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→‎2018 split to create Bitcoin SV: remove, unsourced. according to talk page this is out of date
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{{Use dmy dates|date=October 2021}}
{{Use dmy dates|date=October 2021}}
{{infobox cryptocurrency
{{infobox cryptocurrency
| currency_name = Bitcoin Cash
| currency_name = Bitcoin Cash
| image_1 = File:Bitcoin Cash.png
| image_1 = File:Bitcoin Cash.png
| image_title_1 =
| image_title_1 =
| image_width_1 = 144px
| image_width_1 = 144px
| subunit_ratio_1 =
| subunit_ratio_1 =
| subunit_name_1 =
| subunit_name_1 =
| subunit_ratio_2 =
| subunit_ratio_2 =
| subunit_name_2 =
| subunit_name_2 =
| code = BCH<ref name="wsjfirstday">{{Cite news |last=Vigna |first=Paul |date=1 August 2017 |title=Bitcoin Rival Launches in Volatile First Day |publisher=WSJ |url=https://www.wsj.com/articles/bitcoin-rival-launches-in-volatile-first-day-1501609631 |access-date=28 June 2019}}</ref>
| code = BCH<ref name="wsjfirstday">{{Cite news |last=Vigna |first=Paul |date=1 August 2017 |title=Bitcoin Rival Launches in Volatile First Day |publisher=WSJ |url=https://www.wsj.com/articles/bitcoin-rival-launches-in-volatile-first-day-1501609631 |access-date=28 June 2019 |archive-date=5 June 2019 |archive-url=https://web.archive.org/web/20190605104448/https://www.wsj.com/articles/bitcoin-rival-launches-in-volatile-first-day-1501609631 |url-status=live }}</ref>
| color = {{color test|#f7931a}} {{color test|#ffffff}}
| color = {{color test|#f7931a}} {{color test|#ffffff}}
| forked_from = [[Bitcoin]]
| forked_from = [[Bitcoin]]
| precision = 10<sup>−8</sup>
| precision = 10<sup>−8</sup>
| coin_definition = Unspent outputs of transactions{{efn|group=infobox|any multiples of satoshi}}
| coin_definition = Unspent outputs of transactions{{efn|group=infobox|any multiples of satoshi}}
| programming_languages = BCHN: C++<br/>BU: C++<br/>Verde: Java<br/>K•th: C++<br/>BCHD: Go<br/>
| author =
| author = Satoshi Nakamoto
| white_paper =
| white_paper = [https://bitcoincash.org/bitcoin.pdf "Bitcoin: A Peer-to-Peer Electronic Cash System"]
| implementations = [[Bitcoin Unlimited]]
| implementations = Bitcoin Cash Node (“BCHN”)<br/>[[Bitcoin Unlimited]] (“BU”)<br/>Bitcoin Verde (“Verde”)<br/>K•th <br/>BCHD<br/>
| initial_release_version =
| initial_release_version = 0.1.0
| initial_release_date =
⚫
| initial_release_date = {{Start date and age|df=yes|2009|1|9|p=y}}
| code_repository =
| code_repository =
| latest_release_version = BCHN: 27.1.0 July 10, 2024 <ref name="releases">{{Cite web|url=https://bitcoincashnode.org/en/download|title=Download Bitcoin Cash Node|website=Bitcoin Cash Node|access-date=21 August 2024|url-status=live}}</ref>
| status = Active
⚫
| website = [https://bitcoincash.org/ bitcoincash.org]{{cn|reason=It does not appear that bitcoincash.org is an official website.|date=November 2020}}
| latest_release_version = 1.9.1
⚫
| issuance = Initially BCH 50 per block, halved every 210,000 blocks
| latest_release_date = {{Start date and age|2021|02|17|df=yes}}<ref name="releases">{{Cite web|url= https://gitlab.com/bitcoinunlimited/BCHUnlimited/-/releases/BCHunlimited1.9.1.0 |title=Download Bitcoin Unlimited|website=Bitcoin Unlimited|access-date=22 March 2021}}</ref>
⚫
| ledger_start_title =
⚫
| website = [https://bitcoincash.org/ bitcoincash.org]{{cn|reason=It does not appear that bitcoincash.org is an official website.|date=November 2020}}
⚫
| ledger_start = {{Start date and age|df=yes|2009|1|3|p=y}}<ref>{{Cite news |last=Cuthbertson |first=Anthony |date=21 May 2018 |title=The Battle over Bitcoin: Scandal and Infighting as 'Bitcoin Cash' Threatens to Overthrow the Most Famous Cryptocurrency |work=Independent |url=https://www.independent.co.uk/life-style/gadgets-and-tech/features/bitcoin-cash-cryptocurrency-roger-ver-a8346816.html |access-date=23 July 2018 |archive-date=23 July 2018 |archive-url=https://web.archive.org/web/20180723134318/https://www.independent.co.uk/life-style/gadgets-and-tech/features/bitcoin-cash-cryptocurrency-roger-ver-a8346816.html |url-status=live }}</ref><ref name="mukhi">{{Cite book |last1=Mukhi |first1=Vijay |title=The Undocumented Internals of the Bitcoin, Ethereum and Blockchains |last2=Khanapurkar |first2=Nitin |publisher=BPB Publications |year=2017 |isbn=978-9-3865-5130-6}}</ref>{{rp|ch. 35}}
⚫
| issuance = Initially BCH 50 per block, halved every 210,000 blocks
⚫
| ledger_start_title_2 =
⚫
| ledger_start_title =
⚫
| ledger_start_2 =
⚫
| ledger_start = {{Start date and age|df=yes|2009|1|3|p=y}}<ref>{{Cite news |last=Cuthbertson |first=Anthony |date=21 May 2018 |title=The Battle over Bitcoin: Scandal and Infighting as 'Bitcoin Cash' Threatens to Overthrow the Most Famous Cryptocurrency |work=Independent |url=https://www.independent.co.uk/life-style/gadgets-and-tech/features/bitcoin-cash-cryptocurrency-roger-ver-a8346816.html |access-date=23 July 2018}}</ref><ref name="mukhi">{{Cite book |last1=Mukhi |first1=Vijay |title=The Undocumented Internals of the Bitcoin, Ethereum and Blockchains |last2=Khanapurkar |first2=Nitin |publisher=BPB Publications |year=2017 |isbn=978-9-3865-5130-6}}</ref>{{rp|ch. 35}}
⚫
| ledger_start_title_3 =
⚫
| ledger_start_title_2 =
⚫
| ledger_start_3 =
⚫
| ledger_start_2 =
⚫
| split_height = 478559
⚫
| ledger_start_title_3 =
| split_date = {{Start date and age|df=y|2017|8|1|p=y}}
⚫
| ledger_start_3 =
| split_from = [[Bitcoin]]
⚫
| split_height = 478559
⚫
| split_ratio = 1:1
⚫
| split_date = {{Start date and age|df=y|2017|8|1|p=y}}
| split_from = [[Bitcoin]]
| hash_function = [[SHA-256]]
⚫
| circulating_supply =
⚫
| split_ratio = 1:1
⚫
| supply_limit = 21,000,000{{efn|The supply will approach, but never reach, BCH 21 million. Issuance will permanently halt around 2140 at BCH 20,999,999.9769.}}
| hash_function = [[SHA-256]]
⚫
| timestamping = [[Proof-of-work system|Proof-of-work]] (partial hash inversion)
⚫
| circulating_supply =
⚫
| block_time = 10 minutes
⚫
| supply_limit = 21,000,000{{efn|The supply will approach, but never reach, BCH 21 million. Issuance will permanently halt around 2140 at BCH 20,999,999.9769.}}
⚫
| block_reward = BCH 3.125
⚫
| timestamping = [[Proof-of-work system|Proof-of-work]] (partial hash inversion)
⚫
{{efn|group=infobox|As of August 2024; halves approximately every four years.}}
⚫
| block_time = 10 minutes
| license = BCHN: MIT<ref name=“BCHNlicense”>{{Cite web|url=https://gitlab.com/bitcoin-cash-node/bitcoin-cash-node/-/blob/master/COPYING?ref_type=heads|title=BCHN MIT License|website=Gitlab|date=6 January 2024 |access-date=21 August 2024}}</ref><br/>BU: MIT<ref name=“BUlicense”>{{Cite web|url=https://gitlab.com/bitcoinunlimited/BCHUnlimited/-/blob/dev/COPYING?ref_type=heads|title=BU MIT License|website=Gitlab|date=11 January 2023 |access-date=21 August 2024}}</ref><br/>Verde: MIT<ref name=“Verdelicense”>{{Cite web|url=https://github.com/SoftwareVerde/bitcoin-verde/blob/master/LICENSE|title=Verde MIT License|website=Github|access-date=21 August 2024}}</ref><br/>K•th: MIT<ref name=“KTHlicense”>{{Cite web|url=https://github.com/k-nuth/kth/blob/master/LICENSE|title=K•th MIT License|website=Github|access-date=21 August 2024}}</ref><br/>BCHD: ISC<ref name=“BCHDlicense”>{{Cite web|url=https://github.com/OPReturnCode/bchd/blob/master/LICENSE|title=BCHD ISC License|website=Github|access-date=21 August 2024}}</ref><br/>
⚫
| block_reward = BCH 6.25
⚫
| block_explorer = {{URL|https://blockchair.com/bitcoin-cash/blocks}}
⚫
{{efn|group=infobox|As of April 2020; halved approximately every four years.}}
⚫
| exchange_rate =
⚫
| block_explorer = {{URL|https://blockchair.com/bitcoin-cash/blocks}}
⚫
| market_cap =
⚫
| exchange_rate =
⚫
| footnotes = {{notelist|group=infobox}}
⚫
| market_cap =
⚫
| footnotes = {{notelist|group=infobox}}
}}
}}
'''Bitcoin Cash''' is a [[cryptocurrency]] that is a [[Fork (software development)|fork]] of [[Bitcoin]]. Bitcoin Cash is a spin-off or [[altcoin]] that was created in 2017.<ref name="WSJ20171223">{{Cite news |last=Vigna |first=Paul |date=23 December 2017 |title=Bitcoin Cash, Litecoin, Ether, Oh My! What's With All the Bitcoin Clones? |work=WSJ |url=https://www.wsj.com/articles/bitcoin-cash-litecoin-ether-oh-my-whats-with-all-the-bitcoin-clones-1514037600 |access-date=6 June 2018}}</ref><ref name="ReutersJuly2019">{{Cite news |last=Wilson |first=Tom |date=17 July 2019 |title=Smaller cryptocurrencies feel pain as criticism of Facebook's Libra grows |work=Reuters |url=https://www.reuters.com/article/us-crypto-currencies-altcoins/smaller-cryptocurrencies-feel-pain-as-criticism-of-facebooks-libra-grows-idUSKCN1UC28G |access-date=23 July 2019}}</ref>
'''Bitcoin Cash''' is a [[cryptocurrency]] that is a [[Fork (software development)|fork]] of [[Bitcoin]]. Bitcoin Cash is a spin-off or [[altcoin]] that was created in 2017.<ref name="WSJ20171223">{{Cite news |last=Vigna |first=Paul |date=23 December 2017 |title=Bitcoin Cash, Litecoin, Ether, Oh My! What's With All the Bitcoin Clones? |work=WSJ |url=https://www.wsj.com/articles/bitcoin-cash-litecoin-ether-oh-my-whats-with-all-the-bitcoin-clones-1514037600 |access-date=6 June 2018 |archive-date=6 June 2018 |archive-url=https://web.archive.org/web/20180606055149/https://www.wsj.com/articles/bitcoin-cash-litecoin-ether-oh-my-whats-with-all-the-bitcoin-clones-1514037600 |url-status=live }}</ref><ref name="ReutersJuly2019">{{Cite news |last=Wilson |first=Tom |date=17 July 2019 |title=Smaller cryptocurrencies feel pain as criticism of Facebook's Libra grows |work=Reuters |url=https://www.reuters.com/article/us-crypto-currencies-altcoins/smaller-cryptocurrencies-feel-pain-as-criticism-of-facebooks-libra-grows-idUSKCN1UC28G |access-date=23 July 2019 |archive-date=22 July 2019 |archive-url=https://web.archive.org/web/20190722154418/https://www.reuters.com/article/us-crypto-currencies-altcoins/smaller-cryptocurrencies-feel-pain-as-criticism-of-facebooks-libra-grows-idUSKCN1UC28G |url-status=live }}</ref>


In November 2018, Bitcoin Cash [[hard fork|split]] further into two cryptocurrencies: Bitcoin Cash and [[Bitcoin SV]].<ref name="bloomberg20181123">{{Cite news |last=Kharif |first=Olga |date=23 November 2018 |title=Bitcoin Cash Wars End With No Relief for Biggest Cryptocurrency |work=Bloomberg LP |url=https://www.bloomberg.com/news/articles/2018-11-23/bitcoin-cash-wars-end-with-no-relief-for-biggest-cryptocurrency |access-date=18 August 2019}}</ref>
In November 2018, Bitcoin Cash [[hard fork|split]] further into two cryptocurrencies: Bitcoin Cash and [[Bitcoin SV]].<ref name="bloomberg20181123">{{Cite news |last=Kharif |first=Olga |date=23 November 2018 |title=Bitcoin Cash Wars End With No Relief for Biggest Cryptocurrency |work=Bloomberg LP |url=https://www.bloomberg.com/news/articles/2018-11-23/bitcoin-cash-wars-end-with-no-relief-for-biggest-cryptocurrency |access-date=18 August 2019 |archive-date=3 August 2019 |archive-url=https://web.archive.org/web/20190803082954/https://www.bloomberg.com/news/articles/2018-11-23/bitcoin-cash-wars-end-with-no-relief-for-biggest-cryptocurrency |url-status=live }}</ref>


== History ==
== History ==
Since its inception, Bitcoin users had maintained a common set of rules for the cryptocurrency.<ref name="nyt-split">{{Cite news |last=Popper |first=Nathaniel |date=25 July 2017 |title=Some Bitcoin Backers Are Defecting to Create a Rival Currency |work=The New York Times |url=https://www.nytimes.com/2017/07/25/business/dealbook/bitcoin-cash-split.html |access-date=28 July 2017 |issn=0362-4331}}</ref> On 21 July 2017, bitcoin miners locked-in a software upgrade referred to as Bitcoin Improvement Proposal (BIP) 91, which meant that the [[Segregated Witness]] upgrade would activate at block 477,120. Segwit controversially would enable second layer solutions on Bitcoin such as the [[Lightning Network]].<ref name="FTAlpha20190612"/> A key difference of opinion between Bitcoin users was over the running of nodes. Bitcoin supporters wanted to keep blocks small so that nodes could be operated with fewer resources, while some large block supporters find it acceptable that (due to large block sizes), nodes might only be run by universities, private companies and nonprofits.<ref>{{Cite news |last=Cuen |first=Leigh |date=22 August 2017 |title=Why Some People Love Bitcoin Cash |work=International Business Times |url=https://www.ibtimes.com/why-some-people-love-bitcoin-cash-2581403 |access-date=2 November 2019}}</ref>
Since its inception, Bitcoin users had maintained a common set of rules for the cryptocurrency.<ref name="nyt-split">{{Cite news |last=Popper |first=Nathaniel |date=25 July 2017 |title=Some Bitcoin Backers Are Defecting to Create a Rival Currency |work=The New York Times |url=https://www.nytimes.com/2017/07/25/business/dealbook/bitcoin-cash-split.html |access-date=28 July 2017 |issn=0362-4331 |archive-date=7 November 2020 |archive-url=https://web.archive.org/web/20201107234022/https://www.nytimes.com/2017/07/25/business/dealbook/bitcoin-cash-split.html |url-status=live }}</ref> On 21 July 2017, bitcoin miners locked-in a software upgrade referred to as Bitcoin Improvement Proposal (BIP) 91, which meant that the [[Segregated Witness]] upgrade would activate at block 477,120. Segwit controversially would enable second layer solutions on Bitcoin such as the [[Lightning Network]].<ref name="FTAlpha20190612"/> A key difference of opinion between Bitcoin users was over the running of nodes. Bitcoin supporters wanted to keep blocks small so that nodes could be operated with fewer resources, while some large block supporters find it acceptable that (due to large block sizes), nodes might only be run by universities, private companies and nonprofits.<ref>{{Cite news |last=Cuen |first=Leigh |date=22 August 2017 |title=Why Some People Love Bitcoin Cash |work=International Business Times |url=https://www.ibtimes.com/why-some-people-love-bitcoin-cash-2581403 |access-date=2 November 2019 |archive-date=3 November 2019 |archive-url=https://web.archive.org/web/20191103045214/https://www.ibtimes.com/why-some-people-love-bitcoin-cash-2581403 |url-status=live }}</ref>


A group of Bitcoin activists,{{r|te20170805}} developers{{r|nyt-split}}, and China-based miners were unhappy with Bitcoin's proposed [[SegWit]] improvement plans meant to [[Bitcoin scalability problem| increase Bitcoin's capacity]]; these stakeholders pushed forward alternative plans which would increase the block size limit to eight megabytes through a [[Fork (blockchain)#Hard fork|hard fork]].<ref name="independent2017" /><ref name=nyt-split /><ref name="Bloomberg Businessweek" /> Supporters of a block size increase were more committed to an on-chain [[medium of exchange]] function.<ref name="FTAlpha20190612">{{Cite news |date=21 March 2018 |title=SegWit and the bitcoin transaction fee conspiracy theory |work=FT Alphaville |publisher=FT |url=https://ftalphaville.ft.com/2019/06/12/1560351485000/SegWit-and-the-bitcoin-transaction-fee-conspiracy-theory/}}</ref>
A group of Bitcoin activists,{{r|te20170805}} developers{{r|nyt-split}}, and China-based miners were unhappy with Bitcoin's proposed [[SegWit]] improvement plans meant to [[Bitcoin scalability problem| increase Bitcoin's capacity]]; these stakeholders pushed forward alternative plans which would increase the block size limit to eight megabytes through a [[Fork (blockchain)#Hard fork|hard fork]].<ref name="independent2017" /><ref name=nyt-split /><ref name="Bloomberg Businessweek" /> Supporters of a block size increase were more committed to an on-chain [[medium of exchange]] function.<ref name="FTAlpha20190612">{{Cite news |date=21 March 2018 |title=SegWit and the bitcoin transaction fee conspiracy theory |work=FT Alphaville |publisher=FT |url=https://ftalphaville.ft.com/2019/06/12/1560351485000/SegWit-and-the-bitcoin-transaction-fee-conspiracy-theory/ |access-date=12 December 2019 |archive-date=17 January 2020 |archive-url=https://web.archive.org/web/20200117164241/https://ftalphaville.ft.com/2019/06/12/1560351485000/SegWit-and-the-bitcoin-transaction-fee-conspiracy-theory/ |url-status=live }}</ref>


In June 2017, hardware manufacturer [[Bitmain]], described the would-be hard fork with the increased block size as a "contingency plan", should the Bitcoin community decide to fork implementing SegWit. The first implementation of the software was proposed under the name ''Bitcoin ABC'' at a conference that month. In July 2017, [[mining pool]] ViaBTC proposed the name ''Bitcoin Cash''. In July 2017 [[Roger Ver]] and others stated they felt that adopting BIP 91 (that would later activate [[SegWit]]) favored people who wanted to treat Bitcoin as a digital investment rather than as a transactional currency.<ref name=nyt-split /><ref name="Bloomberg Businessweek">{{Cite news |last1=Nakamura |first1=Yuri |last2=Kharif |first2=Olga |date=4 December 2017 |title=Battle for 'True' Bitcoin Is Just Getting Started |work=Bloomberg Businessweek |url=https://www.bloomberg.com/news/articles/2017-12-04/battle-for-true-bitcoin-is-just-getting-started-quicktake-q-a |access-date=19 December 2017}}</ref> The [[fork (blockchain)|fork]] that created Bitcoin Cash took effect on 1 August 2017.<ref name="bsit">{{Cite news |last=Selena Larson |date=1 August 2017 |title=Bitcoin split in two, here's what that means |work=CNN Tech |publisher=Cable News Network |url=https://money.cnn.com/2017/08/01/technology/business/bitcoin-cash-new-currency/index.html |access-date=2 April 2018}}</ref> In relation to [[Bitcoin]] it is characterized variously as a spin-off,<ref name="FT05152018" /> a strand,<ref>{{Cite news |last=Titcomb |first=James |date=2 August 2017 |title=Bitcoin Cash: Price of new currency rises after bitcoin's 'hard fork' |work=The Telegraph |url=https://www.telegraph.co.uk/technology/2017/08/01/bitcoin-cash-everything-need-know-bitcoins-hard-fork/ |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/technology/2017/08/01/bitcoin-cash-everything-need-know-bitcoins-hard-fork/ |archive-date=12 January 2022 |url-access=subscription |url-status=live |access-date=7 June 2018}}{{cbignore}}</ref> a product of a hard fork,<ref>{{Cite news |last=Orcutt |first=Mike |date=14 November 2017 |title=Bitcoin Cash Had a Big Day, Hinting at a Deep Conflict in the Cryptocurrency Community |work=MIT Technology Review |url=https://www.technologyreview.com/the-download/609485/bitcoin-cash-had-a-big-day-hinting-at-a-deep-conflict-in-the-cryptocurrency/ |access-date=7 June 2018 |archive-date=9 November 2018 |archive-url=https://web.archive.org/web/20181109034847/https://www.technologyreview.com/the-download/609485/bitcoin-cash-had-a-big-day-hinting-at-a-deep-conflict-in-the-cryptocurrency/ |url-status=dead }}</ref> an offshoot,<ref>{{Cite news |last1=Chen |first1=Lulu Yilun |last2=Lam |first2=Eric |title=Bitcoin Is Likely to Split Again in November, Say Major Players |work=Bloomberg |url=https://www.bloomberg.com/news/articles/2017-09-20/-bitcoin-jesus-ver-sees-the-digital-currency-splitting-again |access-date=22 January 2018}}</ref> a clone,<ref name="independent2017">{{Cite news |last1=Irrera |first1=Anna |last2=Chavez-Dreyfuss |first2=Gertrude |date=2 August 2017 |title=Bitcoin 'clone' sees a slow start following split |work=Independent |url=https://www.independent.co.uk/news/business/news/bitcoin-cash-latest-news-clone-digital-currency-encrypted-privacy-dark-web-a7872081.html |access-date=22 June 2018}}</ref> a second version<ref name="te20170805">{{Cite news |date=5 August 2017 |title=Bitcoin divides to rule |newspaper=The Economist |url=https://www.economist.com/finance-and-economics/2017/08/05/bitcoin-divides-to-rule |access-date=23 July 2018}}</ref> or an [[altcoin]].
In June 2017, hardware manufacturer [[Bitmain]], described the would-be hard fork with the increased block size as a "contingency plan", should the Bitcoin community decide to fork implementing SegWit. The first implementation of the software was proposed under the name ''Bitcoin ABC'' at a conference that month. In July 2017, [[mining pool]] ViaBTC proposed the name ''Bitcoin Cash''. In July 2017 [[Roger Ver]] and others stated they felt that adopting BIP 91 (that would later activate [[SegWit]]) favored people who wanted to treat Bitcoin as a digital investment rather than as a transactional currency.<ref name=nyt-split /><ref name="Bloomberg Businessweek">{{Cite news |last1=Nakamura |first1=Yuri |last2=Kharif |first2=Olga |date=4 December 2017 |title=Battle for 'True' Bitcoin Is Just Getting Started |work=Bloomberg Businessweek |url=https://www.bloomberg.com/news/articles/2017-12-04/battle-for-true-bitcoin-is-just-getting-started-quicktake-q-a |access-date=19 December 2017 |archive-date=22 December 2017 |archive-url=https://web.archive.org/web/20171222055326/https://www.bloomberg.com/news/articles/2017-12-04/battle-for-true-bitcoin-is-just-getting-started-quicktake-q-a |url-status=live }}</ref> The [[fork (blockchain)|fork]] that created Bitcoin Cash took effect on 1 August 2017.<ref name="bsit">{{Cite news |last=Selena Larson |date=1 August 2017 |title=Bitcoin split in two, here's what that means |work=CNN Tech |publisher=Cable News Network |url=https://money.cnn.com/2017/08/01/technology/business/bitcoin-cash-new-currency/index.html |access-date=2 April 2018 |archive-date=27 February 2018 |archive-url=https://web.archive.org/web/20180227214042/https://money.cnn.com/2017/08/01/technology/business/bitcoin-cash-new-currency/index.html |url-status=live }}</ref> In relation to [[Bitcoin]] it is characterized variously as a spin-off,<ref name="FT05152018" /> a strand,<ref>{{Cite news |last=Titcomb |first=James |date=2 August 2017 |title=Bitcoin Cash: Price of new currency rises after bitcoin's 'hard fork' |work=The Telegraph |url=https://www.telegraph.co.uk/technology/2017/08/01/bitcoin-cash-everything-need-know-bitcoins-hard-fork/ |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/technology/2017/08/01/bitcoin-cash-everything-need-know-bitcoins-hard-fork/ |archive-date=12 January 2022 |url-access=subscription |url-status=live |access-date=7 June 2018}}{{cbignore}}</ref> a product of a hard fork,<ref>{{Cite news |last=Orcutt |first=Mike |date=14 November 2017 |title=Bitcoin Cash Had a Big Day, Hinting at a Deep Conflict in the Cryptocurrency Community |work=MIT Technology Review |url=https://www.technologyreview.com/the-download/609485/bitcoin-cash-had-a-big-day-hinting-at-a-deep-conflict-in-the-cryptocurrency/ |access-date=7 June 2018 |archive-date=9 November 2018 |archive-url=https://web.archive.org/web/20181109034847/https://www.technologyreview.com/the-download/609485/bitcoin-cash-had-a-big-day-hinting-at-a-deep-conflict-in-the-cryptocurrency/ |url-status=dead }}</ref> an offshoot,<ref>{{Cite news |last1=Chen |first1=Lulu Yilun |last2=Lam |first2=Eric |title=Bitcoin Is Likely to Split Again in November, Say Major Players |work=Bloomberg |url=https://www.bloomberg.com/news/articles/2017-09-20/-bitcoin-jesus-ver-sees-the-digital-currency-splitting-again |access-date=22 January 2018 |archive-date=28 January 2018 |archive-url=https://web.archive.org/web/20180128190028/https://www.bloomberg.com/news/articles/2017-09-20/-bitcoin-jesus-ver-sees-the-digital-currency-splitting-again |url-status=live }}</ref> a clone,<ref name="independent2017">{{Cite news |last1=Irrera |first1=Anna |last2=Chavez-Dreyfuss |first2=Gertrude |date=2 August 2017 |title=Bitcoin 'clone' sees a slow start following split |work=Independent |url=https://www.independent.co.uk/news/business/news/bitcoin-cash-latest-news-clone-digital-currency-encrypted-privacy-dark-web-a7872081.html |access-date=22 June 2018 |archive-date=22 June 2018 |archive-url=https://web.archive.org/web/20180622144658/https://www.independent.co.uk/news/business/news/bitcoin-cash-latest-news-clone-digital-currency-encrypted-privacy-dark-web-a7872081.html |url-status=live }}</ref> a second version<ref name="te20170805">{{Cite news |date=5 August 2017 |title=Bitcoin divides to rule |newspaper=The Economist |url=https://www.economist.com/finance-and-economics/2017/08/05/bitcoin-divides-to-rule |access-date=23 July 2018 |archive-date=23 July 2018 |archive-url=https://web.archive.org/web/20180723122548/https://www.economist.com/finance-and-economics/2017/08/05/bitcoin-divides-to-rule |url-status=live }}</ref> or an [[altcoin]].


A Hong Kong newspaper likened this to a new version of word processing software saying:<ref name="scmpbitcoincash">{{Cite news |last=Huang |first=Zheping |date=15 November 2018 |title=Bitcoin cash "hard fork": everything you need to know about the latest cryptocurrency civil war |work=South China Morning Post |url=https://www.scmp.com/tech/blockchain/article/2173389/bitcoin-cash-hard-fork-everything-you-need-know-about-latest |access-date=3 August 2019}}</ref>
A Hong Kong newspaper likened this to a new version of word processing software saying:<ref name="scmpbitcoincash">{{Cite news |last=Huang |first=Zheping |date=15 November 2018 |title=Bitcoin cash "hard fork": everything you need to know about the latest cryptocurrency civil war |work=South China Morning Post |url=https://www.scmp.com/tech/blockchain/article/2173389/bitcoin-cash-hard-fork-everything-you-need-know-about-latest |access-date=3 August 2019 |archive-date=3 August 2019 |archive-url=https://web.archive.org/web/20190803180531/https://www.scmp.com/tech/blockchain/article/2173389/bitcoin-cash-hard-fork-everything-you-need-know-about-latest |url-status=live }}</ref>
{{quote|Bitcoin cash is like a new version of [[Microsoft Word]], which generates documents that can no longer be opened via the older versions.}}
{{quote|Bitcoin cash is like a new version of [[Microsoft Word]], which generates documents that can no longer be opened via the older versions.}}


At the time of the fork anyone owning bitcoin came into possession of the same number of Bitcoin Cash units.<ref name="bloomberg20190115">{{Cite news |last=Kharif |first=Olga |date=15 January 2019 |title=Ethereum Seeks to Prove a Crypto Fork Need Not Be Contentious |publisher=CNBC |url=https://www.bloomberg.com/news/articles/2019-01-15/ethereum-seeks-to-prove-a-crypto-fork-need-not-be-contentious |access-date=3 August 2019}}</ref><ref name="bsit" /> The technical difference between Bitcoin Cash and Bitcoin is that Bitcoin Cash allows larger blocks in its blockchain than Bitcoin which, in theory, allows it to process more transactions per second.<ref name="vergeonetrue">{{Cite web |last=Jeffries |first=Adrianne |date=12 April 2018 |title=THE ONE TRUE BITCOIN – Inside the struggle between Bitcoin and Bitcoin Cash |url=https://www.theverge.com/2018/4/12/17229796/bitcoin-cash-conflict-transactions-fight |access-date=7 April 2019 |website=The Verge}}</ref> Bitcoin Cash was the first of the [[List of bitcoin forks|Bitcoin forks]], in which software-development teams modified the original Bitcoin computer code and released coins with “Bitcoin" in their names, with "the goal of creating money out of thin air".<ref name="bloombergforks">{{Cite news |last=Kharif |first=Olga |date=18 September 2018 |title=Bitcoin Cash's Survival in Question as Possible Split Looms |publisher=Bloomberg |url=https://www.bloomberg.com/news/articles/2018-09-18/bitcoin-cash-s-survival-in-question-as-possible-split-looms |access-date=3 August 2019}}</ref> On 1 August 2017 Bitcoin Cash began trading at about [[US dollar|$]]240, while bitcoin traded at about $2,700.<ref name="bsit" /> On 20 December 2017 it reached an intraday high of $4,355.62 and then fell 88% to $519.12 on 23 August 2018.<ref name="WSJ crash">{{Cite news |last=Osipovich |first=Alexander |date=24 August 2018 |title=It Was Meant to Be the Better Bitcoin. It's Down Nearly 90% |work=Wall Street Journal |url=https://www.wsj.com/articles/it-was-meant-to-be-the-better-bitcoin-its-down-nearly-90-1535115600 |access-date=26 August 2018}}</ref>
At the time of the fork anyone owning bitcoin came into possession of the same number of Bitcoin Cash units.<ref name="bloomberg20190115">{{Cite news |last=Kharif |first=Olga |date=15 January 2019 |title=Ethereum Seeks to Prove a Crypto Fork Need Not Be Contentious |publisher=CNBC |url=https://www.bloomberg.com/news/articles/2019-01-15/ethereum-seeks-to-prove-a-crypto-fork-need-not-be-contentious |access-date=3 August 2019 |archive-date=3 August 2019 |archive-url=https://web.archive.org/web/20190803082945/https://www.bloomberg.com/news/articles/2019-01-15/ethereum-seeks-to-prove-a-crypto-fork-need-not-be-contentious |url-status=live }}</ref><ref name="bsit" /> The technical difference between Bitcoin Cash and Bitcoin is that Bitcoin Cash allows larger blocks in its blockchain than Bitcoin which, in theory, allows it to process more transactions per second.<ref name="vergeonetrue">{{Cite web |last=Jeffries |first=Adrianne |date=12 April 2018 |title=THE ONE TRUE BITCOIN – Inside the struggle between Bitcoin and Bitcoin Cash |url=https://www.theverge.com/2018/4/12/17229796/bitcoin-cash-conflict-transactions-fight |access-date=7 April 2019 |website=The Verge |archive-date=27 March 2019 |archive-url=https://web.archive.org/web/20190327073928/https://www.theverge.com/2018/4/12/17229796/bitcoin-cash-conflict-transactions-fight |url-status=live }}</ref> Bitcoin Cash was the first of the [[List of bitcoin forks|Bitcoin forks]], in which software-development teams modified the original Bitcoin computer code and released coins with “Bitcoin" in their names, with "the goal of creating money out of thin air".<ref name="bloombergforks">{{Cite news |last=Kharif |first=Olga |date=18 September 2018 |title=Bitcoin Cash's Survival in Question as Possible Split Looms |publisher=Bloomberg |url=https://www.bloomberg.com/news/articles/2018-09-18/bitcoin-cash-s-survival-in-question-as-possible-split-looms |access-date=3 August 2019 |archive-date=3 August 2019 |archive-url=https://web.archive.org/web/20190803083727/https://www.bloomberg.com/news/articles/2018-09-18/bitcoin-cash-s-survival-in-question-as-possible-split-looms |url-status=live }}</ref> On 1 August 2017 Bitcoin Cash began trading at about [[US dollar|$]]240, while Bitcoin traded at about $2,700.<ref name="bsit" /> On 20 December 2017 it reached an intraday high of $4,355.62 and then fell 88% to $519.12 on 23 August 2018.<ref name="WSJ crash">{{Cite news |last=Osipovich |first=Alexander |date=24 August 2018 |title=It Was Meant to Be the Better Bitcoin. It's Down Nearly 90% |work=Wall Street Journal |url=https://www.wsj.com/articles/it-was-meant-to-be-the-better-bitcoin-its-down-nearly-90-1535115600 |access-date=26 August 2018 |archive-date=25 August 2018 |archive-url=https://web.archive.org/web/20180825231621/https://www.wsj.com/articles/it-was-meant-to-be-the-better-bitcoin-its-down-nearly-90-1535115600 |url-status=live }}</ref>


In 2018 [[Bitcoin Core]] developer Cory Fields found a bug in the ''Bitcoin ABC'' software that would have allowed an attacker to create a block causing a chain split. Fields notified the development team about it, and the bug was fixed.<ref>{{Cite news |last=Evans |first=John |date=10 August 2018 |title=Cryptocurrency insecurity: IOTA, BCash and too many more |publisher=Techcrunch |url=https://techcrunch.com/2018/08/09/cryptocurrency-insecurity-iota-bcash-and-too-many-more/ |access-date=12 August 2018}}</ref>
In 2018 [[Bitcoin Core]] developer Cory Fields found a bug in the ''Bitcoin ABC'' software that would have allowed an attacker to create a block causing a chain split. Fields notified the development team about it, and the bug was fixed.<ref>{{Cite news |last=Evans |first=John |date=10 August 2018 |title=Cryptocurrency insecurity: IOTA, BCash and too many more |publisher=Techcrunch |url=https://techcrunch.com/2018/08/09/cryptocurrency-insecurity-iota-bcash-and-too-many-more/ |access-date=12 August 2018 |archive-date=11 August 2018 |archive-url=https://web.archive.org/web/20180811141004/https://techcrunch.com/2018/08/09/cryptocurrency-insecurity-iota-bcash-and-too-many-more/ |url-status=live }}</ref>


In November 2020, there was a second contested hard fork where the leading node implementation, BitcoinABC, created BCHA.<ref name="bitcoinabc20201229">{{Cite news |date=29 December 2020 |title= Bitcoin ABC 0.22.10 Release Notes |url= https://www.bitcoinabc.org/doc/release-notes/release-notes-0.22.10.html |access-date=22 March 2021}}</ref>
In November 2020, there was a second contested hard fork where the leading node implementation, BitcoinABC, created BCHA (now dubbed "eCash" or "XEC").<ref name="bitcoinabc20201229">{{Cite news |date=29 December 2020 |title=Bitcoin ABC 0.22.10 Release Notes |url=https://www.bitcoinabc.org/doc/release-notes/release-notes-0.22.10.html |access-date=22 March 2021 |archive-date=21 April 2021 |archive-url=https://web.archive.org/web/20210421054306/https://www.bitcoinabc.org/doc/release-notes/release-notes-0.22.10.html |url-status=live }}</ref><ref>{{Cite web |last=ABC |first=Bitcoin |title=Bitcoin ABC |url=https://www.bitcoinabc.org/bcha/ |access-date=2024-08-22 |website=www.bitcoinabc.org |language=en}}</ref>


== Controversy ==
== Controversy ==
Line 78: Line 78:


In 2017 there were two factions of Bitcoin supporters: those that supported large blocks and those who preferred small blocks.<ref name="vergeonetrue" /> The Bitcoin Cash faction favors the use of its currency as a medium of exchange for commerce, while the Bitcoin-supporting faction view Bitcoin's primary use as that of a store of value.<ref name="vergeonetrue" /> Bitcoin Cash is sometimes also referred to as Bcash.<ref>Bcash Nickname Sources:
In 2017 there were two factions of Bitcoin supporters: those that supported large blocks and those who preferred small blocks.<ref name="vergeonetrue" /> The Bitcoin Cash faction favors the use of its currency as a medium of exchange for commerce, while the Bitcoin-supporting faction view Bitcoin's primary use as that of a store of value.<ref name="vergeonetrue" /> Bitcoin Cash is sometimes also referred to as Bcash.<ref>Bcash Nickname Sources:
* {{Cite web |last=Divine |first=John |date=17 February 2021 |title=Bitcoin Cash vs. Bitcoin: What's the Difference? |url=https://money.usnews.com/investing/stock-market-news/articles/bitcoin-cash-vs-bitcoin |access-date=23 June 2021 |website=Fortune}}
* {{Cite web |last=Divine |first=John |date=17 February 2021 |title=Bitcoin Cash vs. Bitcoin: What's the Difference? |url=https://money.usnews.com/investing/stock-market-news/articles/bitcoin-cash-vs-bitcoin |access-date=23 June 2021 |website=Fortune |archive-date=21 June 2021 |archive-url=https://web.archive.org/web/20210621183421/https://money.usnews.com/investing/stock-market-news/articles/bitcoin-cash-vs-bitcoin |url-status=live }}
* {{Cite web |last=Kharpal |first=Arjun |date=3 August 2017 |title='Bitcoin cash' potential limited, but a catalyst could be looming for it to take off |url=https://www.cnbc.com/2017/08/03/bitcoin-cash-price-potential-limited-but-a-catalyst-could-be-looming.html |access-date=14 March 2021 |website=CNBC}}
* {{Cite web |last=Kharpal |first=Arjun |date=3 August 2017 |title='Bitcoin cash' potential limited, but a catalyst could be looming for it to take off |url=https://www.cnbc.com/2017/08/03/bitcoin-cash-price-potential-limited-but-a-catalyst-could-be-looming.html |access-date=14 March 2021 |website=CNBC |archive-date=11 November 2020 |archive-url=https://web.archive.org/web/20201111221518/https://www.cnbc.com/2017/08/03/bitcoin-cash-price-potential-limited-but-a-catalyst-could-be-looming.html |url-status=live }}
* {{cite web |url=https://www.theverge.com/2018/5/1/17306644/bitcoin-hacker-troll-podcaster-aaron-lammer |title=A Bitcoin podcaster brilliantly trolled his own hacker |last=Jeffries |first=Adrienne |website=The Verge |access-date=2 November 2019 |date=1 May 2018}}
* {{cite web |url=https://www.theverge.com/2018/5/1/17306644/bitcoin-hacker-troll-podcaster-aaron-lammer |title=A Bitcoin podcaster brilliantly trolled his own hacker |last=Jeffries |first=Adrienne |website=The Verge |access-date=2 November 2019 |date=1 May 2018 |archive-date=3 November 2019 |archive-url=https://web.archive.org/web/20191103040035/https://www.theverge.com/2018/5/1/17306644/bitcoin-hacker-troll-podcaster-aaron-lammer |url-status=live }}
* {{Cite news |url=https://www.cnbc.com/2017/12/20/litecoin-founder-charlie-lee-sells-his-holdings-in-the-cryptocurrency.html |title=Litecoin founder Charlie Lee says he's sold all his holdings in the cryptocurrency |last=Browne |first=Ryan |publisher=CNBC |access-date=2 November 2019 |date=20 December 2017}}
* {{Cite news |url=https://www.cnbc.com/2017/12/20/litecoin-founder-charlie-lee-sells-his-holdings-in-the-cryptocurrency.html |title=Litecoin founder Charlie Lee says he's sold all his holdings in the cryptocurrency |last=Browne |first=Ryan |publisher=CNBC |access-date=2 November 2019 |date=20 December 2017 |archive-date=2 February 2021 |archive-url=https://web.archive.org/web/20210202150717/https://www.cnbc.com/2017/12/20/litecoin-founder-charlie-lee-sells-his-holdings-in-the-cryptocurrency.html |url-status=live }}
* {{cite web |url=https://www.theverge.com/2018/4/9/17217354/bitcoin-twitter-shut-down-conspiracy-theories |title=Twitter briefly shut down @Bitcoin, sparking wild conspiracy theories |last=Jeffries |first=Adrienne |website=The Verge |access-date=2 November 2019 |date=9 April 2018}}
* {{cite web |url=https://www.theverge.com/2018/4/9/17217354/bitcoin-twitter-shut-down-conspiracy-theories |title=Twitter briefly shut down @Bitcoin, sparking wild conspiracy theories |last=Jeffries |first=Adrienne |website=The Verge |access-date=2 November 2019 |date=9 April 2018 |archive-date=3 November 2019 |archive-url=https://web.archive.org/web/20191103034941/https://www.theverge.com/2018/4/9/17217354/bitcoin-twitter-shut-down-conspiracy-theories |url-status=live }}
* {{cite magazine |url=http://fortune.com/2017/08/08/bitcoin-price-bitcoin-cash-bcash/ |title=Bitcoin Just Surged to Yet Another All-Time High |last=Shen |first=Lucinda |magazine=Fortune Magazine |access-date=20 June 2018 |date=8 August 2017}}
* {{cite magazine |url=http://fortune.com/2017/08/08/bitcoin-price-bitcoin-cash-bcash/ |title=Bitcoin Just Surged to Yet Another All-Time High |last=Shen |first=Lucinda |magazine=Fortune Magazine |access-date=20 June 2018 |date=8 August 2017 |archive-date=12 June 2018 |archive-url=https://web.archive.org/web/20180612143519/http://fortune.com/2017/08/08/bitcoin-price-bitcoin-cash-bcash/ |url-status=live }}
* {{Cite news |url=https://www.forbes.com/sites/pamelaambler/2017/08/09/the-rapid-rise-and-fall-of-bitcoin-cash/ |title=The Rapid Rise And Fall Of Bitcoin Cash |last=Ambler |first=Pamela |work=Forbes |access-date=20 June 2018 |date=9 August 2017}}
* {{Cite news |url=https://www.forbes.com/sites/pamelaambler/2017/08/09/the-rapid-rise-and-fall-of-bitcoin-cash/ |title=The Rapid Rise And Fall Of Bitcoin Cash |last=Ambler |first=Pamela |work=Forbes |access-date=20 June 2018 |date=9 August 2017 |archive-date=12 June 2018 |archive-url=https://web.archive.org/web/20180612144249/https://www.forbes.com/sites/pamelaambler/2017/08/09/the-rapid-rise-and-fall-of-bitcoin-cash/ |url-status=live }}
* {{Cite news |url=https://techcrunch.com/2018/08/09/cryptocurrency-insecurity-iota-bcash-and-too-many-more/ |title=Cryptocurrency insecurity: IOTA, BCash and too many more |last=Evans |first=John |publisher=Techcrunch |access-date=12 August 2018 |date=10 August 2018}}
* {{Cite news |url=https://techcrunch.com/2018/08/09/cryptocurrency-insecurity-iota-bcash-and-too-many-more/ |title=Cryptocurrency insecurity: IOTA, BCash and too many more |last=Evans |first=John |publisher=Techcrunch |access-date=12 August 2018 |date=10 August 2018 |archive-date=11 August 2018 |archive-url=https://web.archive.org/web/20180811141004/https://techcrunch.com/2018/08/09/cryptocurrency-insecurity-iota-bcash-and-too-many-more/ |url-status=live }}
* {{Cite news |url=https://www.cnbc.com/2017/08/03/bitcoin-cash-price-potential-limited-but-a-catalyst-could-be-looming.html |title=TECH TRANSFORMERS: 'Bitcoin cash' potential limited, but a catalyst could be looming for it to take off |last=Kharpal |first=Arjun |publisher=CNBC |access-date=2 August 2019 |date=3 August 2017}}
* {{Cite news |url=https://www.cnbc.com/2017/08/03/bitcoin-cash-price-potential-limited-but-a-catalyst-could-be-looming.html |title=TECH TRANSFORMERS: 'Bitcoin cash' potential limited, but a catalyst could be looming for it to take off |last=Kharpal |first=Arjun |publisher=CNBC |access-date=2 August 2019 |date=3 August 2017 |archive-date=2 August 2019 |archive-url=https://web.archive.org/web/20190802083028/https://www.cnbc.com/2017/08/03/bitcoin-cash-price-potential-limited-but-a-catalyst-could-be-looming.html |url-status=live }}
* {{Cite news |url=https://www.bloomberg.com/opinion/articles/2017-12-10/an-expert-s-guide-to-navigating-the-world-of-bitcoin |title=An Expert's Guide to Navigating the World of Bitcoin: A Q&A between Julie Verhage and Elaine Ou on crypto-assets and the resources involved in bitcoin mining |last=Ou |first=Elaine |publisher=Bloomberg |access-date=2 August 2019 |date=10 December 2017}}</ref> Bitcoin Cash detractors call the cryptocurrency "Bcash", "Btrash", or "a scam", while its supporters maintain that "it is the pure form of Bitcoin".<ref name="vergeonetrue" />
* {{Cite news |url=https://www.bloomberg.com/opinion/articles/2017-12-10/an-expert-s-guide-to-navigating-the-world-of-bitcoin |title=An Expert's Guide to Navigating the World of Bitcoin: A Q&A between Julie Verhage and Elaine Ou on crypto-assets and the resources involved in bitcoin mining |last=Ou |first=Elaine |publisher=Bloomberg |access-date=2 August 2019 |date=10 December 2017 |archive-date=2 August 2019 |archive-url=https://web.archive.org/web/20190802083714/https://www.bloomberg.com/opinion/articles/2017-12-10/an-expert-s-guide-to-navigating-the-world-of-bitcoin |url-status=live }}</ref> Bitcoin Cash detractors call the cryptocurrency "Bcash", "Btrash", or "a scam", while its supporters maintain that "it is the pure form of Bitcoin".<ref name="vergeonetrue" />


Bryan Kelly, a stock analyst likened it to a software upgrade:<ref name="CNBC20181114" />
Bryan Kelly, a stock analyst likened it to a software upgrade:<ref name="CNBC20181114" />
Line 95: Line 95:


== Trading and usage ==
== Trading and usage ==
[[File:BCHtransactions.svg|thumb|Number of Bitcoin Cash transactions per month (logarithmic scale)<ref name="Blockchair.com">{{Cite web |title=Blockchair |url=https://blockchair.com |access-date=13 October 2019 |website=Blockchair.com}}</ref>]]
[[File:BCHtransactions.svg|thumb|Number of Bitcoin Cash transactions per month (logarithmic scale)<ref name="Blockchair.com">{{Cite web |title=Blockchair |url=https://blockchair.com/ |access-date=13 October 2019 |website=Blockchair.com |archive-date=13 October 2019 |archive-url=https://web.archive.org/web/20191013042308/https://blockchair.com/ |url-status=live }}</ref>]]
Bitcoin Cash trades on [[digital currency exchange]]s using the ''Bitcoin Cash'' name and the BCH [[currency code]] for the cryptocurrency.<ref>{{Cite news |last=Peterson |first=Becky |date=9 January 2018 |title=Coinbase blames extreme buyer demand for last month's Bitcoin cash disaster |work=Business Insider |url=http://www.businessinsider.com/coinbase-blames-extreme-buyer-demand-for-bitcoin-cash-disaster-2018-1 |access-date=4 May 2018}}</ref><ref name="exchange adds">{{Cite news |last=del Castillo |first=Michael |date=14 May 2018 |title=Winklevoss Brothers Bitcoin Exchange Adds Zcash, Litecoin, Bitcoin Cash |work=Forbes |url=https://www.forbes.com/sites/michaeldelcastillo/2018/05/14/winklevoss-brothers-bitcoin-exchange-adds-zcash/#45f8c40e6b98 |access-date=24 May 2018}}</ref><ref>{{Cite news |last=Decambre |first=Mark |date=2 August 2017 |title=Meet Bitcoin Cash—the new digital-currency that surged 122% in less than a day |work=MarketWatch |url=https://www.marketwatch.com/story/meet-bitcoin-cashthe-new-digital-currency-that-surged-122-in-less-than-a-day-2017-08-02 |access-date=5 June 2018}}</ref> On 26 March 2018, [[OKEx]] removed all Bitcoin Cash trading pairs except for BCH/BTC, BCH/[[Ethereum|ETH]] and BCH/[[Tether (cryptocurrency)|USDT]] due to "inadequate liquidity".<ref name="FT05152018" /> {{As of|2018|05}}, daily transaction numbers for Bitcoin Cash are about one-tenth of those of bitcoin.<ref name="FT05152018">{{Cite news |last=Kelly |first=Jemima |date=15 May 2018 |title=Bitcoin cash is expanding into the void |work=[[Financial Times]] |url=https://ftalphaville.ft.com/2018/05/15/1526356800000/Bitcoin-cash-is-expanding-into-the-void/ |access-date=3 June 2018}}</ref> Coinbase listed Bitcoin Cash on 19 December 2017 and the Coinbase platform experienced price abnormalities that led to an insider trading investigation.<ref name="TC investigation">{{Cite news |last=Osipovich |first=Alexander |date=20 December 2017 |title=Coinbase may have given away its own Bitcoin Cash surprise |work=TechCrunch |url=https://techcrunch.com/2017/12/20/coinbase-bch-bitcoin-cash-api-reddit/ |access-date=2 November 2019}}</ref> As of August 2018, Bitcoin Cash payments are supported by payment service providers such as [[BitPay]], Coinify and GoCoin.<ref name="payments201805">{{Cite news |last=Kharif |first=Olga |date=20 August 2018 |title='Bitcoin Jesus' Is Having a Hard Time Winning Over True Believers |publisher=Bloomberg |url=https://www.bloomberg.com/news/articles/2018-08-20/-bitcoin-jesus-having-a-hard-time-winning-over-true-believers |access-date=21 August 2018}}</ref>
Bitcoin Cash trades on [[digital currency exchange]]s using the ''Bitcoin Cash'' name and the BCH [[currency code]] for the cryptocurrency.<ref>{{Cite news |last=Peterson |first=Becky |date=9 January 2018 |title=Coinbase blames extreme buyer demand for last month's Bitcoin cash disaster |work=Business Insider |url=http://www.businessinsider.com/coinbase-blames-extreme-buyer-demand-for-bitcoin-cash-disaster-2018-1 |access-date=4 May 2018 |archive-date=4 May 2018 |archive-url=https://web.archive.org/web/20180504155617/http://www.businessinsider.com/coinbase-blames-extreme-buyer-demand-for-bitcoin-cash-disaster-2018-1 |url-status=live }}</ref><ref name="exchange adds">{{Cite news |last=del Castillo |first=Michael |date=14 May 2018 |title=Winklevoss Brothers Bitcoin Exchange Adds Zcash, Litecoin, Bitcoin Cash |work=Forbes |url=https://www.forbes.com/sites/michaeldelcastillo/2018/05/14/winklevoss-brothers-bitcoin-exchange-adds-zcash/#45f8c40e6b98 |access-date=24 May 2018 |archive-date=18 October 2022 |archive-url=https://web.archive.org/web/20221018025807/https://www.forbes.com/sites/michaeldelcastillo/2018/05/14/winklevoss-brothers-bitcoin-exchange-adds-zcash/#45f8c40e6b98 |url-status=live }}</ref><ref>{{Cite news |last=Decambre |first=Mark |date=2 August 2017 |title=Meet Bitcoin Cash—the new digital-currency that surged 122% in less than a day |work=MarketWatch |url=https://www.marketwatch.com/story/meet-bitcoin-cashthe-new-digital-currency-that-surged-122-in-less-than-a-day-2017-08-02 |access-date=5 June 2018 |archive-date=14 June 2018 |archive-url=https://web.archive.org/web/20180614221259/https://www.marketwatch.com/story/meet-bitcoin-cashthe-new-digital-currency-that-surged-122-in-less-than-a-day-2017-08-02 |url-status=live }}</ref> On 26 March 2018, [[OKEx]] removed all Bitcoin Cash trading pairs except for BCH/BTC, BCH/[[Ethereum|ETH]] and BCH/[[Tether (cryptocurrency)|USDT]] due to "inadequate liquidity".<ref name="FT05152018" /> {{As of|2018|05}}, daily transaction numbers for Bitcoin Cash are about one-tenth of those of bitcoin.<ref name="FT05152018">{{Cite news |last=Kelly |first=Jemima |date=15 May 2018 |title=Bitcoin cash is expanding into the void |work=[[Financial Times]] |url=https://ftalphaville.ft.com/2018/05/15/1526356800000/Bitcoin-cash-is-expanding-into-the-void/ |access-date=3 June 2018 |archive-date=12 June 2018 |archive-url=https://web.archive.org/web/20180612142044/https://ftalphaville.ft.com/2018/05/15/1526356800000/Bitcoin-cash-is-expanding-into-the-void/ |url-status=live }}</ref> Coinbase listed Bitcoin Cash on 19 December 2017 and the Coinbase platform experienced price abnormalities that led to an insider trading investigation.<ref name="TC investigation">{{Cite news |last=Osipovich |first=Alexander |date=20 December 2017 |title=Coinbase may have given away its own Bitcoin Cash surprise |work=TechCrunch |url=https://techcrunch.com/2017/12/20/coinbase-bch-bitcoin-cash-api-reddit/ |access-date=2 November 2019 |archive-date=4 November 2019 |archive-url=https://web.archive.org/web/20191104010741/https://techcrunch.com/2017/12/20/coinbase-bch-bitcoin-cash-api-reddit/ |url-status=live }}</ref> As of August 2018, Bitcoin Cash payments are supported by payment service providers such as [[BitPay]], Coinify and GoCoin.<ref name="payments201805">{{Cite news |last=Kharif |first=Olga |date=20 August 2018 |title='Bitcoin Jesus' Is Having a Hard Time Winning Over True Believers |publisher=Bloomberg |url=https://www.bloomberg.com/news/articles/2018-08-20/-bitcoin-jesus-having-a-hard-time-winning-over-true-believers |access-date=21 August 2018 |archive-date=14 May 2022 |archive-url=https://web.archive.org/web/20220514135319/https://www.bloomberg.com/news/articles/2018-08-20/-bitcoin-jesus-having-a-hard-time-winning-over-true-believers |url-status=live }}</ref>


== Difficulty adjustment algorithm ==
== Difficulty adjustment algorithm ==
Line 123: Line 123:
| market_cap = <!-- Requires a reliable source. -->
| market_cap = <!-- Requires a reliable source. -->
}}
}}
On 15 November 2018, a hard fork chain split of Bitcoin Cash occurred between two rival factions called Bitcoin Cash and Bitcoin SV.<ref name="Bloom17112018">{{Cite news |last=Kharif |first=Olga |date=17 November 2018 |title=Bitcoin Cash Clash Is Costing Billions With No End in Sight |publisher=Bloomberg |url=https://www.bloomberg.com/news/articles/2018-11-16/bitcoin-cash-clash-is-costing-billions-with-no-end-in-sight |access-date=18 November 2018}}</ref><ref>{{Cite news |last=Kharif |first=Olga |date=23 November 2018 |title=Bitcoin Cash Wars End With No Relief for Biggest Cryptocurrency |publisher=Bloomberg |url=https://www.bloomberg.com/news/articles/2018-11-23/bitcoin-cash-wars-end-with-no-relief-for-biggest-cryptocurrency |access-date=7 December 2018}}</ref> On 15 November 2018 Bitcoin Cash traded at about [[US dollar|$]]289, and Bitcoin SV traded at about $96.50, down from $425.01 on 14 November for the un-split Bitcoin Cash.<ref name="Bloom15112018">{{Cite news |last=Kharif |first=Olga |date=15 November 2018 |title=Bitcoin Cash Fork Hits Investors' Pocketbooks as Two Coins Slip |publisher=Bloomberg |url=https://www.bloomberg.com/news/articles/2018-11-15/bitcoin-cash-fork-hits-investors-pocketbooks-as-two-coins-slip |access-date=18 November 2018}}</ref>
On 15 November 2018, a hard fork chain split of Bitcoin Cash occurred between two rival factions called Bitcoin Cash and Bitcoin SV.<ref name="Bloom17112018">{{Cite news |last=Kharif |first=Olga |date=17 November 2018 |title=Bitcoin Cash Clash Is Costing Billions With No End in Sight |publisher=Bloomberg |url=https://www.bloomberg.com/news/articles/2018-11-16/bitcoin-cash-clash-is-costing-billions-with-no-end-in-sight |access-date=18 November 2018 |archive-date=17 November 2018 |archive-url=https://web.archive.org/web/20181117212958/https://www.bloomberg.com/news/articles/2018-11-16/bitcoin-cash-clash-is-costing-billions-with-no-end-in-sight |url-status=live }}</ref><ref>{{Cite news |last=Kharif |first=Olga |date=23 November 2018 |title=Bitcoin Cash Wars End With No Relief for Biggest Cryptocurrency |publisher=Bloomberg |url=https://www.bloomberg.com/news/articles/2018-11-23/bitcoin-cash-wars-end-with-no-relief-for-biggest-cryptocurrency |access-date=7 December 2018 |archive-date=3 August 2019 |archive-url=https://web.archive.org/web/20190803082954/https://www.bloomberg.com/news/articles/2018-11-23/bitcoin-cash-wars-end-with-no-relief-for-biggest-cryptocurrency |url-status=live }}</ref> On 15 November 2018 Bitcoin Cash traded at about [[US dollar|$]]289, and Bitcoin SV traded at about $96.50, down from $425.01 on 14 November for the un-split Bitcoin Cash.<ref name="Bloom15112018">{{Cite news |last=Kharif |first=Olga |date=15 November 2018 |title=Bitcoin Cash Fork Hits Investors' Pocketbooks as Two Coins Slip |publisher=Bloomberg |url=https://www.bloomberg.com/news/articles/2018-11-15/bitcoin-cash-fork-hits-investors-pocketbooks-as-two-coins-slip |access-date=18 November 2018 |archive-date=19 November 2018 |archive-url=https://web.archive.org/web/20181119010729/https://www.bloomberg.com/news/articles/2018-11-15/bitcoin-cash-fork-hits-investors-pocketbooks-as-two-coins-slip |url-status=live }}</ref>


The split originated from what was described as a "civil war" in two competing Bitcoin Cash camps.<ref name="CNBC20181114">{{Cite news |last=Clifford |first=Tyler |date=14 November 2018 |title='Crypto civil war' slams bitcoin, but it won't last, says BKCM's Brian Kelly |publisher=CNBC |url=https://www.cnbc.com/2018/11/14/bkcm-brian-kelly-crypto-civil-war-slams-bitcoin-but-not-for-long.html |access-date=18 November 2018}}</ref><ref name="SCMP20181115">{{Cite news |last=Huang |first=Zheping |date=15 November 2018 |title=Bitcoin cash "hard fork": everything you need to know about the latest cryptocurrency civil war |work=South China Morning Post |url=https://www.scmp.com/tech/blockchain/article/2173389/bitcoin-cash-hard-fork-everything-you-need-know-about-latest |access-date=18 November 2018}}</ref> The first camp, supported by entrepreneur [[Roger Ver]] and [[Jihan Wu]] of [[Bitmain]], promoted the software entitled Bitcoin ABC (short for Adjustable Blocksize Cap), which would maintain the block size at 32&nbsp;[[megabyte|MB]].<ref name="SCMP20181115" /> The second camp led by [[Craig Steven Wright]] and billionaire [[Calvin Ayre]] put forth a competing software version Bitcoin SV, short for "Bitcoin Satoshi Vision", which would increase the block size limit to 128&nbsp;MB.<ref name="Bloom17112018" /><ref name="SCMP20181115" /> The Bitcoin SV blockchain is the largest of all Bitcoin forks, exceeding 2.5 terabytes{{Efn|1=The Bitcoin SV blockchain size is 2562.92&nbsp;GB as of Jan 10 2022, which is 2.56292&nbsp;TB.{{cn|date=October 2022}}}} in size.{{cn|date=October 2022}}
The split originated from what was described as a "civil war" in two competing Bitcoin Cash camps.<ref name="CNBC20181114">{{Cite news |last=Clifford |first=Tyler |date=14 November 2018 |title='Crypto civil war' slams bitcoin, but it won't last, says BKCM's Brian Kelly |publisher=CNBC |url=https://www.cnbc.com/2018/11/14/bkcm-brian-kelly-crypto-civil-war-slams-bitcoin-but-not-for-long.html |access-date=18 November 2018 |archive-date=18 November 2018 |archive-url=https://web.archive.org/web/20181118205908/https://www.cnbc.com/2018/11/14/bkcm-brian-kelly-crypto-civil-war-slams-bitcoin-but-not-for-long.html |url-status=live }}</ref><ref name="SCMP20181115">{{Cite news |last=Huang |first=Zheping |date=15 November 2018 |title=Bitcoin cash "hard fork": everything you need to know about the latest cryptocurrency civil war |work=South China Morning Post |url=https://www.scmp.com/tech/blockchain/article/2173389/bitcoin-cash-hard-fork-everything-you-need-know-about-latest |access-date=18 November 2018 |archive-date=18 November 2018 |archive-url=https://web.archive.org/web/20181118205747/https://www.scmp.com/tech/blockchain/article/2173389/bitcoin-cash-hard-fork-everything-you-need-know-about-latest |url-status=live }}</ref> The first camp, supported by entrepreneur [[Roger Ver]] and [[Jihan Wu]] of [[Bitmain]], promoted the software entitled Bitcoin ABC (short for Adjustable Blocksize Cap), which would maintain the block size at 32&nbsp;[[megabyte|MB]].<ref name="SCMP20181115" /> The second camp led by [[Craig Steven Wright]] and billionaire [[Calvin Ayre]] put forth a competing software version Bitcoin SV, short for "Bitcoin Satoshi Vision", which would increase the block size limit to 128&nbsp;MB.<ref name="Bloom17112018" /><ref name="SCMP20181115" />


== See also ==
== See also ==

Revision as of 06:32, 31 August 2024

Bitcoin Cash
Denominations
CodeBCH[1]
Precision10−8
Development
Original author(s)Satoshi Nakamoto
White paper"Bitcoin: A Peer-to-Peer Electronic Cash System"
Implementation(s)Bitcoin Cash Node (“BCHN”)
Bitcoin Unlimited (“BU”)
Bitcoin Verde (“Verde”)
K•th
BCHD
Initial release0.1.0 / 9 January 2009 (15 years ago) (2009-01-09)
Latest releaseBCHN: 27.1.0 July 10, 2024 [2] /
Project fork ofBitcoin
Written inBCHN: C++
BU: C++
Verde: Java
K•th: C++
BCHD: Go
LicenseBCHN: MIT[3]
BU: MIT[4]
Verde: MIT[5]
K•th: MIT[6]
BCHD: ISC[7]
Ledger
Ledger start3 January 2009 (15 years ago) (2009-01-03)[8][9]: ch. 35 
Split height#478559 / 1 August 2017 (7 years ago) (2017-08-01)
Split fromBitcoin
Split ratio1:1
Timestamping schemeProof-of-work (partial hash inversion)
Hash functionSHA-256
Issuance scheduleInitially BCH 50 per block, halved every 210,000 blocks
Block rewardBCH 3.125 [a]
Block time10 minutes
Block explorerblockchair.com/bitcoin-cash/blocks
Supply limit21,000,000[b]
Website
Websitebitcoincash.org[citation needed]
  1. ^ As of August 2024; halves approximately every four years.
  2. ^ The supply will approach, but never reach, BCH 21 million. Issuance will permanently halt around 2140 at BCH 20,999,999.9769.

Bitcoin Cash is a cryptocurrency that is a fork of Bitcoin. Bitcoin Cash is a spin-off or altcoin that was created in 2017.[10][11]

In November 2018, Bitcoin Cash split further into two cryptocurrencies: Bitcoin Cash and Bitcoin SV.[12]

History

Since its inception, Bitcoin users had maintained a common set of rules for the cryptocurrency.[13] On 21 July 2017, bitcoin miners locked-in a software upgrade referred to as Bitcoin Improvement Proposal (BIP) 91, which meant that the Segregated Witness upgrade would activate at block 477,120. Segwit controversially would enable second layer solutions on Bitcoin such as the Lightning Network.[14] A key difference of opinion between Bitcoin users was over the running of nodes. Bitcoin supporters wanted to keep blocks small so that nodes could be operated with fewer resources, while some large block supporters find it acceptable that (due to large block sizes), nodes might only be run by universities, private companies and nonprofits.[15]

A group of Bitcoin activists,[16] developers[13], and China-based miners were unhappy with Bitcoin's proposed SegWit improvement plans meant to increase Bitcoin's capacity; these stakeholders pushed forward alternative plans which would increase the block size limit to eight megabytes through a hard fork.[17][13][18] Supporters of a block size increase were more committed to an on-chain medium of exchange function.[14]

In June 2017, hardware manufacturer Bitmain, described the would-be hard fork with the increased block size as a "contingency plan", should the Bitcoin community decide to fork implementing SegWit. The first implementation of the software was proposed under the name Bitcoin ABC at a conference that month. In July 2017, mining pool ViaBTC proposed the name Bitcoin Cash. In July 2017 Roger Ver and others stated they felt that adopting BIP 91 (that would later activate SegWit) favored people who wanted to treat Bitcoin as a digital investment rather than as a transactional currency.[13][18] The fork that created Bitcoin Cash took effect on 1 August 2017.[19] In relation to Bitcoin it is characterized variously as a spin-off,[20] a strand,[21] a product of a hard fork,[22] an offshoot,[23] a clone,[17] a second version[16] or an altcoin.

A Hong Kong newspaper likened this to a new version of word processing software saying:[24]

Bitcoin cash is like a new version of Microsoft Word, which generates documents that can no longer be opened via the older versions.

At the time of the fork anyone owning bitcoin came into possession of the same number of Bitcoin Cash units.[25][19] The technical difference between Bitcoin Cash and Bitcoin is that Bitcoin Cash allows larger blocks in its blockchain than Bitcoin which, in theory, allows it to process more transactions per second.[26] Bitcoin Cash was the first of the Bitcoin forks, in which software-development teams modified the original Bitcoin computer code and released coins with “Bitcoin" in their names, with "the goal of creating money out of thin air".[27] On 1 August 2017 Bitcoin Cash began trading at about $240, while Bitcoin traded at about $2,700.[19] On 20 December 2017 it reached an intraday high of $4,355.62 and then fell 88% to $519.12 on 23 August 2018.[28]

In 2018 Bitcoin Core developer Cory Fields found a bug in the Bitcoin ABC software that would have allowed an attacker to create a block causing a chain split. Fields notified the development team about it, and the bug was fixed.[29]

In November 2020, there was a second contested hard fork where the leading node implementation, BitcoinABC, created BCHA (now dubbed "eCash" or "XEC").[30][31]

Controversy

Controversy

The arguments have devolved over three or four years of bitter debate, the principles are real and they are important to preserve, but a lot of the drama has nothing to do with principles anymore. A lot of this debate is now more about hurt feelings. It’s about bruised egos. It’s about things that were said that can’t be unsaid, insults that were exchanged, and personalities and ego.

Andreas Antonopoulos, "The Verge"

In 2017 there were two factions of Bitcoin supporters: those that supported large blocks and those who preferred small blocks.[26] The Bitcoin Cash faction favors the use of its currency as a medium of exchange for commerce, while the Bitcoin-supporting faction view Bitcoin's primary use as that of a store of value.[26] Bitcoin Cash is sometimes also referred to as Bcash.[32] Bitcoin Cash detractors call the cryptocurrency "Bcash", "Btrash", or "a scam", while its supporters maintain that "it is the pure form of Bitcoin".[26]

Bryan Kelly, a stock analyst likened it to a software upgrade:[33]

Bitcoin cash is doing a “hard fork” or “effectively a software upgrade”, Kelly said on “Fast Money”. “When you do a software upgrade, everybody usually agrees. But in this particular case, everybody is not agreeing.”

Samson Mow of Blockstream pointed to Bitcoin Cash's use of the "Bitcoin" name as a source of animosity between the Bitcoin and Bitcoin Cash camps.[26] Emin Gün Sirer, a professor at Cornell stated that Bitcoin Cash was focused on use and Bitcoin was "enormously" focused on store of value.[26]

Trading and usage

Number of Bitcoin Cash transactions per month (logarithmic scale)[34]

Bitcoin Cash trades on digital currency exchanges using the Bitcoin Cash name and the BCH currency code for the cryptocurrency.[35][36][37] On 26 March 2018, OKEx removed all Bitcoin Cash trading pairs except for BCH/BTC, BCH/ETH and BCH/USDT due to "inadequate liquidity".[20] As of May 2018, daily transaction numbers for Bitcoin Cash are about one-tenth of those of bitcoin.[20] Coinbase listed Bitcoin Cash on 19 December 2017 and the Coinbase platform experienced price abnormalities that led to an insider trading investigation.[38] As of August 2018, Bitcoin Cash payments are supported by payment service providers such as BitPay, Coinify and GoCoin.[39]

Difficulty adjustment algorithm

Bitcoin and Bitcoin Cash both use a proof-of-work algorithm to timestamp every new block. The proof of work algorithm used is the same in both cases. It can be described as a partial inversion of a hash function. Additionally, both Bitcoin and Bitcoin Cash target a new block to be generated every ten minutes on average. The time needed to calculate a new block is influenced by a parameter called the mining difficulty. If the total amount of mining power increases, an increase of the mining difficulty can keep the block time roughly constant. Vice versa, if the mining power decreases, a decrease of the mining difficulty can keep the block time roughly constant.[40]

To keep the block generation time equal to ten minutes on average, both Bitcoin and Bitcoin Cash use an algorithm adjusting the mining difficulty parameter. This algorithm is called the difficulty adjustment algorithm (DAA). Originally, both Bitcoin and Bitcoin Cash used the same difficulty adjustment algorithm, adjusting the mining difficulty parameter every 2016 blocks. Since 1 August 2017, Bitcoin Cash also used an addition to the DAA, called an Emergency Difficulty Adjustment (EDA) algorithm. EDA was used alongside the original DAA and it was designed to decrease the mining difficulty of Bitcoin Cash by 20%, if the time difference between 6 successive blocks was greater than 12 hours.[40]

EDA adjustments caused instabilities in mining difficulty of the Bitcoin Cash system, resulting in Bitcoin Cash being thousands of blocks ahead of Bitcoin. To address the problem with stability, a change of the Bitcoin Cash DAA was implemented and the EDA canceled. The change took effect on 13 November 2017. After the change, the Bitcoin Cash DAA adjusts the mining difficulty after each block. To calculate the difficulty for a new block, the Bitcoin Cash DAA uses a moving window of last 144 blocks.[40]

A group of researchers demonstrated that, as of June 2019, Bitcoin DAA fails to generate new blocks at a constant rate as long as the hash supply is elastic. In contrast to that, the group demonstrated that Bitcoin Cash DAA is stable even when the cryptocurrency price is volatile and the supply of hash power is highly elastic.[41]

2018 split to create Bitcoin SV

Bitcoin SV
Denominations
Symbol₿
CodeBSV
Precision10^-8
Development
Original author(s)Satoshi Nakamoto
Project fork ofBitcoin Cash
Ledger
Timestamping schemeProof-of-work
Block reward6.25 BSV
Block time10 minutes
Circulating supply18,874,300 BSV (2021-10-20)
Supply limit21,000,000

On 15 November 2018, a hard fork chain split of Bitcoin Cash occurred between two rival factions called Bitcoin Cash and Bitcoin SV.[42][43] On 15 November 2018 Bitcoin Cash traded at about $289, and Bitcoin SV traded at about $96.50, down from $425.01 on 14 November for the un-split Bitcoin Cash.[44]

The split originated from what was described as a "civil war" in two competing Bitcoin Cash camps.[33][45] The first camp, supported by entrepreneur Roger Ver and Jihan Wu of Bitmain, promoted the software entitled Bitcoin ABC (short for Adjustable Blocksize Cap), which would maintain the block size at 32 MB.[45] The second camp led by Craig Steven Wright and billionaire Calvin Ayre put forth a competing software version Bitcoin SV, short for "Bitcoin Satoshi Vision", which would increase the block size limit to 128 MB.[42][45]

See also

Number of Bitcoin SV transactions per month (logarithmic scale)[34]

Notes

References

  1. ^ Vigna, Paul (1 August 2017). "Bitcoin Rival Launches in Volatile First Day". WSJ. Archived from the original on 5 June 2019. Retrieved 28 June 2019.
  2. ^ "Download Bitcoin Cash Node". Bitcoin Cash Node. Retrieved 21 August 2024.{{cite web}}: CS1 maint: url-status (link)
  3. ^ "BCHN MIT License". Gitlab. 6 January 2024. Retrieved 21 August 2024.
  4. ^ "BU MIT License". Gitlab. 11 January 2023. Retrieved 21 August 2024.
  5. ^ "Verde MIT License". Github. Retrieved 21 August 2024.
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