Bitcoin Cash (BCH) – What You Really Need to Know

Written by Adolph Obasogie - Reviewed by Coin Review Team

Published: May 10, 2018 | Last Updated: Mar 14, 2019

2024-12-09T15:25:17+00:00

What is Bitcoin Cash?

Bitcoin Cash is a fork of Bitcoin. The fork occurred on the 01. August 2017. Bitcoin Cash increased the block size to 8MB and BCH uses a different difficulty adjustment, as well as different transaction signatures than BTC.

The maximum supply of BCH is similar to Bitcoins, 21 million units, and the circulating supply is slightly higher due to mining difficulty adjustments. The block time is 10 minutes.

The forked coins with the ticker BCH were airdropped to BTC holders at a 1:1 ratio after the hard fork.

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Who founded Bitcoin Cash?

Several developers from Bitcoin Unlimited, Bitcoin XT, and BitcoinABC, among others, decided to fork from the original Bitcoin chain and developed Bitcoin Cash.

Prominent supporters are Roger Ver, Craig Wright and Jihan Wu from Bitmain. The name Bitcoin Cash was proposed from the Chinese mining pool ViaBTC.

Can Bitcoin Cash be mined?

Yes, the consensus mechanism is PoW, and it uses the SHA256 mining algorithm.

What differs Bitcoin Cash from other Cryptocurrencies?

Bitcoin Cash is based on the original Bitcoin source code, with the difference of bigger blocks (8MB) and in contrast to Bitcoin it does not focus on becoming a store of value, instead aims to be used for digital payments only.

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How much is Bitcoin Cash worth today?

What is the total and the circulating supply?

The total supply of BCH is 21,000,000 and the circulating supply at the time of writing is 17,084,813 BCH.

Where can you buy BCH?

You can buy BCH on several cryptocurrency exchanges, most notably Coinbase, GDAX, Binance, Bitfinex, Huobi, Kraken, OKEx, and HitBTC.

Can BCH be sold for cash?

You can sell BCH for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Coinbase, GDAX, Bitfinex, and Kraken.

Future Development

Bitcoin Cash will get a hard fork itself on 15 May 2018. The update will further increase the block size, to 32 MB. Additionally, native tokens, like ERC20 for Ethereum, will be implemented on the BCH blockchain through the re-introducing of Opcodes, which were deactivated on BTCs blockchain from Satoshi Nakamoto due to security reasons.

And the developers are thinking about reducing the block time to 2,5 minutes, similar to Litecoin.

Verdict and Rating

2/10 Increasing the block size to 8 MB favors node centralization profoundly, let alone 32 MB.

BCH mining is today already highly centralized. The re-implementation of Opcodes is another thing I am highly skeptical about; Satoshi Nakamoto deactivated them in the BTC chain for a good reason. BCH is seen by many as an attempt of a hostile takeover of the Bitcoin blockchain.

Blockchain Whispers is the most accurately updated crypto site in existence, that warned about Bitcoin Cash multiple times. If you want to stay updated, you can visit them at https://blockchainwhispers.com/premium/

2 / 10.0

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Disclaimer

The writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.