Bitcoin Cash Price
What is Bitcoin Cash?
Bitcoin Cash (BCH) is arguably one of the most popular Bitcoin spinoffs, resulting from a hard fork of the original Bitcoin protocol.
After a large number of Bitcoin miners grew increasingly frustrated with the slow speed and increased fees for transactions during the bull market of 2017, a fraction of Bitcoin developers and supporters proposed an upgrade to the original Bitcoin code.
The solution entailed an increase of transaction block size from 1Mb to 8Mb, allowing more transactions to be verified with each block confirmation. To accommodate this need, the Bitcoin blockchain was split in August 2017, giving birth to an entirely new coin - Bitcoin Cash (BCH).
During the moment of the network split, every Bitcoin holder received BCH coins in a 1:1 ratio to their Bitcoin holdings. Upon its release, the price of Bitcoin Cash was valued at $510 USD, which added considerable value to Bitcoin holder’s portfolios. To this day, the forking event remains one of the most rewarding opportunities for Bitcoin investors, and there have been many attempts to recreate it.
How Bitcoin Cash works
Being a “clone” of Bitcoin, Bitcoin Cash functions quite similarly to its parent cryptocurrency. It even shares the same whitepaper.
Bitcoin Cash is based on blockchain technology and operates as a peer-to-peer digital payment system. Users can exchange value by transacting BCH on the network in a decentralized and permissionless manner.
Transactions are validated through a Proof-of-Work (PoW) consensus mechanism, which is similar to the way Bitcoin operates. Miners compete with each other by solving complex mathematical puzzles that represent the transactions of each block and the winner that solves the problem receives newly minted BCH.
It’s worth noting that, similar to Bitcoin, mining rewards on the Bitcoin Cash network are reduced by 50% every 4 years, lowering the number of coins put into circulation.
Bitcoin Cash Features
Bitcoin Cash is unique in many ways:
Larger block size - At first, the block size was supposed to be limited to 8Mb. However, later updates increased this size to 32Mb. As a result, miners can add more transactions to a block, which makes them cheaper and faster to process.
No SegWit or Lightning Network - the BCH network doesn’t support scalability upgrades other than the block size increase.
Faster mining difficulty adjustment - the difficulty of the mining algorithm adapts faster as more miners join or leave the network.
The increased block size of the BCH blockchain results in a much larger blockchain database. This can be seen as a drawback by some, as running a node and storing a copy of the ledger can become extremely expensive.
Who invented Bitcoin Cash?
One of the main instigators and supporters of the Bitcoin Cash fork is Roger Ver. The prominent businessman entered the cryptocurrency industry as early as 2011, by investing in BitInstant, one of the earliest exchange platforms. His initial success allowed him to invest in multiple cryptocurrency startups such as Ripple, BitPay, and Kraken.
He was one of the main proponents of Bitcoin Cash’s large block size, using his clout to get support from the developer community and mining businesses. To seal the deal, Chinese mining giant Bitmain showed support towards Ver, and the fork became a reality.
At that point, Ver shifted all of his marketing efforts towards promoting Bitcoin Cash. To this end, he purchased the domain bitcoin.com (as opposed to Bitcoin’s bitcoin.org), where he still serves as chairman.
Bitcoin Cash price today
Cryptocurrencies are volatile assets of speculative nature. Therefore, it is important to track the current Bitcoin Cash price when navigating the markets.
For this reason, Paybis provides you with a concise Bitcoin Cash price chart that allows for clear visualization of the Bitcoin Cash price live.
Thanks to the Bitcoin Cash chart, you can review important benchmarks such as the Bitcoin cash price in USD or other FIAT currencies (45+).
Additionally, you can view the Bitcoin Cash price today and check its historical performance by selecting different timeframes, ranging from 1 hour and up to 3 years.
