Bitcoin Cash

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Bitcoin Cash is a cryptocurrency. In mid-2017, a group of developers wanting to increase bitcoin block size limit prepared a code change. The change, called a hard fork, took effect on August 1, 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two. At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units.

Video Bitcoin Cash

Description

Bitcoin Cash is also referred to as Bcash. In relation to bitcoin it is characterized variously as a spin-off, a strand, a product of a hard fork, an offshoot, or an altcoin.

Maps Bitcoin Cash

History

By 2016, Bitcoin's block size limit had created a bottleneck resulting in increasing transaction fees and delayed processing of transactions that could not fit into a block. This situation contributed to a push by some in the community to create a hard fork to increase the blocksize.

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 and devised a plan to increase the number of transactions its ledger can process by increasing the block size limit to eight megabytes.

In June 2017, Bitmain took leadership and formally announced a plan for the hard fork, then named Bitcoin UAHF (User Activated Hard Fork). It garnered community support and was later renamed Bitcoin Cash.

When Bitcoin Cash launched in early August, Bitcoin holders received one Bitcoin Cash token for each Bitcoin they held. 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.

Bitcoin Cash: What is it? | SatoshiSolutions

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Exchanges

Bitcoin cash trades on digital currency exchanges including Coinbase, Gemini, and Kraken.

As of May 2018, daily transaction numbers for bitcoin cash are about one-tenth of those of bitcoin. In March 2018, OKEx cryptocurrency exchange stopped trading Bitcoin Cash referring to "inadequate liquidity".