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History of Bitcoin Cash
What is Bitcoin Cash? (Video)
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The original Bitcoin cryptocurrency has been forked into Bitcoin Cash. In 2017, Bitcoin Cash was created as a spinoff.
 
On November 7, 2018, Bitcoin Cash split further into two cryptocurrencies: Bitcoin Cash and Bitcoin.

History of Bitcoin Cash

Since its launch, Bitcoin users have maintained a common set of rules for cryptocurrency. On 21 July 2017, bitcoin miners installed a software upgrade called Bitcoin Improvement Proposal (BIP) 91, which enabled the Segregated Witness to upgrade at block 477,120. In a controversial move, Segwit would enable second-layer solutions for bitcoin such as the Lightning Network. A key difference of opinion between Bitcoin users was regarding nodes. It is useful to keep Bitcoin blocks small so that nodes can be operated with fewer resources, while some large block supporters find it acceptable that (due to large block sizes), nodes may only be run by universities, private companies, and nonprofits.

As a result of dissatisfaction with Bitcoin’s proposed SegWit improvement plans, a group of bitcoin activists, developers, and Chinese miners proposed raising the block size limit to eight megabytes through a hard fork. An on-chain exchange function is more popular among those who support a block size increase.

Bitmain describes the hard fork with the increased block size as a “contingency plan” should SegWit be implemented. On that same month’s conference, Bitcoin ABC, the first implementation of the software, was unveiled. ViaBTC proposed the name Bitcoin Cash on July 20. The adoption of BIP 91 (which later enabled SegWit) favored people who desired bitcoin as an investment rather than a transactional currency. Bitcoin Cash was created by a fork in August 2017. Alternate names for bitcoin include spin-offs, forks, strands, offshoots, clones, and version twos.
 
As a result of the fork, anyone who owned bitcoin received the same number of Bitcoin Cash units. A key difference between Bitcoin Cash and Bitcoin is that Bitcoin Cash is able to process more transactions per second due to its larger blockchain blocks. In the first of the Bitcoin forks, software developers modified the original Bitcoin code and released coins called Bitcoin with the name “Bitcoin” in the name, with “the goal of creating money out of thin air”. Bitcoin Cash began trading at about $240 on 1 August 2017 while bitcoin was trading at about $2,700. On 20 December 2017 it reached an intraday high of $4,355.62 and then fell 88% to $519.12 on 23 August 2018.

 

Usage

The cryptocurrency Bitcoin Cash trades on digital currency exchanges under the Bitcoin Cash name and the BCH currency code. Since 26 March 2018, OKEx has removed all Bitcoin Cash trading pairs except for BCH/BTC, BCH/ETH, and BCH/USDT. Bitcoin Cash has about one-tenth of the daily transactions of bitcoin as of May 2018.
 
 The Coinbase platform listed Bitcoin Cash on December 19, 2017, which led to an insider trading investigation. As of August 2018, Bitcoin Cash payments are supported by payment service providers such as BitPay, Coinify and GoCoin.
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How Do Bitcoin Cash and Bitcoin Differ?

  • Transaction processing time limits Bitcoin, which has caused rifts between factions within the bitcoin mining and development communities.
  • A group of bitcoin miners and developers started Bitcoin Cash as a response to concerns over the future of the bitcoin cryptocurrency.
  • Unlike bitcoin, BCH blocks can be up to 32 MB, while bitcoin blocks are typically 1 MB.

FAQ

How Is Bitcoin Cash Used?

Peer-to-peer electronic cash use cases are made possible by Bitcoin Cash, a cryptocurrency that focuses on peer-to-peer exchanges. The wide distribution, the high merchant adoption rate, and the incredibly low fees of Bitcoin Cash enable it to be used in a wide array of economic interactions. Bitcoin Cash is used by people all over the world for things like online shopping, in-person payments, tipping, trading, speculating, social media posting, and crowdfunding.

What is the best place to buy Bitcoin Cash?
Bitcoin Cash is available on all major cryptocurrency exchanges. Many are listed on bitcoincash.org. Local cryptocurrency ATMs or localbitcoin.com are also places to buy Bitcoin Cash.
I would like to earn Bitcoin Cash. How can I do that?
Earning Bitcoin Cash is possible in many ways. If you own a business, you should consider accepting Bitcoin Cash as a payment method. Payment gateways such as prompt.cash, BitPay, and GoCrypto simplify accepting Bitcoin Cash.
 
There are many ways to earn Bitcoin Cash if you’re looking for other ways. Workingforbitcoins.com and coingigs.net are two sites where you can sell your services. Using lazyfox.io, you can become a contributor. You can earn tips if you share on social media via noise.cash. If you write interesting articles on read.cash, you can earn tips as well. Bitcoin Cash can be earned at bitcoincash.site for merchants who onboard new customers.
Is Bitcoin Cash Spendable?
Bitcoin Cash is accepted by thousands of merchants and businesses around the world. You can browse merchants by category on Acceptbitcoin.cash. The Greenpages.cash website also allows you to search for merchants. Merchants can be viewed through a map interface on bitcoin.com or cash-map.org. There are several services and projects that accept Bitcoin Cash at bitcoincash.org.
 
Is Bitcoin Cash a Good Wallet?
Choose a Bitcoin Cash wallet based on your requirements since there are several available. Electron Cash for desktop is widely considered to be the most versatile Bitcoin Cash wallet for power users. According to many Bitcoin Cash users, bitcoin.com’s mobile wallet is the easiest to use. Among the wallets listed by Bitcoincash.org are hardware wallets for enhanced security and multi-coin wallets that are ideal for cryptocurrency users.
 
Before deciding on a wallet, users should try several using small amounts of Bitcoin Cash to determine which one works best for them. Wallet seed phrases should always be backed up.
 

What is Bitcoin Cash?

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