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== Classification ==
== Classification ==
Bitcoin Cash is a [[cryptocurrency]]<ref name="FT05152018">{{cite news |last1=Kelly |first1=Jemima |title=Bitcoin cash is expanding into the void |url=https://ftalphaville.ft.com/2018/05/15/1526356800000/Bitcoin-cash-is-expanding-into-the-void/ |accessdate=3 June 2018 |publisher=[[Financial Times]] |date=15 May 2018|registration=yes}}</ref> and a payment network.<ref name="at20171220">{{cite news |last1=Lee |first1=Timothy B. |title=Bitcoin rival Bitcoin Cash soars as Coinbase adds support |url=https://arstechnica.com/tech-policy/2017/12/bitcoin-rival-bitcoin-cash-soars-as-coinbase-adds-support/ |accessdate=19 June 2018 |work=[[Ars Technica]] |date=20 December 2017}}</ref> In relation to [[bitcoin]] it is characterized variously as a spin-off,<ref name="FT05152018" /> a strand,<ref>{{cite news |last1=Titcomb |first1=James |title=Bitcoin Cash: Price of new currency rises after bitcoin's 'hard fork' |url=https://www.telegraph.co.uk/technology/2017/08/01/bitcoin-cash-everything-need-know-bitcoins-hard-fork/ |accessdate=7 June 2018 |work=The Telegraph |date=2 August 2017}}</ref> a product of a hard fork,<ref>{{cite news |last1=Orcutt |first1=Mike |title=Bitcoin Cash Had a Big Day, Hinting at a Deep Conflict in the Cryptocurrency Community |url=https://www.technologyreview.com/the-download/609485/bitcoin-cash-had-a-big-day-hinting-at-a-deep-conflict-in-the-cryptocurrency/ |accessdate=7 June 2018 |work=MIT Technology Review |date=14 November 2017}}</ref> an offshoot,<ref>{{cite news|last1=Chen|first1=Lulu Yilun|last2=Lam|first2=Eric|title=Bitcoin Is Likely to Split Again in November, Say Major Players|url=https://www.bloomberg.com/news/articles/2017-09-20/-bitcoin-jesus-ver-sees-the-digital-currency-splitting-again|accessdate=22 January 2018|work=Bloomberg}}</ref> a clone,<ref name="independent2017">{{cite news |last1=Irrera |first1=Anna |last2=Chavez-Dreyfuss |first2=Gertrude |title=Bitcoin 'clone' sees a slow start following split|url=https://www.independent.co.uk/news/business/news/bitcoin-cash-latest-news-clone-digital-currency-encrypted-privacy-dark-web-a7872081.html |accessdate=22 June 2018 |publisher=Independent |date=2 August 2017}}</ref> a second version<ref>{{cite news |title=Bitcoin divides to rule |url=https://www.economist.com/finance-and-economics/2017/08/05/bitcoin-divides-to-rule |accessdate=23 July 2018 |work=The Economist |date=5 August 2017}}</ref> or an [[altcoin]].<ref name="WSJ20171223">{{cite news|last1=Vigna|first1=Paul|title=Bitcoin Cash, Litecoin, Ether, Oh My! What’s With All the Bitcoin Clones?|url=https://www.wsj.com/articles/bitcoin-cash-litecoin-ether-oh-my-whats-with-all-the-bitcoin-clones-1514037600|accessdate=6 June 2018|work=WSJ|date=23 December 2017}}</ref>
Bitcoin Cash is a [[cryptocurrency]]<ref name="FT05152018">{{cite news |last1=Kelly |first1=Jemima |title=Bitcoin cash is expanding into the void |url=https://ftalphaville.ft.com/2018/05/15/1526356800000/Bitcoin-cash-is-expanding-into-the-void/ |accessdate=3 June 2018 |publisher=[[Financial Times]] |date=15 May 2018|registration=yes}}</ref> and a payment network.<ref name="at20171220">{{cite news |last1=Lee |first1=Timothy B. |title=Bitcoin rival Bitcoin Cash soars as Coinbase adds support |url=https://arstechnica.com/tech-policy/2017/12/bitcoin-rival-bitcoin-cash-soars-as-coinbase-adds-support/ |accessdate=19 June 2018 |work=[[Ars Technica]] |date=20 December 2017}}</ref> In relation to [[bitcoin]] it is characterized variously as a spin-off,<ref name="FT05152018" /> a strand,<ref>{{cite news |last1=Titcomb |first1=James |title=Bitcoin Cash: Price of new currency rises after bitcoin's 'hard fork' |url=https://www.telegraph.co.uk/technology/2017/08/01/bitcoin-cash-everything-need-know-bitcoins-hard-fork/ |accessdate=7 June 2018 |work=The Telegraph |date=2 August 2017}}</ref> a product of a hard fork,<ref>{{cite news |last1=Orcutt |first1=Mike |title=Bitcoin Cash Had a Big Day, Hinting at a Deep Conflict in the Cryptocurrency Community |url=https://www.technologyreview.com/the-download/609485/bitcoin-cash-had-a-big-day-hinting-at-a-deep-conflict-in-the-cryptocurrency/ |accessdate=7 June 2018 |work=MIT Technology Review |date=14 November 2017}}</ref> an offshoot,<ref>{{cite news|last1=Chen|first1=Lulu Yilun|last2=Lam|first2=Eric|title=Bitcoin Is Likely to Split Again in November, Say Major Players|url=https://www.bloomberg.com/news/articles/2017-09-20/-bitcoin-jesus-ver-sees-the-digital-currency-splitting-again|accessdate=22 January 2018|work=Bloomberg}}</ref> a clone,<ref name="independent2017">{{cite news |last1=Irrera |first1=Anna |last2=Chavez-Dreyfuss |first2=Gertrude |title=Bitcoin 'clone' sees a slow start following split|url=https://www.independent.co.uk/news/business/news/bitcoin-cash-latest-news-clone-digital-currency-encrypted-privacy-dark-web-a7872081.html |accessdate=22 June 2018 |publisher=Independent |date=2 August 2017}}</ref> a second version<ref name="te20170805">{{cite news |title=Bitcoin divides to rule |url=https://www.economist.com/finance-and-economics/2017/08/05/bitcoin-divides-to-rule |accessdate=23 July 2018 |work=The Economist |date=5 August 2017}}</ref> or an [[altcoin]].<ref name="WSJ20171223">{{cite news|last1=Vigna|first1=Paul|title=Bitcoin Cash, Litecoin, Ether, Oh My! What’s With All the Bitcoin Clones?|url=https://www.wsj.com/articles/bitcoin-cash-litecoin-ether-oh-my-whats-with-all-the-bitcoin-clones-1514037600|accessdate=6 June 2018|work=WSJ|date=23 December 2017}}</ref>


== History ==
== History ==
Rising fees on the bitcoin network contributed to a push by some in the community to create a hard fork to increase the blocksize.<ref name="wtbf">{{Cite news |url=https://www.forbes.com/sites/laurashin/2017/10/23/will-this-battle-for-the-soul-of-bitcoin-destroy-it/#62d19db23d3c |title=Will This Battle For The Soul Of Bitcoin Destroy It? |author=Laura Shin |accessdate=14 April 2018 |date=23 October 2017 |work=Forbes }}</ref> 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.<ref name=nyt-split /><ref name="Bloomberg Businessweek">{{cite news|last1=Nakamura|first1=Yuri|last2=Kharif|first2=Olga|title=Battle for ‘True’ Bitcoin Is Just Getting Started|url=https://www.bloomberg.com/news/articles/2017-12-04/battle-for-true-bitcoin-is-just-getting-started-quicktake-q-a|accessdate=19 December 2017|work=Bloomberg Businessweek|date=4 December 2017}}</ref> 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.<ref name=nyt-split>{{Cite news|url=https://www.nytimes.com/2017/07/25/business/dealbook/bitcoin-cash-split.html|title=Some Bitcoin Backers Are Defecting to Create a Rival Currency|last=Popper|first=Nathaniel|date=25 July 2017|work=The New York Times|accessdate=28 July 2017|issn=0362-4331}}</ref> Eventually, a small group of mostly China-based 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.<ref name="independent2017"/> The proposed split included a plan to increase the number of transactions its ledger can process by increasing the [[Bitcoin#Scalability|block size limit]] to eight megabytes.<ref name=nyt-split /><ref name="Bloomberg Businessweek">{{cite news|last1=Nakamura|first1=Yuri|last2=Kharif|first2=Olga|title=Battle for ‘True’ Bitcoin Is Just Getting Started|url=https://www.bloomberg.com/news/articles/2017-12-04/battle-for-true-bitcoin-is-just-getting-started-quicktake-q-a|accessdate=19 December 2017|work=Bloomberg Businessweek|date=4 December 2017}}</ref>
Rising fees on the bitcoin network contributed to a push by some in the community to create a hard fork to increase the blocksize.<ref name="wtbf">{{Cite news |url=https://www.forbes.com/sites/laurashin/2017/10/23/will-this-battle-for-the-soul-of-bitcoin-destroy-it/#62d19db23d3c |title=Will This Battle For The Soul Of Bitcoin Destroy It? |author=Laura Shin |accessdate=14 April 2018 |date=23 October 2017 |work=Forbes }}</ref> 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.<ref name=nyt-split /><ref name="Bloomberg Businessweek">{{cite news|last1=Nakamura|first1=Yuri|last2=Kharif|first2=Olga|title=Battle for ‘True’ Bitcoin Is Just Getting Started|url=https://www.bloomberg.com/news/articles/2017-12-04/battle-for-true-bitcoin-is-just-getting-started-quicktake-q-a|accessdate=19 December 2017|work=Bloomberg Businessweek|date=4 December 2017}}</ref> 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.<ref name=nyt-split>{{Cite news|url=https://www.nytimes.com/2017/07/25/business/dealbook/bitcoin-cash-split.html|title=Some Bitcoin Backers Are Defecting to Create a Rival Currency|last=Popper|first=Nathaniel|date=25 July 2017|work=The New York Times|accessdate=28 July 2017|issn=0362-4331}}</ref> Eventually, a group of bitcoin activists,{{r|te20170805}} investors, entrepreneurs, developers{{r|nyt-split}} and 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.<ref name="independent2017"/> The proposed split included a plan to increase the number of transactions its ledger can process by increasing the [[Bitcoin#Scalability|block size limit]] to eight megabytes.<ref name=nyt-split /><ref name="Bloomberg Businessweek">{{cite news|last1=Nakamura|first1=Yuri|last2=Kharif|first2=Olga|title=Battle for ‘True’ Bitcoin Is Just Getting Started|url=https://www.bloomberg.com/news/articles/2017-12-04/battle-for-true-bitcoin-is-just-getting-started-quicktake-q-a|accessdate=19 December 2017|work=Bloomberg Businessweek|date=4 December 2017}}</ref>


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 Chinese [[mining pool]] ViaBTC. Bitcoin Cash is also referred to as Bcash.<ref>Bcash Nickname Sources:
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.<ref>Bcash Nickname Sources:
*{{Cite news|url=http://fortune.com/2017/08/08/bitcoin-price-bitcoin-cash-bcash/|title=Bitcoin Just Surged to Yet Another All-Time High|last=Shen|first=Lucinda|publisher=Fortune Magazine|accessdate=20 June 2018|date=8 August 2017}}
*{{Cite news|url=http://fortune.com/2017/08/08/bitcoin-price-bitcoin-cash-bcash/|title=Bitcoin Just Surged to Yet Another All-Time High|last=Shen|first=Lucinda|publisher=Fortune Magazine|accessdate=20 June 2018|date=8 August 2017}}
*{{Cite news|url=https://www.forbes.com/sites/pamelaambler/2017/08/09/the-rapid-rise-and-fall-of-bitcoin-cash/|title=The Rapid Rise And Fall Of Bitcoin Cash|last=Ambler|first=Pamela|publisher=Forbes|accessdate=20 June 2018|date=9 August 2017}}
*{{Cite news|url=https://www.forbes.com/sites/pamelaambler/2017/08/09/the-rapid-rise-and-fall-of-bitcoin-cash/|title=The Rapid Rise And Fall Of Bitcoin Cash|last=Ambler|first=Pamela|publisher=Forbes|accessdate=20 June 2018|date=9 August 2017}}

Revision as of 10:59, 2 August 2018

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.[4] 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.[5] At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units.[5]

Classification

Bitcoin Cash is a cryptocurrency[6] and a payment network.[7] In relation to bitcoin it is characterized variously as a spin-off,[6] a strand,[8] a product of a hard fork,[9] an offshoot,[10] a clone,[11] a second version[12] or an altcoin.[13]

History

Rising fees on the bitcoin network contributed to a push by some in the community to create a hard fork to increase the blocksize.[14] 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.[15][16] 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.[15] Eventually, a group of bitcoin activists,[12] investors, entrepreneurs, developers[15] and 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.[11] 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.[15][16]

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.[17]

Trading

Bitcoin Cash trades on digital currency exchanges including Bitstamp,[18] Coinbase,[19] Gemini,[20] Kraken,[21] 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".[6] As of May 2018, daily transaction numbers for Bitcoin Cash are about one-tenth of those of bitcoin.[6]

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.[14]

See also

References

  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. ^ 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.
  6. ^ a b c d Kelly, Jemima (15 May 2018). "Bitcoin cash is expanding into the void". Financial Times. Retrieved 3 June 2018. {{cite news}}: Unknown parameter |registration= ignored (|url-access= suggested) (help)
  7. ^ Lee, Timothy B. (20 December 2017). "Bitcoin rival Bitcoin Cash soars as Coinbase adds support". Ars Technica. Retrieved 19 June 2018.
  8. ^ Titcomb, James (2 August 2017). "Bitcoin Cash: Price of new currency rises after bitcoin's 'hard fork'". The Telegraph. Retrieved 7 June 2018.
  9. ^ Orcutt, Mike (14 November 2017). "Bitcoin Cash Had a Big Day, Hinting at a Deep Conflict in the Cryptocurrency Community". MIT Technology Review. Retrieved 7 June 2018.
  10. ^ Chen, Lulu Yilun; Lam, Eric. "Bitcoin Is Likely to Split Again in November, Say Major Players". Bloomberg. Retrieved 22 January 2018.
  11. ^ a b Irrera, Anna; Chavez-Dreyfuss, Gertrude (2 August 2017). "Bitcoin 'clone' sees a slow start following split". Independent. Retrieved 22 June 2018.
  12. ^ a b "Bitcoin divides to rule". The Economist. 5 August 2017. Retrieved 23 July 2018.
  13. ^ Vigna, Paul (23 December 2017). "Bitcoin Cash, Litecoin, Ether, Oh My! What's With All the Bitcoin Clones?". WSJ. Retrieved 6 June 2018.
  14. ^ a b Laura Shin (23 October 2017). "Will This Battle For The Soul Of Bitcoin Destroy It?". Forbes. Retrieved 14 April 2018.
  15. ^ a b c d 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.
  16. ^ a b Nakamura, Yuri; Kharif, Olga (4 December 2017). "Battle for 'True' Bitcoin Is Just Getting Started". Bloomberg Businessweek. Retrieved 19 December 2017.
  17. ^ Bcash Nickname Sources:
  18. ^ "Bitstamp To Launch Bitcoin Cash Trading". Forbes. 21 November 2017. Retrieved 22 June 2018.
  19. ^ Peterson, Becky (9 January 2018). "Coinbase blames extreme buyer demand for last month's Bitcoin cash disaster". Business Insider. Retrieved 4 May 2018.
  20. ^ del Castillo, Michael (14 May 2018). "Winklevoss Brothers Bitcoin Exchange Adds Zcash, Litecoin, Bitcoin Cash". Forbes. Retrieved 24 May 2018.
  21. ^ 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.
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