Bitcoin Cash

#4
Price: $1021.91
Change(24h):
+ 3.95%
Volume(24h): $720,255,000
Market Cap: $17,522,409,745
Bitcoin Cash was launched оn August 1, 2017 as a hard fork of Bitcoin (BTC), aiming to resolve the headliner's issue with slow transactions and rising transaction fees. It is designed to ease mining difficulties and to be used both as a digital investment asset and means of exchange. BCH features a block size limit of 8MB, well above BTC’s 1MB. The bigger block size helps miners to process more transactions, thus making payment settlement faster, provides for lower fees and improved scalability.

Latest Hight: $1,838.49

Bitcoin Cash Markets

# Source: Pair: Price:
1
Huobi
BCH/USDT
$1433.2479382
2
HitBTC
BCH/BTC
$1428.8826384
3
Bithumb
BCH/KRW
$2104.81590484162
4
Binance
BCH/USDT
$1421.4958232
5
Binance
BCH/BTC
$1427.05411872
6
OKEx
BCH/BTC
$1443.913421808
7
OKEx
BCH/USDT
$1424.25331946
8
Bitfinex
BCH/BTC
$1428.1793616
9
Huobi
BCH/BTC
$1434.03414096
10
HitBTC
BCH/USDT
$1420.1675241492

Bitcoin Cash - the fork that aims to be the better Bitcoin

  • Launched: August 1, 2017
  • Founders: Jed McCaleb and Joyce Kim

 

Bitcoin Cash (BCH) is a cryptocurrency that was created by forking Bitcoin (BTC) on August 1, 2017, aiming to offer faster transaction times and to solve some additional technical issues and limitations. What effectively happened is that there are now two distinct blockchain ledgers that share the same transaction history up to the date of the split. Everybody who held Bitcoin at that particular time theoretically got the same amount of Bitcoin Cash.

Bitcoin Cash tried to run a campaign that it is the real Bitcoin, and the Bitcoin is a fork and even managed to convinced some for a while, but this turned out unsuccessful eventually and BCH became an altcoin.

As a robust blockchain-based technology, BCH assures privacy and security of transactions, just like its competitors. As a Bitcoin hard fork, Bitcoin Cash runs on a heavy and slow network, which is also among the most secure, private and reliable. The key purpose of the fork was to raise the number of transactions its ledger can process by increasing the block size limit from 1MB to 8MB.

Bitcoin Cash has been in the top 20 cryptos ever since its release. BCH price hit an all-time high of more than USD 4300 on December 20, 2017, after US-based cryptocurrency exchange Coinbase added it to its platform, where only three other digital coins are traded (Bitcoin, Litecoin, and Ethereum). Compared to Bitcoin, whose growing popularity boosted the transaction fee cost to as much as USD 100 or even more (at the peak of its price in December), BCH remained a viable small-cap cryptocurrency investment and payment option.

How it works

Bitcoin Cash utilizes Proof-of-Work (PoW) consensus protocol, just like Bitcoin. On November 13, 2017, Bitcoin Cash upgraded through a hard fork its Difficulty Adjustment Algorithm in a bid to reduce volatility for the miners securing the blockchain. Normally, Bitcoin Cash and Bitcoin compete for hash-power, as miners migrate between the two chains, searching for blocks to make profits. The upgrade of Bitcoin Cash’s difficulty algorithm is aimed to maintain an average of six blocks per hour, or one block every 10 minutes, and thus prevent wild swings in the number of blocks found every day.

The fact that Bitcoin Cash was created by hardforking another cryptocurrency and airdropped to existing Bitcoin holders influences its market behavior and makes it qualitatively different from other altcoins that were launched via Initial Coin Offerings (ICOs). It inherited network value, large supply, and a transaction history from Bitcoin, but some of the new currency’s initial owners did not show the same support for it as they would have in an ICO scenario, quickly selling off their Bitcoin Cash assets.

With a circulating supply of more than 17 million coins (as of end-April 2017) out of a maximum of 21 million units, Bitcoin Cash is quite similar to its larger rival. However, BCH total supply is considered to be more constrained than Bitcoin’s as at the time of the fork there were people using wallets that did not support the transition and thus were not able to claim their Bitcoin Cash. These coins cannot be restored.

Bitcoin Cash roadmap

The vision of Bitcoin Cash’s main developer team, Bitcoin ABC, is to keep improving BCH as a currency and network. This means it should become more reliable, more scalable, and have low fees. The key goal of the developers is that the mainstream users globally should adopt BCH as a common means of payment.

Bitcoin Cash’s roadmap for 2018 includes two hard forks, scheduled for May and November. Possibly, they could include an increase of the block size, as BCH supporters consider that transaction fees will rise slower as the block size increases.

BCH’s block size limit has been made adjustable, and a research is ongoing with an objective to create a global network capable of supporting blocks up to 1GB in size and sustained Visa-level transaction throughput (3000 transactions per second).