What is cryptocurrency Bitcoin Cash?
Bitcoin Cash is a popular cryptocurrency that was born during a Bitcoin fork on August 1st 2017. BCH is a result of disagreements within the community on how to scale the Bitcoin project. Bitcoin Cash provided a solution by increasing block size to 8MB and it gained traction within the community. After a rather lacklustre start, the price of BCH started to grow and it is now the 2nd most expensive cryptocurrency, after Bitcoin.
Bitcoin Cash to USD – Current Price chart and description
Bitcoin Cash price in the chart is reported in US dollars (Bitcoin Cash to US dollars).
The graph reflects the situation on Coinbase.
How Bitcoin Cash works?
Bitcoin Cash uses the same Proof-of-work algorithm as Bitcoin does, with 10 minute block times. The main difference of Bitcoin Cash from Bitcoin is that BCH uses 8MB block size, whereas Bitcoin still uses 1MB blocks. Other than that, there are really no significant technical differences between the two cryptocurrencies, only ideological ones. Bitcoin Cash founders claim that their project is more in line with Bitcoin creator Satoshi Nakamoto’s vision.
Creators and developers
Bitcoin Cash was created as a result of disagreements about the future developments of Bitcoin. There are four teams working on Bitcoin Cash: BitcoinABC, BUCash, Bitcoin Classic, BitcoinXT. The only developer who has spoken out in public is Amaury Sechet. Other than that, the project is not very transparent. There are several notable supporters of Bitcoin Cash (both the idea of increasing the block size and the split of the cryptocurrency), including investor Roger Ver and entrepreneur Calvin Ayre.
The total supply of Bitcoin Cash is 21,000,000 BCH – same as the original Bitcoin. There are 370 BCH addresses that have an equivalent of more than $10 mln. There are almost 4,000 BCH millionaires in the world. There are over 66,000 addresses that have an equivalent of more than $100,000.
Many popular wallets now support Bitcoin Cash well. It is important to note, that some wallets use the BCH ticker for Bitcoin Cash, while others use BCC. Bitcoin Cash is supported by the following wallets: Ledger, KeepKey, Electron Cash, Bitcoin.com wallet, Trezor, Unit, Coinbase, Exodus, BTC.COM, Mobi, Copay, BitPay, Jaxx, Stash, StrongCoin, WebMoney, Coinomi, Bitcoin India, Melis, CoinSpace, CashAddress, WalletGenerator.net.
Bitcoin Cash uses the same cryptographic algorithm for mining as Bitcoin does – SHA-256. This means that the same specialized equipment used to mine Bitcoin can be used for mining Bitcoin Cash as well. It is possible to use video cards, but it is not profitable and specialized ASIC machines will always be much more efficient.
Bitcoin Cash – future BCH
Bitcoin Cash is a source of controversy within the community. This has not stopped BCH from occupying a top 5 spot in the cryptocurrency capitalization rating. The polarizing cryptocurrency has some strong backers in the face of Roger Ver and is definitely the most successful Bitcoin fork up to date. Bitcoin Cash aims to become the payment coin, whereas Bitcoin has become an equivalent of digital gold – too cumbersome to move (Lightning Network aims to solve this). Bitcoin Cash is focused on cheap and fast transactions, and if they are successful, it may grab market share from its main competitor Bitcoin.