Symbol – BCH
What is Bitcoin Cash ?
Bitcoin Cash is a forked cryptocurrency of Bitcoin, which uses a different technology to make transactions faster.
Bitcoin Cash Definition
Since the beginning of Bitcoin, the crypto-community has been talking about technical limitations of this cryptocurrency. Especially the long transaction processing times causes a limitation of bitcoin’s potential. To solve this problem, the Bitcoin-community discussed two solutions: “segregated witness” and the “enlargement of blocks”. “Segregated witness” solves the problem of long transaction-times by a code adjustment designed to free up “transaction-space” (block-space) by removing certain parts of the transaction. The “enlargement of blocks”-solution increases the “transaction-space” (block size) of the classical Bitcoin from 1 MB to 8 MB. Due to disagreements in the Bitcoin community, it was not possible to agree on one solution. That’s why “Bitcoin Cash” was created in August 2017 as a fork of “Bitcoin Classic” with the solution of the “enlargement of blocks”.
History – Bitcoin Cash Info
Founded: 2017 by a part of the bitcoin-community
– August 2017: Bitcoin splits into two versions: Bitcoin (SegWit) and Bitcoin Cash (bigger blocks)
– 19. August 2017: BCH reached a price of $700
– 10. November 2017: BCH exceeded a price of $1000
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