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Bitcoin Cash

Bitcoin Cash

Bitcoin Cash is a peer-to-peer electronic cash hard-forked from the Bitcoin blockchain.

Overview

Bitcoin Cash functions as peer-to-peer electronic "cash." It is a cryptocurrency hard-forked from the Bitcoin blockchain, meaning that Bitcoin Cash is a community-activated update to the protocol or code. The service allows merchants and users to access low fees and definite confirmations in transactions.

Key features

The platform's key features include on-chain scalability, sighash flag type for secured transactions, responsive proof-of-work difficulty adjustment algorithm (DAA), and decentralized development. The distributed timestamp server operates on a peer-to-peer basis, and was designed to be similar to Adam Back's Hashcash. Majority decisions are represented by the longest chain with the best proof-of-work effort invested in it. However, it is possible to verify payments without running a full network node. Bitcoin Cash is designed to rely on trust to provide electronic transactions.

Bitcoin Cash is represented by the ticker symbol BCH. The currency was forked into Bitcoin SV and Bitcoin ABC, and eventually Bitcoin ABC grew to be the dominant chain with more hash power and a majority of nodes on the network.

Benefits for merchants

According to Bitcoin Cash, merchants can benefit from using the platform in the following ways:

  • Low fees: The network fee for an average Bitcoin Cash transaction amounts to less than one penny. Additionally, If users wish to convert BCH into fiat currency such as US dollars, they can do so through merchant processors for a significantly lower cost than credit card processing.
  • No chargebacks: Unlike credit cards, Bitcoin Cash does not feature automatic voids, refunds, chargebacks, or any other extra fees. Fraud protection is integrated into the system at no cost to the merchant.
  • Free marketing and press: By utilizing Bitcoin Cash, merchants can gain free listings in website and app directories and potentially attract more customers. In addition, they can take advantage of the cryptocurrency trend to generate press for their business.

Timeline

December 20, 2017
Bitcoin Cash trading begins on Coinbase

Bitcoin Cash is added to the cryptocurrency exchange Coinbase.

August 2, 2017
The Bitcoin network forks into Bitcoin (BTC) and Bitcoin cash (BCH)

The controversial hardfork of Bitcoin and Bitcoin Cash into two separate blockchains occurs on block 478558. The split results from an inability of the Bitcoin community to resolve debates over a proposed increase to the 1megabyte limit on the maximum block size. Bitcoin Cash increases the block limit to 8MB and removes segregated witness.

2017
Bitcoin Cash was founded by Satoshi Nakamoto.

Products

Patents

Further Resources

Title
Author
Link
Type
Date

Bitcoin Cash explained: What it is and how it works

Web

April 13, 2021

Bitcoin vs. Bitcoin Cash: What Is the Difference?

Nathan Reiff

Web

August 4, 2017

Bitcoin: A Peer-to-Peer Electronic Cash System

Satoshi Nakamoto

The Bitcoin Cash Story

Jordan Clifford

Web

June 8, 2018

News

Title
Author
Date
Publisher
Description
October 7, 2021
The Economic Times
The price of Shiba Inu has rallied over 325 per cent in the last week, making its way into the top 15 tokens ahead of Algoran, Bitcoin Cash and Stellar. Its fully diluted market cap now stands at $30.07 billion.
Omar Faridi
June 3, 2021
Crowdfund Insider
Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), DogeCoin (DOGE) payments will be accepted by Perk Hero via BitPay.
May 14, 2021
Gizmodo Australia
Australian man Craig Wright, who claims he invented Bitcoin, has filed a $7 billion lawsuit over the cryptocurrency.
Reuters
May 13, 2021
the Guardian
Computer scientist demands 16 software developers give access to 111,000 bitcoins in case one defendant has called 'bogus'
Omar Faridi
May 3, 2021
Crowdfund Insider
Blockchain.com explains difference between its non-custodial & trading digital asset wallets. Company's wallet supports 11 major cryptos.
SHOW MORE

References

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