What is Bitcoin cash ?
Bitcoin Cash is a cryptocurrency that is a fork of Bitcoin. Bitcoin Cash is a spin-off or altcoin that was created in 2017. In November 2018, Bitcoin Cash split into two cryptocurrencies: Bitcoin Cash and Bitcoin SV.
History of Bitcoin cash
*Since its inception, Bitcoin users had maintained a common set of rules for the cryptocurrency. In 2017 a group of bitcoin activists,investors, entrepreneurs, developers, and largely China-based miners were unhappy with Bitcoin's proposed Segwit improvement plans meant to increase bitcoin's capacity. pushed forward alternative plans which would increase the block size limit eight megabytes through a hard fork.Segwit controversially would later enable second layer solutions on bitcoin such as the lightning network, and this controversy would eventually lead to the split that created Bitcoin Cash.
Support of a block size increase were more committed to an on-chain medium of exchange function.A key difference of opinion between Bitcoin Cash and Bitcoin camps was over the running of nodes. Bitcoin supporters wanted to keep blocks small so that nodes could be operated with less resources, while some large block supporters find it acceptable that (due to large block sizes), nodes might only be run by universities, private companies and nonprofits.
In June 2017, hardware manufacturer Bitmain, described the would-be hard fork with the increased block size as a "contingency plan", should the bitcoin community decide to fork implementing SegWit. The first implementation of the software was proposed under the name Bitcoin ABC at a conference that month. In July 2017, mining.pool ViaBTC proposed the name Bitcoin Cash. In July 2017 Roger Ver and others stated they felt that adopting BIP 91 (that would later activate Segwit favored people who wanted to treat bitcoin as a digital investment rather than as a transactional currency. The fork that created Bitcoin Cash took effect on 1 August 2017. In relation to Bitcoin it is characterized variously as a spin-off, a strand, a product of a hard fork,an offshoot,a clone, a second version or an altcoin.
At the time of the fork anyone owning bitcoin came into possession of the same number of Bitcoin Cash units.The technical difference between Bitcoin Cash and Bitcoin is that Bitcoin Cash allows larger blocks in its blockchain than Bitcoin which, in theory, allows it to process more transactions per second. Bitcoin Cash was the first of the Bitcoin forks, in which software-development teams modified the original Bitcoin computer code and released coins with “Bitcoin" in their names, with "the goal of creating money out of thin air". On 1 August 2017 Bitcoin Cash began trading at about ,$240, while bitcoin traded at about $2,700.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.On 20 December 2017 it reached an intraday high of $4,355.62 and then fell 88% to $519.12 on 23 August 2018.
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.
In November 2020, there was a second contested hard fork where the leading node implementation, BitcoinABC, created BCHA.
The graph shows the bitcoin cash monthly transaction
Bitcoin Cash trades on digital currency exchange using the Bitcoin Cash name and the BCH ticker symbol for the cryptocurrency.On 26 March 2018, OKEx removed all Bitcoin Cash trading pairs except for BCH/BTC, BCH/ETH and BCH/USDT due to "inadequate liquidity".As of May 2018, daily transaction numbers for Bitcoin Cash are about one-tenth of those of bitcoin. Coinbase listed Bitcoin Cash on December 19, 2017 and the coinbase platform experienced price abnormalities that led to an insider trading investigation. As of August 2018, Bitcoin Cash payments are supported by payment service providers such as Bitpay, Coinify and GoCoin.
BITCOIN CASH FORECAST:
