Winning Over True Believers". Bloomberg. Retrieved 21 August 2018. 
  19. ^ Bcash Nickname Sources:
  20. ^ "Bitstamp To Launch Bitcoin Cash Trading". Forbes. 21 November 2017. Retrieved 22 June 2018. 
  21. ^ Peterson, Becky (9 January 2018). "Coinbase blames extreme buyer demand for last month's Bitcoin cash disaster". Business Insider. Retrieved 4 May 2018. 
  22. ^ del Castillo, Michael (14 May 2018). "Winklevoss Brothers Bitcoin Exchange Adds Zcash, Litecoin, Bitcoin Cash". Forbes. Retrieved 24 May 2018. 
  23. ^ 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. 
  24. ^ 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. 

External links