Bitcoin Cash was launched on August 1 2017 as a protest by a group of Bitcoin developers who were not satisfied with the Segregated Witness feature that was added to Bitcoin. Bitcoin’s ticker symbol is BCH as a result of this fork. In this article, we’ll share some facts about Bitcoin Cash.
1. Bitcoin Cash is a direct fork
Bitcoin Cash is a direct fork of Bitcoin. This means it is basically a duplicate of Bitcoin’s blockchain at the moment of the ‘fork’. Essentially, the blockchain ledger and the cryptocurrency was split into two – giving people who had Bitcoin at the time of the fork, an equal value of Bitcoin Cash.
2. Peak Price of Bitcoin Cash
After the fork, Bitcoin Cash grew in popularity largely due to the support of its developer community. Bitcoin Cash’s price peaked on December 20, 2017, at a price of $4,355(according to CoinMarketCap) and so far hasn’t been able to match the adoption level of its senior, Bitcoin.
3. Larger Block Size
Bitcoin Cash was tweaked to implement a block size increase to 8MB. The original Bitcoin’s blocks can only contain 1MB of data. The purpose of this was to allow blocks on Bitcoin Cash hold more data and in turn support lower fees and reduced difficulty in mining.
4. Lower Transaction Fees
Like was stated above, Bitcoin Cash’s block size allows more data to be transferred on the Bitcoin Cash blockchain. This makes it easier and faster to transfer Bitcoin Cash from one wallet to another, thereby reducing transfer fees. The larger block size implementation, however, doesn’t really solve the problem – if Bitcoin Cash was adopted more, it will eventually reach a gridlock and transfer fees would be higher.
5. True Decentralisation
Bitcoin Cash was developed and is being maintained by several development teams around the world. This is the opposite of Bitcoin which has lopsided development teams controlling most of the blockchain and making pivotal decisions on the future of the cryptocurrency.
6. Different Hash
To prevent transactions duplicating from Bitcoin and occurring on Bitcoin Cash’s blockchain, BCH uses a different hash to sign off each transaction. This prevents someone from transferring Bitcoin to Bitcoin Cash and vice versa.