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User:CameronNemo/Bitcoin Cash

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Bitcoin Cash
Logo
Denominations
CodeBCH[a]
Precision10−8
Development
Implementation(s)BitcoinABC, Bitcoin Unlimited, Bitcoin XT
Project fork ofBitcoin
Ledger
Genesis block3 January 2009 (15 years ago) (2009-01-03)[1]
Block #19 January 2009 (15 years ago) (2009-01-09)[2]
First block after split (block #478559)1 August 2017 (7 years ago) (2017-08-01)
Timestamping schemeProof-of-work (partial hash inversion)
Hash functionSHA-256
Issuance scheduledecentralized, block reward
Block reward12.5 BCH[b]
Block time10 minutes
Block explorerblockchair.com/bitcoin-cash/blocks
Supply limit21,000,000 BCH
Valuation
Exchange rateIncrease US$1075.28 (as of 20 April 2018)[3]
Website
Websitebitcoincash.org
  1. ^ The code "BCC" is also used on several exchanges. BCC is more commonly used as the ticker symbol for Bitconnect.
  2. ^ from July 2016 to approximately June 2020, halved approximately every four years

Bitcoin Cash is a cryptocurrency payment network, focused on fast and low-cost transactions.[4] Bitcoin Cash strives to implement Satoshi Nakamoto's proposal for a "peer to peer electronic cash system" as outlined in the Bitcoin whitepaper.[5]

History

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In mid-2017, a group of developers wanting to increase bitcoin 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.[6] At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units.[6]

Rising fees on the bitcoin network contributed to a push by some in the community to create a hard fork to increase the blocksize.[7] This push came to a head in July 2017 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.[8][9] This push by some to increase the block size met a resistance. Since its inception, Bitcoin users had maintained a common set of rules for the cryptocurrency.[8] Eventually, a small group of bitcoin 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.[10] 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.[8][9]

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. Bitcoin Cash is also referred to as Bcash.[11]

Trading

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Bitcoin Cash trades on digital currency exchanges including Bitstamp,[12] Coinbase,[13] Gemini,[14] Kraken,[15] 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".[16] As of May 2018, daily transaction numbers for Bitcoin Cash are about one-tenth of those of bitcoin.[16]

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.[7]

See also

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References

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  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. ^ "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. ^ "Bitcoin Cash: Scalable and Now with Tokenization". Yahoo! Finance. PR Newswire. Retrieved 2 August 2018.
  6. ^ 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.
  7. ^ a b Laura Shin (23 October 2017). "Will This Battle For The Soul Of Bitcoin Destroy It?". Forbes. Retrieved 14 April 2018.
  8. ^ a b c 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.
  9. ^ a b Nakamura, Yuri; Kharif, Olga (4 December 2017). "Battle for 'True' Bitcoin Is Just Getting Started". Bloomberg Businessweek. Retrieved 19 December 2017.
  10. ^ Cite error: The named reference independent2017 was invoked but never defined (see the help page).
  11. ^ Bcash Nickname Sources:
  12. ^ "Bitstamp To Launch Bitcoin Cash Trading". Forbes. 21 November 2017. Retrieved 22 June 2018.
  13. ^ Peterson, Becky (9 January 2018). "Coinbase blames extreme buyer demand for last month's Bitcoin cash disaster". Business Insider. Retrieved 4 May 2018.
  14. ^ del Castillo, Michael (14 May 2018). "Winklevoss Brothers Bitcoin Exchange Adds Zcash, Litecoin, Bitcoin Cash". Forbes. Retrieved 24 May 2018.
  15. ^ 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.
  16. ^ a b Cite error: The named reference FT05152018 was invoked but never defined (see the help page).
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