Bitcoin Cash

What is Bitcoin Cash?

Bitcoin Cash was created by the Bitcoin hard fork on August 1, 2017, made a new version of the blockchain with different rules.

Bitcoin Cash was created as a result of counteracting a prolonged Bitcoin scalability problem. It works by switching from the main Bitcoin blockchain to a new version, the software now has capacity for a larger number of transactions (by eight megabytes to be exact).

Since the infant cryptocurrency launched it had more than doubled in value from the initial Bitcoin Cash price of $300 to over $600.

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Bitcoin Cash in the markets

Since the infant cryptocurrency launched it had more than doubled in value from the initial Bitcoin Cash price of $300 to over $600. Investors are wondering if this could be labeled the ‘new king of Cryptocurrency.

But Bitcoin Cash got off to a slow start in the beginning. If it was not for the Bitcoin Cash mining algorithm breathing life in to the new instrument, it would not seem as attractive to profit-seeking computer miners.

Once the finance markets got wind of this jump and rise in the rate at which the ‘blocks’ were being produced (known as hash rate), traders and investors started to bid up the BCH price, hence its rise in popularity.

5 Facts You Should Know About Bitcoin Cash

  • Created from a hard fork of Bitcoin and expected to have quicker reactions to transactions, the Bitcoin Cash fork occurred at block 478,559.
  • Despite its reasons for creation and its origins, the BCH coin is considered an altcoin for now. It is not Bitcoin and has no direct connection to Bitcoin’s value.
  • Having said that, Bitcoin Cash is its own currency and is useful in that it functions just as Bitcoin does only faster due to the increase in its block size.
  • Investors have speculated that Bitcoin Cash was created only because high fees and slow transactions would destroy Bitcoin, and not because Bitcoin was reaching its maximum output of blocks.

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