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Bitcoin Cash
Bitcoin Cash.png
Logo
Ticker symbolBCH[a]
Precision10−8
CoinsUnspent outputs of transactions[b]
Development
Implementation(s)BitcoinABC, Bitcoin Unlimited, Bitcoin XT
Forked fromBitcoin
Websitebitcoincash.org
Ledger
First block after split (block #478559)1 August 2017 (16 months ago) (2017-08-01)
Timestamping schemeProof-of-work (partial hash inversion)
Hash functionSHA-256
Issuancedecentralized, block reward
Block reward12.5 BCH[c]
Block time10 minutes
Block explorerblockchair.com/bitcoin-cash/blocks
Supply limit21,000,000 BCH
Valuation
Exchange rateDecrease US$549.75 (as of 11 August 2018)[1]
Market capDecrease US$9.50 billion (as of 11 August 2018)[1]
  1. ^ The code "BCC" is also used on several exchanges. BCC is more commonly used as the ticker symbol for Bitconnect.
  2. ^ any multiples of satoshi
  3. ^ from July 2016 to approximately June 2020, halved approximately every four years

Bitcoin Cash is a cryptocurrency.[2] In mid-2017, a group of developers wanting to increase bitcoin's 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.[3] At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units.[3]

On 15 November 2018 Bitcoin Cash itself split into two cryptocurrencies, initially called "Bitcoin Cash ABC" and "Bitcoin Cash SV".[4]

Classification

Bitcoin Cash is a cryptocurrency[5] and a payment network.[6] In relation to bitcoin it is characterized variously as a spin-off,[5] a strand,[7] a product of a hard fork,[8] an offshoot,[9] a clone,[10] a second version[11] or an altcoin.[12]

The naming of Bitcoin Cash is contentious; it is sometimes referred to as Bcash.[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 when 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 up to July 2017, bitcoin users had maintained a common set of rules for the cryptocurrency.[15] Eventually, a group of bitcoin activists,[11] investors, entrepreneurs, developers[15] and largely China based 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.[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.

On 1 August 2017 Bitcoin Cash began trading at about $240, while Bitcoin traded at about $2,700.[3]

In 2018 Bitcoin Core developer Cory Fields found a bug in the Bitcoin ABC software that would have allowed an attacker to create a block causing a chain split. Fields notified the development team about it and the bug was fixed.[17]

November 2018 split

In November 2018, a hard-fork chain split of Bitcoin Cash occurred between two rival factions called Bitcoin ABC and Bitcoin SV.[18] On 15 November 2018 Bitcoin Cash ABC traded at about $289 and Bitcoin SV traded at about $96.50, down from $425.01 on 14 November for the un-split Bitcoin Cash.[4]

The split originated from what was described as a "civil war" in two competing bitcoin cash camps.[19][20] The first camp, led by entrepreneur Roger Ver and Jihan Wu of Bitmain, promoted the software entitled Bitcoin ABC (short for Adjustable Blocksize Cap) which would maintain the block size at 32MB.[20] The second camp led by Craig Steven Wright and billionaire Calvin Ayre put forth a competing software version Bitcoin SV, short for "Bitcoin Satoshi's Vision," that would increase the blocksize to 128MB.[18][20]

Trading

Bitcoin Cash trades on digital currency exchanges including Bitstamp,[21] Coinbase,[22] Gemini,[23] Kraken,[24] 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".[5] As of May 2018, daily transaction numbers for Bitcoin Cash are about one-tenth of those of bitcoin.[5]

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] On December 20, 2017 it reached an intraday high of $4,355.62 and then fell 88% to $519.12 on August 23, 2018.[25]

Payment service providers

As of August 2018, Bitcoin Cash payments are supported by payment service providers such as BitPay, Coinify and GoCoin.[26] The research firm Chainanalysis noted that in May 2018, 17 largest payment processing services such as BitPay, Coinify, and GoCoin processed Bitcoin Cash payments worth of US$3.7 million, down from US$10.5 million processed in March.[26]

See also

References

  1. ^ a b "Cryptocurrency Market Capitalizations". coinmarketcap.com. Retrieved 20 April 2018.
  2. ^ Smith, Oli (21 January 2018). "Bitcoin price RIVAL: Cryptocurrency 'faster than bitcoin' will CHALLENGE market leaders". Express. Retrieved 1 March 2018.
  3. ^ a b c Selena Larson (1 August 2017). "Bitcoin split in two, here's what that means". CNN Tech. Cable News Network. Retrieved 2 April 2018.
  4. ^ a b Kharif, Olga (15 November 2018). "Bitcoin Cash Fork Hits Investors' Pocketbooks as Two Coins Slip". Bloomberg. Retrieved 18 November 2018.
  5. ^ a b c d Kelly, Jemima (15 May 2018). "Bitcoin cash is expanding into the void". Financial Times. Retrieved 3 June 2018. (Registration required (help)).
  6. ^ Lee, Timothy B. (20 December 2017). "Bitcoin rival Bitcoin Cash soars as Coinbase adds support". Ars Technica. Retrieved 19 June 2018.
  7. ^ Titcomb, James (2 August 2017). "Bitcoin Cash: Price of new currency rises after bitcoin's 'hard fork'". The Telegraph. Retrieved 7 June 2018.
  8. ^ 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.
  9. ^ Chen, Lulu Yilun; Lam, Eric. "Bitcoin Is Likely to Split Again in November, Say Major Players". Bloomberg. Retrieved 22 January 2018.
  10. ^ a b Irrera, Anna; Chavez-Dreyfuss, Gertrude (2 August 2017). "Bitcoin 'clone' sees a slow start following split". Independent. Retrieved 22 June 2018.
  11. ^ a b "Bitcoin divides to rule". The Economist. 5 August 2017. Retrieved 23 July 2018.
  12. ^ Vigna, Paul (23 December 2017). "Bitcoin Cash, Litecoin, Ether, Oh My! What's With All the Bitcoin Clones?". WSJ. Retrieved 6 June 2018.
  13. ^ Bcash Nickname Sources:
  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. ^ Evans, John (10 August 2018). "Cryptocurrency insecurity: IOTA, BCash and too many more". Techcrunch. Retrieved 12 August 2018.
  18. ^ a b Kharif, Olga (17 November 2018). "Bitcoin Cash Clash Is Costing Billions With No End in Sight". Bloomberg. Retrieved 18 November 2018.
  19. ^ Clifford, Tyler (14 November 2018). "'Crypto civil war' slams bitcoin, but it won't last, says BKCM's Brian Kelly". CNBC. Retrieved 18 November 2018.
  20. ^ a b c Huang, Zheping (15 November 2018). "Bitcoin cash "hard fork": everything you need to know about the latest cryptocurrency civil war". South China Morning Post. Retrieved 18 November 2018.
  21. ^ "Bitstamp To Launch Bitcoin Cash Trading". Forbes. 21 November 2017. Retrieved 22 June 2018.
  22. ^ Peterson, Becky (9 January 2018). "Coinbase blames extreme buyer demand for last month's Bitcoin cash disaster". Business Insider. Retrieved 4 May 2018.
  23. ^ del Castillo, Michael (14 May 2018). "Winklevoss Brothers Bitcoin Exchange Adds Zcash, Litecoin, Bitcoin Cash". Forbes. Retrieved 24 May 2018.
  24. ^ 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.
  25. ^ Osipovich, Alexander (24 August 2018). "It Was Meant to Be the Better Bitcoin. It's Down Nearly 90%". Wall Street Journal. Retrieved 26 August 2018.
  26. ^ a b Kharif, Olga (20 August 2018). "'Bitcoin Jesus' Is Having a Hard Time Winning Over True Believers". Bloomberg. Retrieved 21 August 2018.

External links

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