What is Bitcoin Cash? Bitcoin History was made on 1 August 2017 – The Bitcoin Blockchain underwent a User Activated Hard Fork (UAHF) creating two cryptocurrencies – Bitcoin and Bitcoin Cash.
Bitcoin Cash Headlines
This was the announcement of Bitcoin Cash – Peer-to-Peer Electronic cash with a statement that “We the People will breathe new life into Bitcoin”
The history of Bitcoin Cash… how did it all begin?
In October 2008, Satoshi Nakamoto published the famous whitepaper entitled “Bitcoin: A Peer to Peer Electronic Cash System”. In 2009, Satoshi Nakamoto released the first Bitcoin software. This was the beginning of cryptocurrency, Bitcoin is the trailblazer of “The Internet of Money”, a phrase coined by Bitcoin Expert Andreas Antonopoulos. Bitcoin operated for several years with low fees, and fast, reliable transactions.
According to the BitcoinCash website “Unfortunately, from 2016 to 2017, Bitcoin became increasingly unreliable and expensive. This was because the community could not reach consensus on increasing the network capacity. Some of the developers did not understand and agree with Satoshi’s plan. Instead, they preferred Bitcoin become a settlement layer.
By 2017, Bitcoin dominance had plummeted from 95% to as low as 40% as a direct result of the usability problems. Fortunately, a large portion of the Bitcoin community, including developers, investors, users, and businesses, still believed in the original vision of Bitcoin – a low fee, peer to peer electronic cash system that could be used by all the people of the world.”
So on August 1st, 2017 Bitcoin Cash was born when the decision was made to increase the block size – from block 478558. Chinese ASIC manufacturer and mining pool operator, Bitmain, coded the fork, which was initially called Bitcoin ABC and later renamed BITCOIN CASH. BCH is the ticker symbol for the cryptocurrency.
What is the difference between a Hard Fork and a Soft Fork?
The main difference between these two forks is that there is no going back to the old version of the blockchain – Hard Forks are not backward compatible. A User Activated Hard Fork (UAHF) which created Bitcoin Cash, was voted on by people such as miners, investors, developers, and users.
Block size increase
The code forked to a version of Bitcoin without SegWit (Segregated Witness), which has a 1MB blocksize. Bitcoin Cash now has a 32 x larger blocksize, with ongoing research and development into increasing the block size in the future.
Basically, anyone who had Bitcoin in their personal wallet received the same amount of Bitcoin Cash which is split before trading. At the time of the hard fork, some exchanges did not support Bitcoin Cash, however, that is changing rapidly as acceptance of Bitcoin Cash grows. How it worked, is that if your Bitcoins were on an exchange that did not support Bitcoin Cash, then you would not have been credited with these new coins, however, if you were, you participated in a large and very profitable airdrop!
Involved from the start, ViaBTC announced the formation of a Bitcoin Cash mining pool and exchange.
Bitcoin Cash Ledger / Technical Information
Block #1 – 9 January 2009
First block after split – Block #478559 – 1 August 2017
Timestamping Scheme – Proof of Work
Hash Function – SHA – 256
Issuance – Decentralised – block reward of 12,5 BCH
Halving – approximately June 2020 when issuance will reduce to 6,25 BCH – halving occurs approximately every four years
Block time – 10 Minutes
Blockchain explorer – https://blockchair.com/bitcoin-cash/blocks
Supply limit – 21,000,000 BCH
What are the benefits and features of Bitcoin Cash?
Some of the benefits of Bitcoin Cash are faster and cheaper transaction times as well as Replay and Wipeout Protection and a new SigHash Type, part of the replay protection technology, basically a new way of signing transactions.
Bitcoin Cash transactions are fast, reliable and confirmed in minutes on an uncongested network, the Bitcoin Cash blockchain. The transaction fees are low which makes Bitcoin Cash perfect as a payment system besides also being a proven store of value. Bitcoin Cash is also very simple to use, Bitcoin Cash is digital cash. Reliable, stable and secure.
As you can see from this chart, the Bitcoin Cash transaction fees have reduced considerably in the first year 2017/2018
Bitcoin Cash Markets
Top 20 Bitcoin Cash markets are listed here. After one year of trading, approximately 40% of the traded volume comes from OKEx, EXX, RightBTC, HitBTC cryptocurrency exchanges.
Find updated information here:-
Keep your Bitcoin Cash safe
It is best practice not to keep your cryptocurrency on an exchange wallet but rather safely offline where you own your private keys – Bitcoin Cash supported here – Click
Bitcoin Cash use cases are growing… now you can have some fun too!
Meet Roger Ver, Mr. Bitcoin Cash
Roger Ver is one of the main personalities behind Bitcoin Cash (BCH) – together with his army of supporters, they are driving adoption of the currency globally. Some tweets from Roger…
“The question isn’t who is going to let me; it’s who is going to stop me.”#BitcoinCash
— Roger Ver (@rogerkver) June 15, 2018
BCH is Bitcoin in principle, game theory, economics, whitepaper definition, and all the things that made it successful to begin with.
Today BTC is Bitcoin in name only.https://t.co/etAsLH4cbk
— Roger Ver (@rogerkver) June 10, 2018
Watch this short video explaining what Bitcoin Cash is.
Have some fun with Bitcoin Cash
Spin and win on the BCH Bandit and play Blackjack!
Get your copy of What is Bitcoin
This e-book on Amazon explains what Bitcoin is, it explains that Bitcoin (BTC) is a virtual currency, digital not physical, and independent of banks. Useful links and resources for the newbie and advanced Bitcoiner or cryptocurrency enthusiast.
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