Bitcoin Cash (BCH)

The exchange rate of one BCH at 15:45 UTC is 486.9$

Chart | Average rate

At the very beginning of its existence, the Bitcoin electronic currency was considered decentralized. Users could conduct transactions quickly and almost free of charge. But after some time, a scalability problem arose that had to be solved. As a result, the team of the project creators split up, and a branch (hard-fork) called “Bitcoin Cash” emerged.

This currency is an improved version of Bitcoin, formed on the basis of its blockchain code; the changes concerned the elimination of the scalability problem.

Major updates

1. Increasing the dimensions of the block.

2. The degree of mining difficulty has changed.

3. Additional tools for transfer protection.

This completely new technology attracted the attention of investors in a short time. Also, aggressive promotion only helped the promotion of the project. To date, Bitcoin Cash has firmly entered the top five cryptocurrencies, at the same time there is a huge capitalization and a large cost.

Review

A solid fourth place among the best cryptocurrencies in 2019. More than 7.89 billion US dollars, the price of one Bitcoin Cash is more than 454 US dollars. During the day, the volume of trading reached 404 million dollars. The total issue amounted to 21.000.000 BCH, 17.367.038 coins are freely available on the exchange market.

Bitcoin split

There was a conflict in the community of the original Bitcoin at the moment when a positive trend in the trading of digital assets began to appear; the price of transactions received a steady increase and the speed of operations fell noticeably due to the increased demand. To solve this significant problem, some members of the BTC community have proposed improving the system protocol and installing the new SegWit2x technology. In these enhancements, some of the Blockchain signatures and other secondary information would be removed. This would help increase the throughput of the Bitcoin system. These measures would increase the efficiency many times over and the system could get a new life. This way to change Bitcoin for the better and launch the SegWit2x system has found support among most of the miners scattered in Chinese territory. This would greatly increase the income from cryptocurrency mining. But a large mining pool and some of the developers insisted on splitting Bitcoin. The society could not agree and split. And so a new cryptocurrency based on Blockchain Bitcoin appeared, and it became known as “Bitcoin Cash”.

Way up

Since its inception, the Bitcoin Cash cryptocurrency has gained serious popularity. The support of large corporations and aggressive promotion policies has greatly contributed to its growth in price. Immediately after going on sale, this asset was promoted by the main well-known exchange platforms and blockchain projects announced interaction. Reviews of open opponents who did not want to cooperate with this currency could hardly affect the future successful development. An important factor in the rapid start and further growth of Bitcoin Cash was the participation of most popular multi-currency Internet wallets and loud announcements about the emergence of an original and perfect coin, which is based on BTC. At the same time, the information spread as much as possible that any user who owns even a small amount of bitcoin receives a free Bitcoin Cash currency. These accruals are carried out on a one-to-one basis. A huge number of investors decided to take advantage of this event, those who decided to support the fork. As a result, the demand for Bitcoin before the start of Bitcoin Cash increased fantastically. Everyone wanted to get their share of BCH. And on 08/01/2017, the Bitcoin Cash currency appeared on free sale on almost all major exchanges. Everyone thought that this asset would become very popular, at least in the first time after the release, but already on 08/02/2017, the price for one BCH coin reached $1,300, and settled in third place in the rating. Such a trend lasted for a very short time, only until the exchanges established the ability to withdraw this coin from their platforms. Traders who invested in this cryptocurrency decided to withdraw funds from the sites, and after one day, the cost of BCH dropped to $250. This was the starting point for a steady rise in the price of Bitcoin Cash. There were no sharp jumps until the end of December, when this asset began to be pumped with interest, including the developers of this coin.

What is the difference between BCH and BTC?

These cryptocurrencies have the same structure. These two coins are based on the same Blockchain code. But BCH still has small differences. The main feature that distinguishes Bitcoin Cash from Bitcoin is the increased dimensions of the system block. The BTC block size is 2 MB. This allowed the system to maintain holistic decentralization for a long time, but during the busy volume of transactions, often the processing time for just one operation reaches 1-2 days.

Pros and cons of Bitcoin Cash

Pros:

- Increased dimensions of the block

Initially, the block was increased to 8 MB. This helped bring transactions faster than the Bitcoin networks. More recently, work has been done and the blocks have increased to 32 MB, so the network bandwidth has been increased. If necessary, this procedure can be repeated, and more than once, which means that there will be no more “slowed down” transactions.

- New transactions

All monetary transactions are more reliably protected, methods of signing the value at the entrance are involved, thereby improving the protection of the storage and eliminating quadratic hashing. It is also possible for users to sign separate amounts for transactions.

- More serious security

Bitcoin Cash is securely protected from erasure and replay attacks. The level of protection in the BCH network changes many times faster than Bitcoin.