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The protocol with an expanded block size limit was first 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.
The protocol with an expanded block size limit was first 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 for a currency based on the implementation. Some people used the ''Bcash'' name.<ref name="fortunebcash">{{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|date=8 August 2017}}</ref><ref name="forbes">{{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|date=9 August 2017}}</ref>
In July 2017, the ''Bitcoin Cash'' name was proposed by Chinese [[mining pool]] ViaBTC for a currency based on the implementation. Some people use the ''Bcash'' name.<ref name="fortunebcash">{{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|date=8 August 2017}}</ref><ref name="forbes">{{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|date=9 August 2017}}</ref>


When BitCoin Cash launched in early August, BitCoin holders received one Bitcoin Cash token for each Bitcoin they held.<ref name="wtbf"/>
When BitCoin Cash launched in early August, BitCoin holders received one Bitcoin Cash token for each Bitcoin they held.<ref name="wtbf"/>

Revision as of 16:48, 12 June 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 1075.28 USD (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.[5] The change, called a hard fork, took effect on August 1, 2017.[5] 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]

Classification

Bitcoin Cash is a cryptocurrency.[7] In relation to bitcoin it is characterized variously as a spin-off,[7] a strand,[8] a product of a hard fork,[9] an offshoot[10] or an altcoin.[11]

History

In 2016, bitcoin's block size limit has created a bottleneck resulting in increasing transaction fees and delayed processing of transactions that cannot be fit into a block.[12] This situation contributed to a push by some in the community to create a hard fork to increase the blocksize.[13]

Until July 2017, Bitcoin users maintained a common set of rules for the cryptocurrency.[14]

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 and devised a plan to increase the number of transactions its ledger can process by increasing the block size limit to eight megabytes.[14][15]

The protocol with an expanded block size limit was first 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 for a currency based on the implementation. Some people use the Bcash name.[16][17]

When BitCoin Cash launched in early August, BitCoin holders received one Bitcoin Cash token for each Bitcoin they held.[13]

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.[13]

Trading volumes for bitcoin cash are about one-tenth of those of bitcoin.[7]

Exchanges

Bitcoin cash trades on digital currency exchanges including Coinbase,[18] Gemini,[19] Kraken,[20] 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, KuCoin removed all Bitcoin Cash trading pairs followed by OKEx on 30 March 2018, who also ceased Bitcoin Cash trading pairs (BCH/BTC, BCH/ETH, BCH/USDT) due to "inadequate liquidity".[7]

See also

References

  1. ^ "Bitcoin Cash Block 0". blockchair.com. Retrieved 13 February 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 Smith, Jake (11 August 2017). "The Bitcoin Cash Hard Fork Will Show Us Which Coin Is Best". Forbes. Retrieved 11 March 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 c d Kelly, Jemima (15 May 2018). "Bitcoin cash is expanding into the void". Financial Times. Retrieved 3 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. ^ Vigna, Paul (23 December 2017). "Bitcoin Cash, Litecoin, Ether, Oh My! What's With All the Bitcoin Clones?". WSJ. Retrieved 6 June 2018.
  12. ^ Jordan Pearson (14 October 2016). "'Bitcoin Unlimited' Hopes to Save Bitcoin from Itself". Motherboard. Vice Media LLC. Retrieved 17 January 2017.
  13. ^ a b c Laura Shin (23 October 2017). "Will This Battle For The Soul Of Bitcoin Destroy It?". Forbes. Retrieved 14 April 2018.
  14. ^ a b 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.
  15. ^ Nakamura, Yuri; Kharif, Olga (4 December 2017). "Battle for 'True' Bitcoin Is Just Getting Started". Bloomberg Businessweek. Retrieved 19 December 2017.
  16. ^ Shen, Lucinda (8 August 2017). "Bitcoin Just Surged to Yet Another All-Time High". Fortune Magazine.
  17. ^ Ambler, Pamela (9 August 2017). "The Rapid Rise And Fall Of Bitcoin Cash". Forbes.
  18. ^ Peterson, Becky (9 January 2018). "Coinbase blames extreme buyer demand for last month's Bitcoin cash disaster". Business Insider. Retrieved 4 May 2018.
  19. ^ del Castillo, Michael (14 May 2018). "Winklevoss Brothers Bitcoin Exchange Adds Zcash, Litecoin, Bitcoin Cash". Forbes. Retrieved 24 May 2018.
  20. ^ 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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