What is Bitcoin Cash? 🤔

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3 years ago
Topics: Bitcoin Cash

Bitcoin Cash

Bitcoin Cash is a cryptocurrency. [3] In mid-2017, a group of developers prepared new code with the intention of increasing the bitcoin block size limit. The change, called a hard fork, took place on August 1, 2017. Therefore, the cryptocurrency and the blockchain bitcoin ledger were split into two. [4] At the time of fork, all bitcoin holders also owned the same number of Bitcoin Cash units. [4]

Classification Change

Bitcoin Cash is a cryptocurrency [6] and a payment network. [7] In relation to bitcoin, it is characterized in various ways such as an offspring, [6] a blade, [8] a hard fork product, [9] a branch, [10] a clone, [11] a second version [ 12] or an altcoin. [13]Contributing the name to Bitcoin Cash; sometimes referred to as Bcash. [14]

History Change

The rise of bitcoin network fees contributed to a movement from a few in the community to create a hard fork to increase blocksize. [15] This movement came to an end in July 2017 when some members of the Bitcoin community such as Roger Ver felt favored by people who wanted to treat Bitcoin as a digital investment rather than as a monetary claim of BIP 91 without increasing of the block size limit. [16] Resistance achieved the push of a few to increase the size of the block. From its inception until July 2017, bitcoin users have maintained the standard rules for that coin. [16] Ultimately, a group of bitcoin activists, [12] investors, entrepreneurs, developers [16] and most miners from China were dissatisfied with bitcoin's proposed plan of SegWit improvements meant to increase capacity and pushed alternative plans for the split created by Bitcoin Cash. [11] The proposed separation includes a plan to increase the number of transactions that the ledger can process by increasing the block size limit to eight megabytes. [17]

The hardware maker Bitmain in June 2017 described the emerging hard fork with an extended block size limitation as a "contingency plan" expected to occur should the Bitcoin community decide to have a fork; proposed the first implementation of the software under the name of Bitcoin ABC at a meeting that month. In July 2017, the mining pool ViaBTC proposed the name Bitcoin Cash.

On August 1, 2017, Bitcoin Cash began trading at approximately $ 240, while Bitcoin traded at approximately $ 2,700. [4]

In 2018, Cory Fields, a Bitcoin Core developer, discovered a bug in Bitcoin ABC software that allowed attackers to create a block that would cause chain splitting. The fields development team was notified of this event and a bug was fixed. [18]

Split in November 2018Change

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

The division came to be described as a "civil war" in two rival bitcoin cash campaigns. [20] [21] The first camp, led by businessmen Roger Ver and Jihan Wu of Bitmain, developed a software called Bitcoin ABC (shortened nickname for Adjustable Blocksize Cap) that would keep the block size at 32MB. [21] The second camp, led by Craig Steven Wright and billionaire Calvin Ayre, introduced a competing software version called Bitcoin SV, short for "Bitcoin Satoshi's Vision," which would increase the block size to 128MB. [19] [21]

Trading Change

Bitcoin Cash is traded on digital currency exchanges including Bitstamp, [22] Coinbase, [23] Gemini, [24] Kraken, [25] and ShapeShift using the Bitcoin Cash name and the BCH ticker symbol for cash transactions that. Some of the other exchanges use the BCC ticker symbol, but BCC is commonly used for Bitconnect. On March 26, 2018, OKEx canceled all Bitcoin Cash trading pairs except BCH / BTC, BCH / ETH andBCH / USDT due to "liquidity deficiency". [6] As of May 2018, approximately one-tenth of bitcoin has daily transaction numbers for Bitcoin Cash. [6]

In November 2017 the value of Bitcoin Cash, with a peak of $ 900, fell to nearly $ 300, due to the sale of Bitcoin Cash accepted on the hard fork of Bitcoin holders previously. [15] On December 20, 2017 it reached an intraday high of $ 4,355.62 and then fell 88% to $ 519.12 on August 23, 2018. [26]

Payment service providersChange

As of August 2018, Bitcoin Cash has been supported as a payment by payment service providers such as BitPay, Coinify, and GoCoin. [27] Chainanalysis, a research company in May 2018, reported that US $ 3.7 million processed Bitcoin Cash payments by the 17 largest payment processing services such as BitPay, Coinify, and GoCoin, worth less than US $ 10.5 million processed in March. [27]

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Topics: Bitcoin Cash