Cryptocurrency: Bitcoin Cash (BCH)
Official Website: https://www.bitcoincash.org/
What is Bitcoin Cash?
The popularity of Bitcoin grew so fast over the course of 2017 that the network encountered problems with scalability. This increased activity congested the network and increased the transaction costs leading to the community developing solutions. Bitcoin Cash is one of the solutions proposed.
Bitcoin Cash is a Hardfork of the Bitcoin network, created as an improvement on its short comings. The fork took place when the community's consensus on the vision and direction of the network split which created a vote between the miners. Both ideas proposed gained enough votes and support to proceed. It’s designed as a Peer-to-Peer (P2P) electronic cash system for use as a form of payment. The network is permission-less and decentralised that requires no trusted third party or centralised bank. Bitcoin Cash is cheaper and faster to send than Bitcoin with a greater commercial use.
All Time High
Average Block Time
9m 48s (10m Target)
CPU, GPU, FPGA & ASIC
Social Media Statistics
Telegram Group Users
As with Bitcoin, the Bitcoin Cash network is not developed by just one team but a community of developers improving the open-sourced network for the innovation of the industry. Any individual can submit code to be peer reviewed. The major development groups include Bitcoin ABC, Bitcoin Unlimited, Bitcoin XT and Bitcoin SV which has now deviated from the Bitcoin Cash network through a hardfork on the 15th November 2018.
Bitcoin ABC is a very vocal development group that have rolled out full node implementations of the Bitcoin Cash protocol. Many exchanges and other projects see them as the main developers of the network and seek guidance from them for future upgrades. Bitcoin ABC have a strong focus to create stable money that is used globally in order to drive freedom and prosperity by helping to lead the Bitcoin Cash protocol development, open and collaboratively.
Bitcoin Unlimited is a smaller group of developers that believe scaling the network can come from ongoing increases to the block size. Though this will work to help scale the network, many have thought that increasing on-chain scaling solutions could increase the network difficulty and bandwidth needed greatly.
Bitcoincash.org details a roadmap on their website of all completed, underway and planned technical improvements to the network. This roadmap is intended to provide high-level direction to allow the different technical teams to work together for the advancement of the Bitcoin Cash network. The technical improvements the developers are hoping to achieve are broken down into three main categories.
- Enabling Bitcoin Cash to scale from 100tx/s to over 5,000,000tx/s
- Instant and reliable payment experience secure within three seconds.
- Extensible protocol for less disruptive improvements and allows developers and business to build on
Scaling the Network
The Bitcoin Cash protocol increased the block size from 1MB up to 32MB to speed up transactions by allowing more in one block. Every transaction signature on the Bitcoin network is excluded where as it is added on Bitcoin Cash. The Bitcoin Cash network is trying to scale by including on-chain transactions and ongoing increases to block size as necessary. The team’s roadmap shows further developments to include an adaptive block size. This block size would change depending on the growth of the market and suggests a 1TB block in the future.
What is a Hardfork?
A hardfork refers to an intense change to the underlying protocol and is an irreversible divergence from the previous blockchain. This creates two identical chains up to the event of the fork in which both continue along their respective blocks according to the protocols. Any nodes or users that wish to follow the new protocol and chain will need to update to the latest version as the old is incompatible.
A hardfork is the only way to update the Bitcoin software by changing the underlying protocol. Due to the nature of a hardfork, a division can be created in the community as developers and teams believe their versions will help improve and innovate the network. The Bitcoin Cash hardfork was implemented after previous attempts to speed up the Bitcoin network failed.
Another major hardfork occurred on the 15 November 2018, when 2 opposing developers proposed plans to scale the BCH network. The two groups composed of Bitcoin ABC (BCH) and Bitcoin Satoshi’s Vision (BSV) fought over the direction of the network. Bitcoin ABC proposed the network kept the same basic structure with increases to the block size and minimising transaction costs as depicted through their roadmap. Bitcoin Satoshi’s Vision refers to the Bitcoin whitepaper to reinstate original protocols and increasing the block size from 32MB to 128MB for greater capacity and ability to scale.
The mining functionality in Bitcoin Cash is very similar to the Bitcoin network. The miners solve mathematical equations, mark transactions as genuine and are responsible for new coins and tokens entering the circulation. The miners earn the exact same reward as those on the Bitcoin network, which is currently 12.5 BCH plus the mining fees. This reward is due to half every 4 years, the same as Bitcoin. The bigger blocks in Bitcoin Cash require greater computing power to solve which in turn requires more specialist and powerful mining equipment to compete. The difficulty of the mathematical equation on the Bitcoin Cash network adjusts every 600 seconds to respond to current miner activity.
Where to Store Bitcoin Cash
Bitcoincash.org provides many different wallets through their site for the storage of Bitcoin Cash. You can find Mobile, Desktop, Hardware and Paper wallets from over 21 different providers all featured on the site. Most of these wallets are unofficial and developed by the community to improve and provide services on the open-source network.
Where to Buy Bitcoin Cash
You can head over to our platform to buy Bitcoin Cash choosing from eight currencies.
Bitcoin Cash is still a relatively new cryptocurrency to the market becoming its own blockchain back in 2017. Introduced as a solution to the scaling issues experienced by the Bitcoin network, the coin was designed for commercial use so businesses could accept payments in cryptocurrency. The coin has still not completely addressed the scaling issue and the community is split on the best solution as depicted through the most recent fork. Ongoing upgrades are scheduled for the network, but the project still has much development before it can scale to handle mainstream adoption.
Bitcoin Cash Resources
Bitcoin Cash Website: https://www.bitcoincash.org/
Bitcoin Cash Explorer: https://explorer.bitcoin.com/bch
Bitcoin Cash GitHub: https://github.com/bitcoincashorg/bitcoincash.org
Bitcoin Whitepaper: https://www.bitcoincash.org/bitcoin.pdf
Bitcoin Cash Talk: https://bitcoincashtalk.org/