Bitcoin Cash (BCH)

0.02836379 BTC
$ 96.67 USD
-5.96 %

Bitcoin Cash News

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About Bitcoin Cash
Bitcoin Cash Price
What is Bitcoin Cash?
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Bitcoin Cash Price

$ 96.67 USD
0.02836379 BTC
24hr Volume
$ 65,900,645.99 USD
Market Cap
$ 1,692,493,556.00 USD
1 Hour Change
-0.17 %
24 Hour Change
-5.96 %
7 Day Change
-15.8 %

What is Bitcoin Cash?

Bitcoin Cash (BCH) is a cryptocurrency created by a hard fork of the Bitcoin blockchain on August 1st, 2017. All Bitcoin addresses with Bitcoin in them at the time of the fork automatically received an equivalent amount of Bitcoin Cash on the BCH blockchain. Bitcoin Cash is known informally as BCash. Its aim was to address some of the perceived shortcomings with the Bitcoin Core software to allow for faster and cheaper transactions. The official Bitcoin Cash website is here.

Bitcoin Cash is similar to Bitcoin (BTC) in that it’s a decentralized digital currency that removes the need for trusted third-parties from financial transactions. All transactions are recorded and validated on a public ledger maintained by a network of independent operators, known as miners. The result is peer-to-peer transfers of wealth without the involvement of governments or financial institutions.

Bitcoin Cash vs Bitcoin

As Bitcoin grew in popularity, it attracted a community of critics dissatisfied with its scalability and transaction processing speed. Bitcoin transactions are processed in blocks, which are then added to the blockchain. Initially, the block was capped at a 1MB capacity to reduce the chances of a theoretical attack vector. Over time, however, the block limit proved inadequate to process the growing number of Bitcoin transactions, causing slow confirmation speeds and a rise in transaction fees. To expedite transactions, a person sending Bitcoin must opt for a higher fee to get priority status in the mempool. Mempool is a list of pending transactions waiting to join a block.

Frustration grew over time among the Bitcoin Core community as it debated ways to solve the Bitcoin scaling problem. The group that would create Bitcoin Cash favored increasing the block size to 8MB. Ultimately, this is what they did.

The Bitcoin Core group believes that major changes to Bitcoin should be through consensus. Given the amount of disagreement concerning increasing the block size, Bitcoin Core ultimately opposed the change and hence precipitated the creation of Bitcoin Cash.

Bitcoin Core did, however, incorporate Segregated Witness, which reduces the size of transactions by removing signature data from the transaction data stored in each block.

Bitcoin Cash includes Segregated Witness technology as well as the 8MB block size.

Bitcoin Cash Ledger

The Bitcoin Cash Ledger is an exact copy of the original Bitcoin ledger up until the moment of forking on August 1st, 2017. After this date, all transactions became distinct from the Bitcoin Core network. Bitcoin Cash features its own developer community, code base and set of rules.

Roger Ver

Roger Ver, known as Bitcoin Jesus for his early Bitcoin evangelism, is a key supporter of Bitcoin Cash.

Bitcoin Cash Features

Top Bitcoin Cash features include:
  • 8MB block size capacity that translates to faster confirmations and lower transaction fees

  • Incorporation of Emergency Difficulty Adjustment (EDA) intended to inspire Bitcoin miners to move to the Bitcoin Cash network and provide security against unexpected fluxes in hash rate

  • Use of the updated Sign Hash Algorithm that can’t be used on the original Bitcoin blockchain thus minimizing possible replay attacks

  • Bitcoin Cash is decentralized software maintained by independent programmers. Bitcoin Core, however, relies solely on one development team

How is Bitcoin Cash Different?

  • Transaction speed: With an increased block size ceiling from 1MB to 8MBs, Bitcoin Cash blocks can now process more transactions. This means faster payments.

  • Transaction fees: Unlike Bitcoin Core, where transaction processing fees skyrocketed to $30-50 in late December 2017, Bitcoin Cash regularly has very low transaction fees below the $1-dollar mark.

  • Scalability: Bitcoin Core is artificially capped to a 1MB ceiling limit and thus the block size can’t be increased due to personal interests. However, Bitcoin Cash offers room for more growth.

  • Secure development: Bitcoin Cash relies on a network of independent programmers, whereas Bitcoin Core depends on a single group to maintain the Bitcoin software.

  • Proof type: Bitcoin Cash uses the Proof-of-work (PoW) consensus algorithm to solve the validity and validate a block before it can be added to the chain.

Bitcoin Cash Mining

Mining BCH involves solving a complex algorithm to verify that all associated transactions are valid before adding a new block to the chain. In the Bitcoin Cash network, miners need a lot of computational power to solve the algorithm. Transactions that are yet to be validated are grouped together in a cryptographically-proofed block. Miners or computers on the Bitcoin Cash network combine their computational power into mining pools to try and solve the algorithm and get the resulting reward, which is paid in Bitcoin Cash. Once the block is added to the chain, each miner receives their BCH reward based on their hashing power.

2018 Roadmap

The 2018 roadmap for Bitcoin Cash looks promising. With more acceptance as an independent cryptocurrency, it is being adopted by major digital currency exchanges. Both Bitcoin Cash and Bitcoin Core remain in wide use, and it’s unclear to what extent Bitcoin Cash will ultimately threaten Bitcoin’s reign as the most popular digital currency. Bitcoin Cash also faces tough competition from new digital currencies such as IOTA that address the scaling and fee issues with new approaches.

Bitcoin Cash 2017

Since the introduction of EDA algorithm in Bitcoin cash network, mining difficulty varied rapidly and the most lucrative chain to mine kept shifting between Bitcoin Cash and Bitcoin Core. A fix to the hash rate fluctuation was implemented on November 13th, 2017. This meant that EDA algorithm was replaced with a DAA (Difficulty adjustment algorithm) that aimed to stop extreme fluctuations in difficulty while allowing the Bitcoin Cash network to cope quickly with hash rate changes.

Bitcoin Cash Purpose

Per its development team, Bitcoin Cash’s goal is to restore the original purpose of Bitcoin (a peer-to-peer money transfer system) while allowing for scaling even as the demand grows. Its success will depend on enabling fast and low-cost transactions.


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