Bitcoin Cash is a cryptocurrency.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.At the time of fork, all bitcoin holders also owned the same number of Bitcoin Cash units.
Classification
Bitcoin Cash is a cryptocurrency and a payment network.In relation to bitcoin, it is characterized in various ways such as an offspring,a blade, a hard fork product, a branch,a clone,a second version or an altcoin. Contributing the name to Bitcoin Cash; sometimes referred to as Bcash.
History
The rise of bitcoin network fees contributed to a movement from a few in the community to create a hard fork to increase blocksize.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.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.Ultimately, a group of bitcoin activists,investors, entrepreneurs, developers 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.The proposed separation includes a plan to increase the number of transactions the ledger can process by increasing the block size limit to eight megabytes.
The hardware maker Bitmain in June 2017 described the emerging hard fork with an extended block size limitation as a "contingency plan" or blockchain 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.
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.
Split in November 2018
In November 2018, a hard fork split in the Bitcoin Cash chain between two rival factions called Bitcoin ABC and Bitcoin SV.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.The split came to be described as a "civil war" between two rival bitcoin cash campaigns.
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. 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.
List of bitcoin forks
Bitcoin forks are based on various changes in the bitcoin network protocol or in situations where "two or more blocks have the same block height". [1] A fork influences the validity of policies. There is a fork to add new features to a blockchain, to reverse the effects of hacking or massive bugs. Forks require an agreement to be resolved, and if not, a permanent split will appear.
Client forks
The following are software client forks for the bitcoin network:
Bitcoin XT
Bitcoin Classic
Bitcoin Unlimited
These three software clients strive to increase network transaction capacity. Nothing is achieved with the advantage of hash power.
Hard forks are meant for splitting cash coins
Hard forks are created that share bitcoin (or "split coins") by changing blockchain rules and sharing a transaction history with bitcoin up to a certain time and date. The first hard fork broke out in bitcoin on August 1, 2017, resulting in the creation of Bitcoin Cash.
Here's a list of hard forks divided by bitcoin by date and / or block:
Bitcoin Cash: Forked to block 478558, August 1, 2017, for every bitcoin (BTC), an owner obtains 1 Bitcoin Cash (BCH)
Bitcoin Gold: Forked on block 491407, October 24, 2017, for each BTC, an owner gained 1 Bitcoin Gold (BTG)
Bitcoin SV: Forked on block 556766, November 15, 2018, for each Bitcoin Cash (BCH), one owner gained 1 Bitcoin SV (BSV).
Means soft forks split from not-most-work blocks
The fork has been controversial to fix the incident of a dismissal amount because it was announced after the exploitation was taken down. Unintended hard forks Two hard forks are created by "protocol change" definition:
March 2013 Chain Fork (migration from BerkeleyDB to LevelDB caused chain split) [3]
CVE-2018-17144 (Bitcoin 0.15 allows double spending of multiple inputs on the same block. Not exploited)
Antonopoulos, Andreas (2017). Bitcoin Mastering: Programming the Open Blockchain (2 editions). USA: O 'Reilly media, inc. p. Glossary. ISBN 978-1491954386.
Ammous, Saifedean (2018). The Bitcoin Standard: The Decentralized Alternative to Central Banking. John Wiley & Sons. pp. 227, 228. ISBN 9781119473893. Retrieved 23 April 2018. March 2013 Chain Fork
Trading
Bitcoin Cash is traded on digital currency exchanges including Bitstamp, Coinbase, Gemini,Kraken, 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.
In November 2017 the value of Bitcoin Cash, with a peak of $ 900, dropped to nearly $ 300, due to the sale of Bitcoin Cash accepted on the hard fork of Bitcoin holders previously.On December 20, 2017 it reached an intraday high of $ 4,355.62 and then fell 88% to $ 519.12 on August 23, 2018.
Payment service providers
As of August 2018, Bitcoin Cash has been supported as a payment by payment service providers such as BitPay, Coinify, and GoCoin.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.
