What is Bitcoin Cash?
Bitcoin Cash, also known as BCH, is a hard fork variant of the original Bitcoin cryptocurrency. The original Bitcoin (BTC), while revolutionary, suffered from scalability issues. Transaction processing speed was also a big problem with Bitcoin. Bitcoin is also not very practical for use as currency in the real world either.
By August 2017, many Bitcoin miners, developers, and online community members of the Bitcoin ecosystem voted to initialize a hard fork of the original Bitcoin blockchain. This hard fork initialization from the original Bitcoin blockchain created Bitcoin Cash.
Bitcoin Cash is a P2P electronic currency system that improves upon its predecessor dramatically. Bitcoin Cash electronic payments can be sent person-to-person with enhanced privacy, fast transaction rates, and relatively minimal fees.
When you use Bitcoin Cash, there is no centralized, government-sanctioned monetary system or central bank policy that dictates its use. Bitcoin Cash is a decentralized cryptocurrency; it can’t be frozen, seized, or controlled by any third-party agency.
The most optimum way to explain Bitcoin Cash may be to describe its hard fork beginnings briefly.
The Bitcoin Hard Fork
Bitcoin was first conceptualized in 2008 by Satoshi Nakamoto as an alternative financial theory in the aftermath of the 2008 global financial crisis. It was first released in January 2009. Nakamoto may be a pseudonym or an alias representing a team of developers.
The blockchain, a kind of public ledger that processes, verifies, and records transactions, makes Bitcoin a decentralized technology. Anyone utilizing a computer can mine, buy, or exchange the Bitcoin cryptocurrency.
However, the Bitcoin blockchain and ecosystem network is notoriously slow. Each Bitcoin block is 1MB. So, the more people who try to transact on it, the slower the entire blockchain becomes. The blockchain network can process about seven transactions per second. Visa can process 65,000 transactions every second.
The Bitcoin ecosystem community erupted into a cryptocurrency civil war over the processing speed issue. One faction voted to initialize a hard fork of Bitcoin to improve processing speeds, creating Bitcoin Cash in the process.
A Bitcoin Cash block size is 8MB. The larger sized blocks enable faster verification, transaction, and overall processing fees. While the original Bitcoin is more suitable for investment, Bitcoin Cash is the decentralized cryptocurrency variation of fiat currencies.
Acquiring Bitcoin Cash
You can mine Bitcoin Cash or buy them via a cryptocurrency exchange.
What are Bitcoin Cash Frequenty Asked Questions?
Where does Bitcoin Cash (BCH) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Bitcoin Cash currently ranks in position 9 out of the thousands of cryptocurrencies. It is also important to consider Bitcoin Cash‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Bitcoin Cash has a market cap of $ 8,530,879,243, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 638,906,732,151, Litecoin at $ 9,616,116,384, Ethereum at $ 163,299,670,420, Tether at $ 24,842,833,181, and XRP at $ 12,665,394,425.
What is the price of Bitcoin Cash (BCH) today (updated in realtime)?
The current price of Bitcoin Cash is $ 457.74 in USD. (The price in Euros is 375,98 €; and the price in Bitcoin is Ƀ 0.01333300 BTC.)
How has Bitcoin Cash (BCH) performed recently?
Bitcoin Cash‘s price has increased in the last 24 hours by 5.76%. This compares with a seven day change of -4.28%. The trading volume over the last 24 hours was $ 5,425,591,305. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Bitcoin Cash (BCH) official website?
Links to Bitcoin Cash‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Bitcoin Cash (BCH) performed well historically?
Here is a chart showing how Bitcoin Cash has performed historically.
Where Can I Buy Bitcoin Cash (BCH)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
Bitcoin Cash News
- Aave hits record $288 high as demand for flash loans and staking increasesCointelegraph.com News - 16 hours agoSurging volume, demand for flash loans and a strong rally in DeFi tokens pushed AAVE price to a new all-time high today. Aave (AAVE) price…
- Cryptocurrency makes World Economic Forum's Davos AgendaCointelegraph.com News - 18 hours agoSessions devoted to “resetting digital currencies” are scheduled at this week’s Davos Agenda. The World Economic Forum’s upcoming Davos Agenda will feature two separate sessions…
- Key metrics show this week’s $4B Bitcoin options expiry favors bullsCointelegraph.com News - 18 hours agoA record $4 billion worth of Bitcoin options expire on January 29 and multiple indicators suggest bulls have the upper hand. Over the past two…
- Breach at Indian exchange BuyUCoin allegedly exposes 325K users’ personal dataCointelegraph.com News - 19 hours agoBuyUCoin initially denied the reports of a data breach, but added that all user funds are safe. Users of Indian crypto exchange BuyUCoin have reportedly…
- Ethereum will become the main asset for investors in 2021Cointelegraph.com News - 20 hours agoThe potential of Ether greatly exceeds Bitcoin, and the community is beginning to understand the value of ETH. During the second half of 2020, we…