The price Bitcoin Cash today is 646.26 USD, and the trading volume in 24 hours - 1,176,708,863 USD. The crypto asset has grown by 5.67% over the day. Currently, the coin’s market capitalization is 12,199,781,688 USD, and has 18,877,531 coins in circulation with the max supply of 1,000,000,000 coins BCH.
What is Bitcoin Cash?
Bitcoin Cash is a peer-to-peer electronic money system that aims to become a reliable global money with fast payments, micro-commissions, privacy and high throughput (large blocks). Just as physical money, such as dollar bills, are transferred directly to a person, Bitcoin Cash payments are sent directly from one user to another.
As a decentralized cryptocurrency, Bitcoin Cash does not require trusted third parties and a Central Bank. Unlike traditional paper money, Bitcoin Cash does not depend on money intermediaries such as banks and payment systems. Transactions cannot be censored by the government or other centralized corporations. Similarly, funds cannot be seized or frozen because financial third parties do not control the Bitcoin Cash network.
What is Bitcoin Cash used for?
Bitcoin Cash combines a gold-like deficit with cash that can be spent. With a limited total of 21 million coins, Bitcoin Cash is clearly scarce and, like physical money, can be easily spent. Transactions are fast, and the transaction fee is usually less than a tenth of a cent. Anyone can accept Bitcoin Cash payments from a smartphone or computer.
Bitcoin Cash has different use cases. In addition to peer-to-peer payments between individuals, Bitcoin Cash can be used to pay for goods and services in stores on the Internet. Extremely low fees allow you to take advantage of the new microtransaction economy, such as tipping content creators and rewarding app users. Bitcoin Cash also reduces fees and settlement times for money transfers and cross-border trading. 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?
In 2017, the Bitcoin project and its community split into two parts due to concerns about the scalability of the BTC. The result was a hard fork that created Bitcoin Cash, a new cryptocurrency that proponents consider a legitimate continuation of the Bitcoin project as peer-to-peer electronic money. All BTC holders at the time of the fork (block 478,558) automatically became owners of Bitcoin Cash.
Unlike BTC, Bitcoin Cash aims to scale to meet the requirements of a global payment system. At the time of the split, the Bitcoin Cash block size was increased from 1 MB to 8 MB. The increased block size means that Bitcoin Cash can now process significantly more transactions per second (TPS) while maintaining extremely low fees, solving the problems of payment delays and high fees faced by some users on the Bitcoin network.
As of December 2020, the block size of Bitcoin Cash is 32 MB.
Who created the BCH?
The launch of Bitcoin Cash can be traced back to a group of companies and developers who, tired of fighting over the network rule, decided to create and publish the code that changed it.
The software called Bitcoin ABC, which will create Bitcoin Cash, was first announced in June 2017. It then went through testing before finally being released on August 1, 2017.
But not only the developers participated in the creation of the fork. Since the split required users to create a new block chain from the old block chain, mining companies needed to allocate significant computing power to create the first block in the new Bitcoin Cash block chain.
Why does BCH have value?
Bitcoin Cash proponents believe that by focusing on making their transactions cheaper, consumers will start choosing BCH for online transactions, which will make it more valuable.
Bitcoin Cash also supports a number of the same properties as Bitcoin, including its scarcity. This includes the rule that only 21 million BCH can be created, and that the number of new BCH introduced into the network should decrease over time (with halving).
Given the similarities between Bitcoin and Bitcoin Cash, traders may see this as a hedge that reduces their risk if the MTC roadmap restricts its adoption, or makes its technology less valuable.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.