Bitcoin Cash (BCH)
What Is Bitcoin Cash (BCH)?
Bitcoin Cash (BCH) is a peer-to-peer electronic cash system that aims to become sound global money with fast payments, micro fees, privacy and larger block size. As a permissionless, decentralized cryptocurrency, Bitcoin Cash requires no trusted third parties. Bitcoin Cash was created as an alternative to the first and most valuable cryptocurrency — Bitcoin (BTC). In 2017, BCH developers modified the BTC code, releasing their software version and a full-fledged competitive product, which split Bitcoin into two blockchains: Bitcoin and Bitcoin Cash. Bitcoin Cash is a result of a hard fork in the blockchain due to differences in the community over Bitcoin scaling and the SegWit upgrade. Moreover, another hard fork, which divided Bitcoin Cash into two parts, Bitcoin ABC and Bitcoin SV, took place in the fall of 2018. The scaling debate involved two sides: small block supporters opposed increasing block size as it could lead to blockchain centralization and vulnerability by making it harder to host full nodes. Large block supporters, however, advocated for a faster solution, concerned that rising transaction fees could hinder growth.
Who Are the Founders of Bitcoin Cash (BCH)?
Satoshi Nakamoto, an anonymous creator of Bitcoin, published the coin’s whitepaper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System” in 2008. In 2009, the first Bitcoin software that powered the blockchain, went live. The fees were low and the transactions were reliable for several years. However, by 2016, as the popularity of Bitcoin increased, the number of transactions on its network grew, leading to slow processing times and higher fees. Mining hardware manufacturer Bitmain proposed the hard fork for increasing the block size limit to allow more transactions per block, which went live on August 1, 2017, resulting in the creation of Bitcoin Cash. It received support from some in the Bitcoin community, like Roger Ver. Since its inception, Bitcoin Cash has experienced its own set of challenges and milestones. One notable event was another hard fork in November 2018, which led to the creation of Bitcoin SV (BSV), a separate cryptocurrency. The split was caused by disagreements within the Bitcoin Cash community regarding proposed changes to the protocol. As a result, two competing implementations emerged - Bitcoin ABC and Bitcoin SV - with the former continuing as Bitcoin Cash and the latter becoming its own distinct cryptocurrency.
How Does Bitcoin Cash (BCH) Work?
Due to the larger block size, Bitcoin Cash (BCH) works faster and has lower transaction fees. Furthermore, Bitcoin Cash supports smart contracts and ecosystem apps. With a limited total supply of 21 million coins, Bitcoin Cash is provably scarce and, like physical cash, can be easily spent. Transactions are fast, with fees typically less than a tenth of a cent. Bitcoin Cash has various use cases. In addition to peer-to-peer payments between individuals, Bitcoin Cash can be used to pay participating merchants for goods and services in-store and online. Low fees enable new micro-transaction economies, such as tipping content creators and rewarding app users a few cents. Bitcoin Cash also reduces the expenses and settlement times for remittances and cross-border trade. Other use cases include tokens, simplified smart contracts, and private payments with tools such as CashShuffle and CashFusion.
How Does Bitcoin Cash Differ From Bitcoin?
Bitcoin Cash was considered by some supporters to be the legitimate continuation of Satoshi Nakamoto’s vision of Bitcoin as a peer-to-peer electronic cash. All Bitcoin holders at the time of the fork (block 478,558) automatically became owners of Bitcoin Cash. From a technical perspective, Bitcoin Cash is similar to the Bitcoin algorithm. Namely: both projects have a hard cap of 21 million coins and also use Proof-of-Work (PoW) consensus framework and nodes to verify transactions. Unlike Bitcoin (BTC), Bitcoin Cash aims to scale to meet the demands of a global payment system. At the time of the split, the Bitcoin Cash block size was increased from 1MB to 8MB. An increased block size means Bitcoin Cash can now handle significantly more transactions per second (TPS) while keeping fees extremely low, solving the issues of payment delays and high fees experienced by some users on the Bitcoin BTC network. As of 2023, Bitcoin Cash has a block size of 32MB, compared to Bitcoin’s block size of 1MB.
How Many Bitcoin Cash (BCH) Coins Are There in Circulation?
As with Bitcoin, the maximum supply of Bitcoin Cash has a hard cap of 21 million coins. The circulating supply as of May 2023 is 19,387,119 BCH.
How Is Bitcoin Cash (BCH) Secured?
As with Bitcoin, Bitcoin Cash is secured by a Proof-of-Work (PoW) consensus mechanism, where miners solve computationally intensive puzzles to validate transactions and create new blocks.
What tools does Nimbus offer for effortlessly monitoring Bitcoin Cash?
Nimbus provides a user-friendly tracking solution equipped with intuitive tools to monitor Bitcoin Cash effortlessly. These tools are specifically designed for user convenience, allowing individuals to stay seamlessly updated on the latest trends, prices, and information related to Bitcoin Cash. Users can also explore the world of cryptocurrency effortlessly while simultaneously tracking Bitcoin Cash prices. The platform also offers insights into profit and loss, providing a comprehensive experience without the complexity typically associated with monitoring cryptocurrencies.
How does Nimbus enable tracking Bitcoin Cash prices with profit and loss?
Nimbus facilitates the tracking of Bitcoin Cash prices with profit and loss through seamless integration with your crypto wallet for portfolio monitoring. By connecting with your crypto wallet, Nimbus provides a clear and comprehensive overview of various metrics, including profits, losses, revenue, expenses, return on investment (ROI), and other essential financial indicators. This integration ensures that users can analyze their cryptocurrency portfolio with precision, gaining valuable insights into their financial performance. With Nimbus, users can navigate the cryptocurrency landscape with a perfect blend of simplicity and sophistication, enhancing their ability to make informed investment decisions.
How does Nimbus analyze Bitcoin Cash, and what insights does it provide?
Certainly! Nimbus possesses a robust analysis tool that is adept at evaluating and interpreting Bitcoin Cash . The tool employs diverse strategies, including delving into metadata details, tracking marketplace data, and calculating performance metrics such as Return on Investment (ROI). Through these methodologies, Nimbus provides users with valuable insights into the composition and performance of their Bitcoin Cash. Users can gain a comprehensive understanding of their investment. The analysis tool ensures that users are equipped with the necessary information to navigate the cryptocurrency landscape with confidence and intelligence.
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BCH Market Statistics
Price USD
$376.85Market Cap
$7,438,341,151.66Total Volume USD
$219,529,570.76Total Supply
19,738,262.50 BCHCirculating Supply
19,738,262.50 BCHFully Diluted Market Cap
$7,913,825,453.73Socials
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