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Bitcoin Cash
Bitcoin Cash (also referred to as Bcash) is a cryptocurrency that is a fork of bitcoin. Launched in 2017, Bitcoin Cash is considered an altcoin or spin-off of bitcoin. In November 2018, Bitcoin Cash further split into two separate cryptocurrencies: Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV).
Since its inception, bitcoin users maintained a common set of rules for the cryptocurrency. On 21 July 2017, bitcoin miners implemented a software upgrade known as Bitcoin Improvement Proposal (BIP) 91, which activated the Segregated Witness (SegWit) upgrade at block 477,120. SegWit was a contentious update as it enabled second-layer solutions on bitcoin, such as the Lightning Network.
A group of bitcoin activists, developers, and China-based miners opposed the proposed SegWit upgrades designed to increase bitcoin's capacity; these stakeholders pushed forward alternative plans which would increase the block size limit to eight megabytes through a hard fork. Supporters of a block size increase were more committed to an on-chain medium of exchange function.
In June 2017, hardware manufacturer Bitmain described a proposed hard fork with an increased block size as a "contingency plan" in case the bitcoin community chose to implement SegWit. The same month, the first software implementation was introduced under the name Bitcoin ABC during a conference. In July 2017, the mining pool ViaBTC suggested the name Bitcoin Cash for the fork. Additionally, Roger Ver and other expressed that adopting BIP 91 (which was intended to activate SegWit) appeared to benefit those who viewed bitcoin primarily as a digital investment rather than as means of everyday transactions.
The Bitcoin Cash fork occurred on 1 August 2017, at block 478,559. Up to the previous block (478,558), the bitcoin and Bitcoin Cash blockchains were identical. This means that anyone who owned one bitcoin at the time of the fork automatically owned one unit of Bitcoin Cash. The technical difference between Bitcoin Cash and bitcoin at the time of the fork is that Bitcoin Cash supports larger block sizes. This allows the Bitcoin Cash blockchain to process more transactions per second compared to bitcoin.
Bitcoin Cash was the first of the bitcoin forks, wherein software development teams modified bitcoin's code and released coins with "bitcoin" in their names, effectively creating "money out of thin air." In relation to bitcoin, Bitcoin Cash is variously described as a spin-off, a strand, a product of a hard fork, an offshoot, a clone, a second version, or an altcoin.
In 2017 there were two factions of Bitcoin supporters: those that supported large blocks and those who preferred small blocks. The Bitcoin Cash faction favored the use of its currency as a medium of exchange for commerce, while the bitcoin-supporting faction viewed Bitcoin's primary use as that of a store of value. Bitcoin Cash is sometimes also referred to as Bcash. Bitcoin Cash detractors call the cryptocurrency "Bcash", "Btrash", or "a scam", while its supporters maintain that "it is the pure form of Bitcoin".
On 1 August 2017, Bitcoin Cash began trading at approximately $240, while bitcoin was priced around $2,700. On 20 December 2017, Bitcoin Cash reached an intraday high of $4,355.62. However, by 23 August 2018, its price had declined by 88% to $519.12.
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Bitcoin Cash
Bitcoin Cash (also referred to as Bcash) is a cryptocurrency that is a fork of bitcoin. Launched in 2017, Bitcoin Cash is considered an altcoin or spin-off of bitcoin. In November 2018, Bitcoin Cash further split into two separate cryptocurrencies: Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV).
Since its inception, bitcoin users maintained a common set of rules for the cryptocurrency. On 21 July 2017, bitcoin miners implemented a software upgrade known as Bitcoin Improvement Proposal (BIP) 91, which activated the Segregated Witness (SegWit) upgrade at block 477,120. SegWit was a contentious update as it enabled second-layer solutions on bitcoin, such as the Lightning Network.
A group of bitcoin activists, developers, and China-based miners opposed the proposed SegWit upgrades designed to increase bitcoin's capacity; these stakeholders pushed forward alternative plans which would increase the block size limit to eight megabytes through a hard fork. Supporters of a block size increase were more committed to an on-chain medium of exchange function.
In June 2017, hardware manufacturer Bitmain described a proposed hard fork with an increased block size as a "contingency plan" in case the bitcoin community chose to implement SegWit. The same month, the first software implementation was introduced under the name Bitcoin ABC during a conference. In July 2017, the mining pool ViaBTC suggested the name Bitcoin Cash for the fork. Additionally, Roger Ver and other expressed that adopting BIP 91 (which was intended to activate SegWit) appeared to benefit those who viewed bitcoin primarily as a digital investment rather than as means of everyday transactions.
The Bitcoin Cash fork occurred on 1 August 2017, at block 478,559. Up to the previous block (478,558), the bitcoin and Bitcoin Cash blockchains were identical. This means that anyone who owned one bitcoin at the time of the fork automatically owned one unit of Bitcoin Cash. The technical difference between Bitcoin Cash and bitcoin at the time of the fork is that Bitcoin Cash supports larger block sizes. This allows the Bitcoin Cash blockchain to process more transactions per second compared to bitcoin.
Bitcoin Cash was the first of the bitcoin forks, wherein software development teams modified bitcoin's code and released coins with "bitcoin" in their names, effectively creating "money out of thin air." In relation to bitcoin, Bitcoin Cash is variously described as a spin-off, a strand, a product of a hard fork, an offshoot, a clone, a second version, or an altcoin.
In 2017 there were two factions of Bitcoin supporters: those that supported large blocks and those who preferred small blocks. The Bitcoin Cash faction favored the use of its currency as a medium of exchange for commerce, while the bitcoin-supporting faction viewed Bitcoin's primary use as that of a store of value. Bitcoin Cash is sometimes also referred to as Bcash. Bitcoin Cash detractors call the cryptocurrency "Bcash", "Btrash", or "a scam", while its supporters maintain that "it is the pure form of Bitcoin".
On 1 August 2017, Bitcoin Cash began trading at approximately $240, while bitcoin was priced around $2,700. On 20 December 2017, Bitcoin Cash reached an intraday high of $4,355.62. However, by 23 August 2018, its price had declined by 88% to $519.12.
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