Table of Contents
The History of Bitcoin Cash
The rapidly increasing fees in the Bitcoin network motivated most of its community to look toward creating a hard fork or a second version. The final push for the project took place in July of 2017. The members of the community along with Roger Ver believed that BIP 91 (Bitcoin Improvement Proposal 91) shouldn’t be adopted without increasing the size of blocks in the blockchain. Engineer James Hillard developed the proposal to implement SegWit in a quick and secure manner. However, members of the community believed that this action would hinder Bitcoin’s success as a transactional currency.
Not everyone in the community agreed with the idea to split the cryptocurrency. A group of Bitcoin activists including entrepreneurs, investors and developers, teamed up with miners from China. They were dissatisfied with the SegWit improvement plans which indicated that the block size limit of a blockchain could be increased by removing signature data from Bitcoin transactions.
The Proposed Change
The activists pushed further and proposed a plan for a split that eventually created Bitcoin Cash. The plan was to increase the number of transactions that could be processed by the cryptocurrency by increasing the block size limit to eight megabytes. The developers first proposed the name Bitcoin ABC. However, the adopted name Bitcoin Cash was proposed in July 2017 by mining pool viaBTC. Bitcoin Cash officially began trading on August 1st 2017 at about 240$. At the same time, the original Bitcoin traded at 2 700$.
An Inside Split
Apart from Bitcoin splitting into Bitcoin cash, an internal split within the Bitcoin Cash fork took place as well. Two competing Bitcoin Cash camps led what was described as a “civil war” which resulted in a hard fork chain split. The split took place in November of 2018 when Bitcoin Cash was divided into two rival factions called Bitcoin ABC and Bitcoin SV. Bitcoin ABC is led by entrepreneur Roger Ver along with Jihan WU of Bitman. Bitcoin ABC stands for Adjustable Blocksize Cap and its goal is to maintain the block size at 32MB. On the other hand, Bitcoin SV is led by Craig Steven Wright and Calvin Arye who are using a software version called Bitcoin Satoshi’s Vision that would increase the block size limit up to 128 MB.
Specifications of Bitcoin Cash
|Date of Release||1 August 2017|
|Consensus mechanism||Proof of Work|
|Average Block Time||10 Minutes|
|Mining / Staking reward||12.5 BTC|
|Average blocksize||120 Kb|
|Next Block Halving||2020|
The Price of Bitcoin Cash
Unique Aspects of Bitcoin Cash
The Bitcoin Cash cryptocurrency is widely available nowadays. Even though it was initially met with resistance, Bitcoin Cash is now used worldwide and Bitcoin Cash payments are supported by several payment service providers including BitPay, GoCoin, and Coinify.
Bitcoin Cash was not accepted by everyone in the Bitcoin community. Bitcoin supporters were split into those who supported large blocks on one side and those who prefer small blocks on the other side. The debate has subdued in the meantime and Bitcoin Cash is currently settled in the CoinMarketCap top 5.
Why Use Bitcoin Cash?
Bitcoin Cash is becoming adopted in all parts of the world. Many businesses are starting to leverage the benefits of accepting Bitcoin Cash, including very low fees (a single transaction costs less than a penny) and no chargebacks by credit card providers. This rapid implementation will allow the currency to grow and expand further.
A Talented Team
A team of talented and professional developers stands behind Bitcoin Cash, promising a brighter future with more innovative developments. The team is already working on improving the Bitcoin Cash block sizes with the goal to create one of the best cryptocurrency networks in the world.
A Decentralized System
Let’s not forget that Bitcoin Cash is also a decentralized network, which means it is not influenced by political or social factors whatsoever. Bitcoin Cash also offers much faster transactions by allowing more transactions to happen per second. While Bitcoin can implement 7 transactions per second, Bitcoin Cash can push out 61.