The question of what is Bitcoin Cash remains the subject of curiosity due to the half-up in May in the Bitcoin crypto market. It seems likely that the halfway in Bitcoin will affect other cryptocurrencies. For this reason, price changes related to Bitcoin Cash, which emerged after the hard fork incident in Bitcoin, are also among the curious issues.
How Did Bitcoin Cash Come Out?
It is possible to give different answers for the question of what is Bitcoin Cash . Bitcoin Cash has emerged as a result of disagreements in the Bitcoin community. Bitcoin Cash, created in 2017, draws attention as a coin leaving Bitcoin as a result of bifurcation. By 2018, a hard fork was also realized in Bitcoin Cash. After this event, Bitcoin Cash was divided into two. As a result of leaving:
Bitcoin Cash
Bitcoin SV
continued to be traded as. Bitcoin Cash is also called "BCash".
Why Did It Split In Bitcoin?
The need to perform an increasing number of transactions in one second led to the idea of increasing the block size limit of some people in the community. This action took place in July 2017. In Bitcoin, the adoption of BIP 91 without increasing the block size limit affected people. The very slow transaction speed in Bitcoin triggered this situation.
Bitcoin investors preferred Bitcoin not to make simple transactions but to make digital investments. Several people in the Bitcoin community, including Roger Ver, were convinced that the hard fork event in Bitcoin should happen when they felt that there were people who wanted to use Bitcoin for investment purposes. Because Bitcoin Cash supporters were thinking of using Bitcoin Cash as cash, as can be understood from the expression “cash”.
Roger Ver, already a pioneer of this trend, was co-creator of Bitcoin Cash in the 2020 issue of Fortune Magazine. Compared to Bitcoin by Bitcoin Cash supporters, it has been further adopted for use as a trading tool. Bitcoin's block capacity of 1 MB caused many transactions to accumulate. This situation divided the Bitcoin community into two, and the issue that this scaling problem in Bitcoin should be resolved as soon as possible was justified. Finally, the separation occurred because the parties could not agree.
What are Bitcoin Cash Features?
Bitcoin Cash also works with proof of Proof-of-Work. As a result of Bitcoin Cash increasing the block capacity of Bitcoin, which is traded separately from Bitcoin, to 8 MB, BCash has a fast approval system. Bitcoin Cash is a cryptocurrency traded on many exchanges. Bitcoin Cash adds a block to the blockchain every 10 minutes. The fact that Bitcoin Cash's block capacity is larger than Bitcoin increases both the transaction speed and the transaction fees. In other words, Bitcoin Cash processes the same number of transactions in less time. Bitcoin Cash has a speed of 60 transactions per second and 2 million transactions per day.
It is possible to say that Bitcoin Cash is almost centralized. More than half of the transactions are made through approximately 3 mining pools. There are many pools in Bitcoin. Due to the high number of these pools, there is no centralization situation in Bitcoin.
Due to the technology Bitcoin Cash has, it is possible to increase the block capacity at any time. Bitcoin Cash also has a different transaction signing system than Bitcoin. Bitcoin Cash has managed to be a good alternative to Bitcoin's speed problem with a technology that solves the scaling problem. Bitcoin Cash also has an algorithm that ensures price stability.
In Bitcoin Cash, there is a halfway event in every 210,000 blocks. The Bitcoin Cash block reward, initially 50, is currently 6.25 Bitcoin Cash.
Who is the Founder of Bitcoin Cash?
After the question of what is Bitcoin Cash, the question of who is the founder of Bitcoin Cash is also investigated. The founder of Bitcoin Cash, which emerged after the fork of Bitcoin, is Amaury Sechet. Amaury Sechet has attracted attention with its shares claiming to be the producer of Bitcoin Satoshi Nakamoto in recent years. It is the name that led to the formation of Bitcoin Cash after bifurcation in Bitcoin.
How Is Bitcoin Cash Mining Done?
It is necessary to answer the question of how to make Bitcoin Cash mining. For Bitcoin Cash mining, you first need to have a Bitcoin Cash wallet. For security reasons, it may be more useful to use hardware style hardware. In these hardware, the private key must be hidden. If you do not have strong equipment, it is almost impossible to mine alone and profit from this business. Therefore, it seems more advantageous to join one of the mining pools.
In mining pools, many miners join forces at the same time, increasing their hash rate strengths. Block rewards obtained in line with the resulting great hash rate power are also given to the participants in return for their contribution. Obtaining Bitcoin Cash using a mining pool is more profitable than mining alone. Before joining mining pools, it is useful to examine the statistics of the pool. After all these transactions, to enter the Bitcoin Cash pool, it is necessary to enter the relevant website and register to the system.
You can start using the system with the mining equipment you have. In order to use the mining equipment on the computer, Bitcoin Cash software must also be installed on the computer. It is important to find and use the right software. It is necessary to choose a software suitable for the features of the computer and other hardware owned. If you are included in a pool, you need to enter information about the pool while running the software. After all these processes, you can start the mining process.
How to Get Bitcoin Cash?
The question of how to get Bitcoin cash is a matter of curiosity by those who are interested in Bitcoin Cash. The first way to get Bitcoin Cash is mining. If you have enough hardware, you can enter a common pool and Bitcoin Cash mining at the rate of your power.
It is also possible to buy and sell on the stock exchange. There are many exchanges in the market that allow Bitcoin Cash to trade. In addition, it is possible to purchase Bitcoin Cash from the so-called over-the-counter markets for any cash money. However, in any case, you must have a Bitcoin Cash wallet to trade with Bitcoin Cash.
What is Bitcoin Cash Cloud Mining?
Bitcoin Cash cloud mining is a method preferred by those who want to do Bitcoin Cash mining but do not have the hardware. In cloud mining, a process such as rental is made. It is possible to purchase contracts from the companies that do this job and to participate in the mining process in return for the fees and conditions set by the company. You will receive the amount of your share from the award obtained according to the contract. Although this method is used frequently, it has also witnessed many fraud cases. For this reason, it is very important that the company that performs cloud mining is reliable.
What is Bitcoin Cash Market Value?
The question of what is the market value of Bitcoin cash should be answered by starting from the first value of crypto money after bifurcation. The value of Bitcoin Cash on August 1, 2017 was $ 532. Over time, Bitcoin Cash value fluctuated. Bitcoin Cash rose to $ 2,359 on December 1, 2017. Subsequently, it had a downward trend until March 1, 2018. On April 1, 2018, it peaked again with $ 1.347. Now it's worth $ 231. The total market value of Bitcoin Cash is $ 4.28 billion. The supply in the market is also 18.38 million. What is Bitcoin Cash is explained in this way.
Bitcoin Cash Details
1- Bitcoin Cash Rise
As Bitcoin (BTC) has become more and more popular, the time it takes to process a transaction has become slower. It also made the cost of each transaction more expensive for the sender. To improve the current Bitcoin system, Bitcoin Cash (BCH) has been created and it seems to have been doing an excellent job so far. Despite being released in August 2017, Bitcoin Cash has become one of the top 5 cryptocurrencies.
It all started with disagreements about how to develop Bitcoin technology. One of the problems with Bitcoin is that as more people use it, the networks take longer to process a transaction. In addition, transaction fees are more expensive. Bitcoin lovers have realized that this has become a big problem, especially cryptocurrencies have become very popular. BCH was set up to be a solution.
Like all other cryptocurrencies, BCH can be purchased on cryptocurrency exchanges. Although it is now as popular as Bitcoin (BTC), its value is too low to compare to Bitcoin. However, many people who have just entered the cryptocurrency business continue to confuse BTC and BCH. This, of course, causes undesired damages.
At the time of writing, 1 Bitcoin Cash was trading at around $ 312.38. It will be understood immediately that Bitcoin (BTC), which is around $ 8,700, is trading at a very low level. BCH reached its highest level on December 20, 2017. That day, the value of 1 BCH rose to $ 3,785. Even though it showed a bumpy graphic since that day, it could not even reach the same level. BCH owners hopefully wait to reach the numbers expressed in thousands again.
2- Litecoin, Bitcoin Cash ve Bitcoin SV
Charlie Lee, founder of Litecoin, stated that Litecoin controls about 98 percent of the hash rate in the "Scrypt" mining algorithm. . This is very important for the safety of LTC. In algorithms such as Bitcoin Cash and Bitcoin SV, it indicates that there is a security problem since control is not in the hands of its founders. Lee's purpose in this discourse is that there is a possibility of manipulation and loss of control over the control mechanism.
In a statement on August 12, Litecoin creator Charlie Lee announced that the dominance in the hash is over 98 percent. The mixed rate majority or any mining algorithm in Mining Scrypt plays an important role in securing the network against enemy mining attacks in order to steal or manipulate an encryption currency. Because of this factor, lee stated that litecoin is a more secure cryptocurrency.
Game theory plays an important role in well-designed ciphers. Unlike its technological predecessors, crypto uses economic incentives to ensure that participants are honest and networks are evident to bad players. Due to these conditions, negative actions in this network cause technology to go beyond its purpose and may cause great damage to the system.
3- Twitch, Bitcoin ve Bitcoin Cash
Online streaming giant Twitch may be reactivating months after canceling crypto payments. A Canadian user of the hugely popular online streaming service says that Bitcoin and Bitcoin Cash payments have been re-enabled on the platform.
Twitch did not make an official statement on the subject and some people said that they could not see an option such as "More payment options". Supposedly both Bitcoin and Bitcoin Cash were reactivated. However, the user is either trolling or Twitch quietly tests the feasibility of payments in cryptocurrencies once again in selected countries.
This is not the first time that game-related platforms have removed crypto payment options. Steam announced in 2017 that it will no longer support Bitcoin payments. At that time, users began to buy and sell Bitcoin among the wildly speculated. Steam has reported that there are more expensive transaction fees than the game purchased from time to time.
While Twitch is all about broadcast, price policies are very similar. Many people who want to contribute can donate small amounts to their favorite channels. How much can this be applied if transaction fees rise again? A Bitcoin volatility index shows that Bitcoin fluctuates around 3.5% per day. This makes it very difficult to compare steadily with fiat currencies.
This move could also be linked to the solid price increases Bitcoin has achieved this year's market volume of $ 200 billion and the speculators' heartbreaking everywhere. Like other trends, the cryptocurrency changes popularity, especially when prices hit double digit earnings. Reddit greatly discusses the applicability of crypto payments in such an environment.
Twitch clearly faces a problem. Go back to new technology for stability or embrace a demographic structure that's completely comfortable to grow. Does Twitch reactivate crypto payments? As the story unfolds, we'll see it all together.
4- Bitcoin Cash Price
There is a new rise in Bitcoin Cash price. There has already been an upward trend in the value of crypto money recently, and crypto traders were expecting an upward trend in Bitcoin Cash price for a few short days of this period. Crypto investors have rightly asked whether the return from crypto investments will be in a short time, taking into account the crypto analysts' statements.
Although Bitcoin Cash did not show investors an expected rise in earnings today, it rose by 3%. While the rise in Bitcoin price was limited to 1%, the 3% rise in Bitcoin Cash caught the attention of investors.
Bitcoin Cash rose to the $ 413 level. Crypto holders are also looking at what analysts will say about whether these increases will continue or not due to the price rising. If Bitcoin price continues to rise and continuing increases continue, it may be possible to see increases in Bitcoin Cash price. All rises in bitcoin price can play a big role in increasing the value of all altcoin cryptocurrencies.
Bitcoin Cash, one of the altcoins against the US dollar, managed to climb above the point where there was a significant drop in November prices. The increase in recent weeks and the leader of the cryptocurrency market has increased against Bitcoin. However, now Bitcoin Cash has started to outperform BTC. When we write the analysis, data from Coinmarket shows that Bitcoin Cash has increased 9.95% against BTC in the past seven days.
After the BTC drop in the past three weeks, Bitcoin Cash has found success by finding support at 0.04459 BTC for two consecutive weeks. Bitcoin cash price has dropped below the support level set last week, but buyers quickly brought back the price by making a purchase line to bring the price back.
Two weeks ago, following the declines followed by the Doji wax after the last three weeks of decline, investors fear fom.
However, the Doji candle is followed by increases in Bitcoin Cash this week and has outperformed BTC so far . BTC price of Bitcoin Cash has risen above the point where it formed the previous two levels in 0.052 BTC. Although the price rose to 0.0542 BTC today, it has returned to the level of 0.052 BTC, where traders are likely to find support in the event of a possible resistance.
Bitcoin cash price struggled to recover, and is now down against the US Dollar.
The significant bearish trend line highlighted yesterday, the hourly chart of the BCH / USD pair (data flow from Kraken) remained intact with $ 440 resistance.
The pair may drop below $ 434 without a break above $ 440 and $ 445.
Bitcoin cash price remains at a risk below $ 450 against the US Dollar. BCH / USD should break the $ 440 and $ 445 resistance to recover in the near term.
After a price as high as $ 445, bitcoin cash price started a downward move against the US Dollar. The BCH / USD pair traded towards the support area of $ 430 and formed a low near $ 434. Later, there was a small upward recovery above the $ 435 level. The price dropped from the $ 445 to $ 435, up from the last drop above the 23.6% Fib buyback level. However, the increases were limited to the $ 440 and $ 445 resistance levels.
Buyers failed to cross the $ 440 resistance zone. More importantly, the significant bearish trend line highlighted yesterday remained intact on the hourly chart of the BCH / USD pair with a resistance of $ 440. Also, the 50% Fib recovery level of the recent lowdown from $ 445 to $ 435 is close to $ 440. Therefore, it is necessary to have a resistance of $ 440 for a short term recovery. The next major resistances are at $ 445 and $ 450. On the downside, the $ 430 and $ 434 levels are important supports. Under these supports, the price may fall to $ 400.
When we look at the technical indicators:
Hourly MACD - MACD for BCH / USD is in current drop zone .
Hourly RSI (Relative Strength Index) - The RSI for BCH / USD is placed below the 50 level.
Support Level - $ 434
Resistance Level - $ 440
Bitcoin cash price has started to draw and has risen above the $ 500 barrier against the US Dollar.
The BCH / USD pair has a key contract triangle in place with support of $ 510 on the 4-hour chart (data flow from Kraken).
The pair is expected to rise to $ 575 and $ 600 in the near term.
Bitcoin cash price is trading in a bull zone above $ 500 against the US Dollar. BCH / USD can continue to find buyers at roughly $ 500 and $ 480 levels.
Last week, there was a solid rally in bitcoin cash prices from the $ 400 support zone against the US Dollar. The BCH / USD pair rose above the $ 450 and $ 500 resistance levels to move into the positive zone. There was even an affinity above the $ 475 level and the 100 simple moving average (4-hour). The price traded as high as $ 592 and then a downside correction started.
It rose from $ 424 to $ 592, below the 23.3% Fib recovery level of the last wave. However, the downside movement was protected with a resistance area of $ 500-510 previously. Moreover, the 50% Fib retracement level of the last wave moved from $ 424 to $ 592, acting as a support. Currently, the BCH / USD pair has a key contract triangle around $ 510 support on the 4-hour chart. The pair seems to move the next move below the $ 550 or $ 510 level. Over $ 550 will likely revisit the $ 600 area.
When we look at the technical indicators:
4-hour MACD - MACD for BCH / USD is in a slight bearish zone.
4-hour RSI (Relative Strength Index) - The RSI for BTC / USD is above the 50 level.
Support Level - $ 500
Resistance Level - $ 550
Bitcoin cash price failed to meet the $ 950 support level and fell below $ 900 against the US Dollar.
In the hourly chart of the BCH / USD pair (data flow from Kraken) there are two main bearish trend lines with resistance from $ 940 and $ 960.
The pair is under a lot of pressure and is expected to break the $ 880 support.
It is possible to say that Bitcoin Core (BTC) is almost centralized. Almost half of the transactions are made through approximately 3 mining pools.