Current price Bitcoin Cash:
What’s hard fork?
Before we start describing what Bitcoin Cash is (BCH), we need to explain the hard fork term. It’s important to understand the topic, as it will give you an idea on how the younger brother of Bitcoin (BTC) came to life. You will also learn how it was created. So, let’s go!
Hard fork is nothing but a split of the cryptocurrency blockchain into two separate parts. Both have the same history/past, but they stand before different futures. During a hard fork, the code of one of the parts is modified/improved. It’s a change in the cryptocurrency programming, responsible for its functioning.
Why the hard forks take place, who decide on them and are they necessary? Because of the adjustments in one of the blockchain parts, its protocol changes, according to the (new) rules, that prevents the not-updated nods from accepting the chains generated by the latest version of the software. Nods not subjected to update, pursue a direction different than the updated ones, inconsistent with the program creators’ idea.
Let’s use a metaphor, to help you imagine this in the simplest way possible. Say, you are a member of an association. The members established some rules that must be followed. However, some of them are not pleased with the way the association operates, they have a plan to get the members more involved. Unfortunately, not everybody is on board with the new idea. Therefore, the association splits into two parts. One of them follows the old rules, the other one implements a new code of conduct. Members, who do not accept the new directives, will not be allowed to stay. That’s what happens to outdated nods, they are just simply rejected by the updated ones.
Important! Cryptocurrencies forks can be divided into two categories: hard and soft. The latter ones are not so strict for the outdated nods, the rules created when they occur do not contradict with the previous ones. Soft forks take place, when most of the nods get updated, but it’s not compulsory for all of them. However, this kind of solution has a serious flaw related to security. There’s a risk, that in case of a fraud the transaction will get stuck in a block, which will be confirmed multiple times by the old programming. When that happens, the chains generated by the old nods with ignore the new ones.
Fork information summary
Bitcoin hard fork. Bitcoin Cash creation history.
As you probably imagine, there were multiple discussions around the Bitcoin hard fork. It’s worth highlighting, that most of the programmers consider the code to be sacred and wish not to change it. However, with the flood of new users joining the cryptocurrency markets, Bitcoin itself faced a major issue. It was not able to support so many transactions within its own net.
Because of the fact, that each new BTC block is generated every 10 minutes, but its size is only 1 MB, disagreement took place. Bitcoin miners demanded to increase the size of the BTC blocks, the programmers opposed to that and presented a different way of solving the problem. According to them the solution would be to implement Segregates Witness (SegWit) to increase the data in each of the blocks. But another problem rose up, as Bitcoin was no longer considered only a means of payment, but also as in investment asset.
When the 478 558 Bitcoin block was excavated the hard fork took place. With that happening, the whole transactions history and all the wallets addresses were copied to the new chain. Each BTC owner became the owner of a corresponding BCH amount. Those cryptocurrencies were meant to have different value, depending on supply and demand. What’s particularly interesting, is that the initial interest in Bitcoin Cash was very high. During the first hours after Bitcoin blockchain split, it placed third in terms of market capitalization and reached 7,3 billion USD on 2nd August 2017. The BCH price was around 445 USD at that moment.
Probably, emotions took the lead at the time. Some investors decided to purchase Bitcoin just out of curiosity, as the possibility of it rising in value over time was promising.
Bitcoin (BTC) vs. Bitcoin Cash (BCH) - differences
Although, many claims Bitcoin Cash will never be able to replace the real Bitcoin, it’s superior to it in many ways. For example, BCH net is more scalable, than the BTC ones. That mean transactions can be performed within seconds, not minutes. And if we’re on the subject – also the transaction fees are much lower.
But Bitcoin, being the most popular and recognizable cryptocurrency in the world, is much more established on the market, that gives it some advantages. In case of mining, it’s more profitable to the miners to excavate BTC, that BCH. Why is that? The excavation costs of both the cryptocurrencies is similar, however, the price of Bitcoin is much higher. So, the BTC miners earns more than the BCH ones.
Bitcoin is also much more trusted among the investors. As we already mentioned, it’s the top cryptocurrency. BCH loses with BTC in regards to popularity, so it’s listed on less cryptocurrency stock exchange. Because it also has less currency pairs on various platforms, it not as tradable, as its older brother is. Also, the number of cryptocurrency wallets supporting Bitcoin Cash is much lower.
One of the main features of BCH is certainly security. This cryptocurrency is based on the Bitcoin Code blockchain, community considers it to be one of the most resistant blockchain technologies. But it’s Bitcoin that has much more support from the group, so it makes it more decentralized. Also, as opposed to BCH, BTC is in the hands of its users.
Bitcoin Cash (BCH) vs. Bitcoin (BTC)
Bitcoin Cash (BCH)
Ranking position (in regards to market capitalization)
Market capitalization (as of 14.01.2020)
5 954 696 341 USD
157 781 786 764 USD
21 million BCH
21 million BTC
Coins in circulation (as of 14.01.202)
18 222 325 BCH
18 160 125 BTC
Price per coin (as of 14.01.202)
8 688,36 USD
Excavated blocks (as of 14.01.202)
Prize per each excavated block (as of 14.01.202)
Average confirmation time
9 minutes 32 seconds
11 minutes 15 seconds
Bitcoin Cash – main advantages
Bitcoin Cash is a cryptocurrency designed for fast payments. Its task is to fulfill the principle Bitcoin promise and become a Peer-to-Peer Electronic Cash. The net users not only gain time, but also enjoy lower transaction fees, which are minimal for BCH.
Bitcoin Cash allows the cryptocurrency community to:
perform transaction in a matter of seconds and receive confirmations within minutes
transfer funds without any cross-border limits and with minimal transaction fees
BCH reflects the vision of a virtual currency, which can be transferred from one user to the other, without an involvement of any third party, like banks or financial institutions. As opposed to conventional providers, it allows for transitions 24 hours a day, 7 days a week, 365 days a year. Many advocates of BCH claims, that it’s a continuation of Bitcoin as the digital peer-to-peer money.
This virtual currency becomes an alternative for banking services, which are not always reliable. The safety of bank deposits can often rely on the government policy. At any time, bank can freeze the user account and deny the access to the deposit. In case of cryptocurrencies, it’d totally different, as all the transactions take place on a blockchain. Moreover, they are not dependent on governments. Users control their funds with the use of the private key. Without it, no one can claim the deposit stored on the cryptocurrency wallet.
Bitcoin Cash cooperates with multiple providers around the world. To check where you can pay for goods and services using BCH, use the map: map.bitcoin.com
How much is Bitcoin Cash? Current exchange rate
The current exchange rate of BCH is around 338,12 USD (as of 15.01.2020). Market capitalization of the currency is 6 162 096 867 702 USD. Its ATH, meaning the highest price, was on 20th December 2017. The BCH exchange rate reached 4 355,62 USD at the time.
Bitcoin Cash – stock exchange it’s listed on
Cryptocurrency exchange rates listing Bitcoin Cash (BCH)
Crypto-fiat stock exchange
Crypto-crypto stock exchange
Cryptocurrency wallets for Bitcoin Cash. Which one to choose?
Cryptocurrency wallets for Bitcoin Cash (BCH)
Cold cryptocurrency wallets
Hot cryptocurrency wallets
By: Karolina Kropopek
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Calculator Bitcoin Cash
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