Bitcoin Cash, Litecoin and Ripple Daily Analysis 20/07/18

Bitcoin Cash in Reverse

Bitcoin Cash slipped by 0.24% on Thursday, following Wednesdays 3.33% slide, to end the day at $822.4.

A range bound start to the day saw Bitcoin Cash pullback to an intraday low $805.5 in the early hours, holding above the first major support level at $803.6, before hitting an intraday high $845 by mid-day.

The mid-day rally left Bitcoin short of the first major resistance level at $875.1 and more importantly $900 levels and the 23.6% FIB Retracement Level of $930, with the afternoon pullback to $820 levels leaving the extended bearish trend intact.

At the time of writing, Bitcoin Cash was down 1.61% to $810.8, with a start of the day pullback to an intraday low $806.7 doing the damage early on, while managing to steer clear of the first major support level at $803.6.

For the day ahead a move through a start of the day $823.9 high to $824 levels would support a run at the first major resistance level at $843.1, while we can expect Bitcoin Cash to face plenty of resistance on attempts to break out from the first major resistance level, which would leave $900 levels out of play for the day.

Failure to move back through to the mornings high could see Bitcoin Cash pullback later in the day to test the first major support level at $803.6 before any recovery, sub-$800 support levels likely to be left untested through the day.

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Litecoin slipped by just 0.17% on Thursday, following Wednesdays 3.16% slide, to end the day at $86.13.

Following Tuesdays late reversal, Litecoin moved from a start of the day intraday low $85.01 to middle of the day intraday high $88.9, before easing back to $86 levels, the moves through the day leaving the major support and resistance levels untested.

In spite of the relatively range bound day, Litecoin failed to break through to $90 levels to leave the extended bearish trend intact, the 23.6% FIB Retracement Level of $98 some way off.

At the time of writing, Litecoin was down 0.95% to $85.32, with a early fall to a morning low $84.71 seeing Litecoin hold just above the first major support level a $84.46 before recovering to $85 levels, a start of the day high $86.14 sitting well below the first major resistance level at $88.35 and $90 levels, which remains the key level for Litecoin.

For the day ahead, a move through to $86.68 would support a run at the first major resistance level at $88.35, though we will expect Litecoin to continue to fall short of $90 levels through the day, with the 23.6% FIB Retracement Level of $98 needed to be reached to begin a bearish trend reversal.

Failure to move back through to $86 levels later in the day could see Litecoin pullback through to $84 levels to test the days first major support level at $84.46, with the second major support level at 82.79 in play should sentiment not improve, while we will expect Litecoin to continue to hold on to $80 levels by the days end.

Story Continues

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Ripples XRP fell by 2.1% on Thursday, following Wednesdays 4.12% slide, to end the day at $0.47793.

A morning recovery from late Tuesdays sell-off saw Ripples XRP move through to an intraday high $0.49674 in the early afternoon before going into reverse through the remainder of the day, the days high falling short of $0.5 levels and well short of the first major resistance level at $0.5203.

The afternoon reversal saw Ripples XRP slide to an intraday low $0.4708 before steadying, the days low holding above the first major support level at $0.4648, with the continued failure to take a run at the 23.6% FIB Retracement Level of $0.5528 leaving the extended bearish trend intact.

At the time of writing, Ripples XRP was down 3.33% to $0.46196 in whats been a bearish start to the day, Ripples XRP falling through the first major support level at $0.4669 to a morning low $0.46016, a start of the day $0.478 falling well short of the first major resistance level at $0.4928.

For the day ahead, a move through to $0.4818 would support a run at the first major resistance level at $0.4928, while we will expect $0.50 levels and the 23.6% FIB Retracement Level of $0.5528 to remain out of reach for the day.

Failure to move back through to $0.48 levels could see Ripples XRP pullback to $0.45 levels to test the second major support level at $0.4559 before any recovery to $0.47 levels, the extended bearish trend firmly intact going into the weekend.

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This article was originally posted on FX Empire

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Bitcoin Cash, Litecoin and Ripple Daily Analysis 20/07/18

Bitcoin Cash – Wikipedia

cryptocurrency

Bitcoin Cash is a cryptocurrency.[3] In mid-2017, a group of developers wanting to increase bitcoin block size limit prepared a code change. The change, called a hard fork, took effect on 1 August 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two.[4] At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units.[4]

Bitcoin Cash is a cryptocurrency[5] and a payment network.[6] In relation to bitcoin it is characterized variously as a spin-off,[5] a strand,[7] a product of a hard fork,[8] an offshoot,[9] a clone[10] or an altcoin.[11]

Rising fees on the bitcoin network contributed to a push by some in the community to create a hard fork to increase the blocksize.[12] This push came to a head in July 2017 some members of the Bitcoin community including Roger Ver felt that adopting BIP 91 without increasing the block-size limit favored people who wanted to treat Bitcoin as a digital investment rather than as a transactional currency.[13][14] This push by some to increase the block size met a resistance. Since its inception, Bitcoin users had maintained a common set of rules for the cryptocurrency.[13] Eventually, a small group of mostly China-based bitcoin miners were unhappy with bitcoin’s proposed SegWit improvement plans meant to increase capacity and pushed forward alternative plans for a split which created Bitcoin Cash.[10] The proposed split included a plan to increase the number of transactions its ledger can process by increasing the block size limit to eight megabytes.[13][14]

The would be hard fork with an expanded block size limit was described by hardware manufacturer Bitmain in June 2017 as a “contingency plan” should the Bitcoin community decide to fork; the first implementation of the software was proposed under the name Bitcoin ABC at a conference that month. In July 2017, the Bitcoin Cash name was proposed by Chinese mining pool ViaBTC. Bitcoin Cash is also referred to as Bcash.[15]

Bitcoin Cash trades on digital currency exchanges including Bitstamp,[16] Coinbase,[17] Gemini,[18] Kraken,[19] and ShapeShift using the Bitcoin Cash name and the BCH ticker symbol for the cryptocurrency. A few other exchanges use the BCC ticker symbol, though BCC is commonly used for Bitconnect. On 26 March 2018, OKEX removed all Bitcoin Cash trading pairs except for BCH/BTC, BCH/ETH and BCH/USDT due to “inadequate liquidity”.[5] As of May2018[update], daily transaction numbers for bitcoin cash are about one-tenth of those of bitcoin.[5]

By November 2017 the value of BitCoin Cash, which had been as high as $900, had fallen to around $300, much of that due to people who had originally held BitCoin selling off the BitCoin Cash they received at the hard fork.[12] In December 2017 it was trading at over $2,300[20].

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Bitcoin Cash – Wikipedia

Best Bitcoin Cash Wallets (BCH): Free Money For Every …

Today I am going to talk about the fork again and the free money is created from thin air!!

Mind you, this is not the fork which you use to eat noodles, but the fork/split of the most legendarycryptocurrency Bitcoin,and the freemoney created from thin air Bitcoin Cash (BCH).

If you dont understand what I am talking about, then I guess you have not read our guides on the Bitcoin fork and Bitcoin Cash (BCH):

For those you have just joined now (post-fork party), in a nutshell, this is what happened:

On

August 1, 2017

As of block 478559, the Bitcoin (BTC) network has hard forked intoBitcoin Cash (BCH)

This hard fork has now created Bitcoin Cash (BCH) which is worth $440 per unit (at the time of this writing) and is the third most valuable cryptocurrency according toCoinMarketCap.

Abracadabra!!Bitcoin Cash is worth $440, and it was just created out of thin air!

Isnt it amazing?

At least to me, it is!!

BCH is free for every Bitcoiner who had any amount of BTCs and were also holding their private keys under their custody prior to the fork.

Now, post-fork, such Bitcoiners can simply use those BTC private keys to claim their BCH in a BCH-supported wallet.

For example, if you had 1 BTC, then after the split/fork, you will now have both 1 BTC and 1 BCH; in other words,your coin holdings have doubled as both coins now have the same private keys.

Now, lets keep everything aside to quickly jump and seewho is supporting Bitcoin Cash, as I know many of you might be looking to grab or trade your free Bitcoin Cash coins.

Here are the wallets and exchanges supporting Bitcoin Cash (BCH). However, there are not many BCH wallets, as it is only a few days old! But for early birds, these are ample amounts of options.

1. Ledger Nano S (Hardware Wallet)

If you have a Ledger Nano S, then now you need not do anything to get ahold of your BCH after the fork. LedgerNano S/Blue, Nano, and HW.1 owners just need to update a few things here and there to access their BCH. Here is the official CoinSutra post on how to claim your free BCH from the Ledger Nano S. And here is the official blog post from Ledger further articulating the dos and donts.

Buy The Ledger Nano S Now

2. Coinomi(Mobile Wallet)

This is a popular lightweight multi-coin HD wallet for Bitcoin and other altcoins. It allows you to control your private keys and supports a maximum number of cryptocurrencies right now in the market. They have officially released a blog post supporting BCH and how to access it. Here is the step by step blog post.

It is only available for Android as of now, but iOS support is also coming soon.

Download Coinomi

3. Electron Cash(Desktop & Mobile Wallet)

Electron Cash is the fork of the original Bitcoin wallet, Electrum. It allows you to back up your wallet via a mnemonic seed phrase, like a true HD wallet. It is a light wallet as it doesnt require you to download the full node of Bitcoin Cash. It is available for Windows, Mac, and Linux operating systems. It also has a version which supports Android mobiles, too.

Recommendation on how to redeem Bitcoin Cash: https://t.co/2eO4p6En7C

Electrum (@ElectrumWallet) July 31, 2017

Download Electron Cash Now

4. Trezor(Hardware Wallet)

Trezor has officially announced support for BCash (BCH). On August 1, they published this official step by step guide on how its users can claim BCH.

UPDATE: After some time, Trezor has taken down BCH support as is evident from their note on their blog which says:BCH wallet has been taken down from TREZOR Wallet, until further notice.

But stay tuned

Buy Trezor Now

5. Jaxx (Mobile & Desktop Wallet)

Jaxx is another popular multi-currency HD wallet which allows you to control your private keys. They have announced prior to the fork that Jaxx users would not need to do anything to access their BCH coins. The Jaxx team has decided to work on the full integration of BCH on Jaxx apps, and when the integration is complete, its users will be able to access BCH coins with a simple software update.

However, they have clearly stated this:

SinceJaxx users are always in control of their private keys, corresponding Bitcoin Cash (BCH) will be safe in your Jaxx wallet. However, please know that you will not be able to access/send/receive your Bitcoin Cash (BCH)untiltheintegration takes place.

Here is the official Jaxx announcement with their dos and dontslist on BCH.

Download Jaxx Now

6. BTC.com (Web & Mobile Wallet)

BTC.com is a popular web and mobile Bitcoin wallet. If you would like to access a web wallet that wont compromise your private keys, then this is it. And according to this post, you will be able to access BCH.

Moreover, they have stated that:

If the fork is successful, you will automatically have the equivalent amount of BCH as the amount of Bitcoin stored in your BTC.com wallet.

See and explore their step by step guide on recovering BCH using their BCH recovery tool.

So far this tool works only in the web version, but it should soon be available for Android and iOS versions, too.

Download BTC.com Wallet Now | Sign up forBTC.com Wallet

7.BU Bitcoin Cash Client (Desktop Wallet)

Bitcoin Unlimiteds Bitcoin Cash 1.1.0.0 edition has been released, and it supports BCH.This release is being offered by the Bitcoin Unlimited Developers unofficially until the BU community has the opportunity to vote on whether Bitcoin Cash should be officially supported. It is available for Windows, Mac, and Linux operating systems. (Source:Bitcoin Unlimited)

Download BU Bitcoin Cash Now

8. Bitcoin Classic UAHF Client(Desktop Wallet)

Bitcoin Classic has also launched a desktop wallet called Bitcoin Classic 1.3.2, which is a BCH-compatible release. This will allow you to follow the Bitcoin Cash chain when its fully installed. It is alsoavailable for Windows, Mac, and Linux operating systems.(Source:Bitcoin Classic)

Download Bitcoin Classic Now

9. CashAddress (Paper Wallet)

Bitcoin Cashs paper wallet script is now available. For those users who are comfortable with paper, wallets can go here and make one for themselves. But in my opinion hardware wallets are superior to paper wallets.

If you need a reference guide to make a paper wallet then refer to this one. Note: though this guide is for making Bitcoin paper wallet the process is similar for making BCH paper wallet also.

Check out CashAddress

10. KeepKey (Hardware Wallet)

KeepKeys support for Bitcoin Cash is now available. See here their official guide of it.

For those of you who dont know KeepKey is a cryptocurrency hardware wallet but is quite bulky to carry. However, I am not against KeepKey as they are doing a decent job and supporting now more than 5 cryptocurrencies including BCH.

But I prefer to use Ledger Nano S and Trezor more for convenience and faster cryptocurrency integration.

Buy Keepkey now

Basically, there are all sorts of methods for claiming your BCH. In short, you will either need to export your BTC private keys on a BCH-supported wallet or you just need to do some sort of software update here and there depending upon the type of wallet you are using.

Word of Caution: Depending upon the kind of wallet you are using, you may require playing with your private keys. Hence, we advise you to do it cautiously by following the official announcements from your associated wallets.

Also, consider not to do large transactions using these BCH wallets as these are still the early days of Bitcoin Cash, so you should expect some hurdles and bugs in the BCH software.

Thats all from my side in this article. I will be updating this list of BCH wallets as more keep popping up, so keep an eye here!

And until that time, happy Bitcoin forking!

Do let me know in the comments section about which wallets you are using to access your BCH funds.

Like this post? Dont forget to share it with your network!

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Best Bitcoin Cash Wallets (BCH): Free Money For Every …

What is Bitcoin Cash? BCH vs Bitcoin | CoinCentral

What is Bitcoin Cash?

Bitcoin Cash arose as an alternative to Bitcoin, and its currently between the third and second most valuable cryptocurrency in the world by market cap, after Bitcoin and Ethereum. The founders of Bitcoin Cash created the alternative cryptocurrency on August 1, 2017 to combat the rise in transaction wait times and fees on the original Bitcoin network. Bitcoin Cash increases the number of transactions that can be processed per block.

In this What is Bitcoin Cash guide, well go over the history of Bitcoin Cash, its current situation, and how it compares to the original Bitcoin.

Its no secret that Bitcoin has a scalability problem.

As the currency has grown in popularity, so have the number of transactions taking place on the network, and Bitcoin is currently pushing the limits of its software.

The main problem is Bitcoin imposes a hard limit on the size of a block, the place where transaction information gets stored. Currently, blocks on the Bitcoin blockchain are limited to 1 MB in size.

Transactions on Bitcoin Over Time

Why would Bitcoin limit the number of transactions the network can process?

Well, since Bitcoin uses a distributed ledger, every user on the network needs to download and keep a copy of the entire Bitcoin transaction history. Allowing unlimited transactions would mean that ledger would grow to an enormous size, and ordinary users wouldnt have the computing storage or bandwidth to use the network.

If unlimited transactions were allowed, Bitcoin would become the domain of a centralized few organizations with enough processing power to handle tens of thousands of new transactions per second.

Since Bitcoin was created to avoid centralized institutions, this isnt an attractive option.

The 1 MB limit on block size thats currently in place means that the transaction ledger doesnt grow too large too quickly. New users can easily download the transaction history and join Bitcoin. However, this block limit also means that there are more demands for transactions than there is space in the block to fit them all.

As a result, Bitcoin miners are charging fees to have your transactions prioritized and included sooner. If you decide not to pay the fees, as of November 2017, your transaction takes on average a little over 2 hours to get confirmed.

These fees and confirmation times also seem contrary to Bitcoins mission of democratizing payments. With fiat transfers, you pay fees to a bank. For Bitcoin, paying fees to miners doesnt seem much different, although the fees are variable and usually less than a bank transfer.

The founders and community of Bitcoin Cash believe that block size does need a limit, but the 1 MB limit is arbitrary. Instead, they proposed a system with a block size of 8MB, still reasonable for new users to download but large enough that the new system could accommodate many times the number of transactions per second as the original Bitcoin blockchain!

Before deciding to create a new currency, the folks behind Bitcoin Cash appealed to the original Bitcoin community for an increase in block size. Those in favor of the increase cited greater accessibility and room to grow for the burgeoning Bitcoin user base.

However, there were many opposed to the increase, including miners who would miss the fees for transactions, leading to a decrease in overall mining on the blockchain and lowered security as a result. Opponents also believed that such an increase in network capacity would still lead to storage, bandwidth, and computing requirements outside the reach of the ordinary user.

While the two camps did reach a small compromise in the form of BIP 91 and Segregated Witness, upgrades targeted at reducing the amount of information needed inside the block, the argument over increased block size dragged on for over two years.

Ultimately the two camps decided to part ways in the form of a hard fork on the Bitcoin network.

The original Bitcoin would continue to exist with its 1 MB block limit. In addition, a new Bitcoin alternative, aka Bitcoin Cash, would be created with an 8 MB block limit. A hard fork means that Bitcoin Cash kept the same transaction history as Bitcoin up until the moment of the fork. If you owned Bitcoin before the hard fork, you continued to own that Bitcoin, but you now received an equivalent amount of Bitcoin Cash tokens on the new fork.

While technically almost identical, the two networks are not interchangeable.

The new Bitcoin Cash implemented replay protection and other measures to create a hard wall between the Bitcoin Cash fork and Bitcoin, meaning transactions could only be conducted within the fork and not across networks. The two currencies share a common history up until August 1, 2017, but thereafter they are completely separate.

As a result, Bitcoin Cash has a different exchange rate than Bitcoin, and not all wallets and exchanges supported Bitcoin Cash upon its launch. Still, by the end of the day on August 1, Bitcoin Cash was the third most valuable cryptocurrency in the world, in terms of market cap, and it continues to hold that position as of November 13, 2017 (although it briefly passed Ethereum as the 2nd largest cryptocurrency by market cap).

For the beginning of its life, Bitcoin Cash largely derived its value from the speculation that it will inherit the throne as king of crypto if and when Bitcoins scalability crisis causes the currency to no longer be feasible. The most die-hard advocates of Bitcoin Cash believe it will simply become, Bitcoin, and the original Bitcoin will fade as Bitcoin Legacy.

Bitcoin Cashs detractors, on the other hand, see the project as an unnecessary split to the community, dividing an already small core group of people who love and understand blockchain technology into factions.

At the end of the day, discussions on forums and social media about the future of Bitcoin and Bitcoin Cash are less important to the projects success than the decisions miners make about the new currency.

Since Bitcoin Cash is almost identical to Bitcoin, aside from block size, the two forks would now be competing for mining power.

Miners had a choice: take a chance on a new, possibly lucrative venture with greater risk or stick with the tried and tested model on the original Bitcoin mining network.

In the beginning, Bitcoin Cash had trouble because its difficulty level was still calibrated to the mining power of the original Bitcoin network. With the sudden decrease in computing power for mining, it took up to 10 hours for Bitcoin Cash blocks to be mined early on.

However, Bitcoins (and, hence, Bitcoin Cashs) software is written to adjust the difficulty of mining every 2,016 blocks. If more miners have joined the network, the difficulty will increase so the block time remains roughly the same (~10 minutes for Bitcoin and Bitcoin Cash). If there are fewer miners on the network, the difficulty will decrease.

The problem was that Bitcoin Cash didnt have time to wait for 2,016 blocks to go by before the difficulty adjustment. Instead, they implemented an Emergency Difficulty Adjustment (EDA) that automatically changed the difficulty if the mining hashrate (hashrate is the computing power of all the mining computers on the network) is a tiny percentage of what was expected.

Over the first few weeks of Bitcoin Cash, the block difficulty dropped quickly thanks to EDA. As a result, mining Bitcoin Cash became more lucrative, and miners began to migrate from mining Bitcoin to Bitcoin Cash. Some of these miners were idealists, dedicated to the idea of Bitcoin Cashs scalability solution. Yet, others were interested in acquiring Bitcoin Cash as an investment vehicle, with prices expected to rise. Finally, for some mining Bitcoin Cash was a business opportunity, and theyd switch between mining Bitcoin and Bitcoin Cash depending on which was most profitable at the time.

After its initial launch and pump of its value, Bitcoin Cashs value stabilized around $400/BCH.

However, in recent weeks Bitcoin Cash has been on the rise, and news from November 9 about setbacks in Bitcoins scalability planning has only fueled the demand for Bitcoin Cash.

Bitcoin Cash is one answer to Bitcoins scalability problem, but the Bitcoin community was hard at work thinking of other ways to improve scalability. The first came with the implementation of Segregated Witness (SegWit), a new block structure that disassociated verification signatures from the transaction information contained in the block, reducing the space needed per transaction and increasing the transactions per block. SegWit was implemented as an optional, user driven update. This means that miners can choose whether to mine traditional or SegWit blocks. Once adoption reaches 95%, SegWit will be considered fully adopted. Currently, SegWit adoption is around 12%.

After SegWit went live, the next step in enhancing Bitcoins scalability was increasing the block size, not to 8 MB like Bitcoin Cash, but to 2 MB, effectively doubling the block size. This doubling was known as SegWit2x, and it was widely regarded as the way forward for Bitcoin, with users preparing for a hard fork to introduce the technology in November. However, a group of businesses and mining farms withdrew support for SegWit2x, essentially shuttering hopes for adoption of the scalability solution.

In the face of Bitcoins inability to establish a consensus on scalability, investors turned to Bitcoin Cash, with its price rising to over $1250/BCH in recent trading. If Bitcoin continues to struggle with its scalability issues, Bitcoin Cash is poised to take up the mantle. Investors in Bitcoin Cash believe that scenario is likely, while detractors believe Bitcoins dominance of the market will continue. Ultimately investing in and using Bitcoin Cash is about whether you believe Bitcoins scalability problems are serious and if you think Bitcoin can solve those problems.

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What is Bitcoin Cash? BCH vs Bitcoin | CoinCentral

Bitcoin Cash / BCC (BCH) – Live Bitcoin Cash price and …

Bitcoin Cash (BCH) – Live Bitcoin Cash price and market cap

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Bitcoin Cash – Wikipedia

cryptocurrency

Bitcoin Cash is a cryptocurrency.[3] In mid-2017, a group of developers wanting to increase bitcoin block size limit prepared a code change. The change, called a hard fork, took effect on 1 August 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two.[4] At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units.[4]

Bitcoin Cash is a cryptocurrency[5] and a payment network.[6] In relation to bitcoin it is characterized variously as a spin-off,[5] a strand,[7] a product of a hard fork,[8] an offshoot,[9] a clone[10] or an altcoin.[11]

Rising fees on the bitcoin network contributed to a push by some in the community to create a hard fork to increase the blocksize.[12] This push came to a head in July 2017 some members of the Bitcoin community including Roger Ver felt that adopting BIP 91 without increasing the block-size limit favored people who wanted to treat Bitcoin as a digital investment rather than as a transactional currency.[13][14] This push by some to increase the block size met a resistance. Since its inception, Bitcoin users had maintained a common set of rules for the cryptocurrency.[13] Eventually, a small group of mostly China-based bitcoin miners were unhappy with bitcoin’s proposed SegWit improvement plans meant to increase capacity and pushed forward alternative plans for a split which created Bitcoin Cash.[10] The proposed split included a plan to increase the number of transactions its ledger can process by increasing the block size limit to eight megabytes.[13][14]

The would be hard fork with an expanded block size limit was described by hardware manufacturer Bitmain in June 2017 as a “contingency plan” should the Bitcoin community decide to fork; the first implementation of the software was proposed under the name Bitcoin ABC at a conference that month. In July 2017, the Bitcoin Cash name was proposed by Chinese mining pool ViaBTC. Bitcoin cash is also referred to by some as Bcash.[15] When Bitcoin Cash launched in early August, Bitcoin holders received one Bitcoin Cash token for each Bitcoin they held.[12]

Bitcoin Cash trades on digital currency exchanges including Bitstamp,[16] Coinbase,[17] Gemini,[18] Kraken,[19] and ShapeShift using the Bitcoin Cash name and the BCH ticker symbol for the cryptocurrency. A few other exchanges use the BCC ticker symbol, though BCC is commonly used for Bitconnect. On 26 March 2018, OKEX removed all Bitcoin Cash trading pairs except for BCH/BTC, BCH/ETH and BCH/USDT due to “inadequate liquidity”.[5] As of May2018[update], daily transaction numbers for bitcoin cash are about one-tenth of those of bitcoin.[5]

By November 2017 the value of BitCoin Cash, which had been as high as $900, had fallen to around $300, much of that due to people who had originally held BitCoin selling off the BitCoin Cash they received at the hard fork.[12] In December 2017 it was trading at over $2,300[20].

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Bitcoin Cash – Wikipedia

Bitcoin Cash – Wikipedia

cryptocurrency

Bitcoin Cash is a cryptocurrency.[3] In mid-2017, a group of developers wanting to increase bitcoin block size limit prepared a code change. The change, called a hard fork, took effect on 1 August 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two.[4] At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units.[4]

Bitcoin Cash is a cryptocurrency[5] and a payment network.[6] In relation to bitcoin it is characterized variously as a spin-off,[5] a strand,[7] a product of a hard fork,[8] an offshoot,[9] a clone[10] or an altcoin.[11]

Rising fees on the bitcoin network contributed to a push by some in the community to create a hard fork to increase the blocksize.[12] This push came to a head in July 2017 some members of the Bitcoin community including Roger Ver felt that adopting BIP 91 without increasing the block-size limit favored people who wanted to treat Bitcoin as a digital investment rather than as a transactional currency.[13][14] This push by some to increase the block size met a resistance. Since its inception, Bitcoin users had maintained a common set of rules for the cryptocurrency.[13] Eventually, a small group of mostly China-based bitcoin miners were unhappy with bitcoin’s proposed SegWit improvement plans meant to increase capacity and pushed forward alternative plans for a split which created Bitcoin Cash.[10] The proposed split included a plan to increase the number of transactions its ledger can process by increasing the block size limit to eight megabytes.[13][14]

The would be hard fork with an expanded block size limit was described by hardware manufacturer Bitmain in June 2017 as a “contingency plan” should the Bitcoin community decide to fork; the first implementation of the software was proposed under the name Bitcoin ABC at a conference that month. In July 2017, the Bitcoin Cash name was proposed by Chinese mining pool ViaBTC. Bitcoin cash is also referred to by some as Bcash.[15] When Bitcoin Cash launched in early August, Bitcoin holders received one Bitcoin Cash token for each Bitcoin they held.[12]

Bitcoin Cash trades on digital currency exchanges including Bitstamp,[16] Coinbase,[17] Gemini,[18] Kraken,[19] and ShapeShift using the Bitcoin Cash name and the BCH ticker symbol for the cryptocurrency. A few other exchanges use the BCC ticker symbol, though BCC is commonly used for Bitconnect. On 26 March 2018, OKEX removed all Bitcoin Cash trading pairs except for BCH/BTC, BCH/ETH and BCH/USDT due to “inadequate liquidity”.[5] As of May2018[update], daily transaction numbers for bitcoin cash are about one-tenth of those of bitcoin.[5]

By November 2017 the value of BitCoin Cash, which had been as high as $900, had fallen to around $300, much of that due to people who had originally held BitCoin selling off the BitCoin Cash they received at the hard fork.[12] In December 2017 it was trading at over $2,300[20].

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Bitcoin Cash – Wikipedia

Bitcoin Cash | The best Bitcoin can be.

The best that Bitcoin can be.

On August 1st 2017, We the People will breathe new life into Bitcoin.

A group of miners, developers, investors, and bitcoin users will upgrade the Bitcoin protocol as specified by theUser Activated Hard Fork (UAHF).

Those who do not want to follow our lead are free to use whichever chain they like. Miners implementing the UAHF will safely split away, creating a new version of Bitcoin called Bitcoin Cash.

All current Bitcoin holders will automatically own Bitcoin Cash. The existing ledger at the time of the split is preserved, thus users retain any balances they had before the split.Bitcoin Cash brings sound money to the world. Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development.

These ideals can be achieved, but it depends on you to succeed. We need the support of miners, investors, and users like you. Join us to help achieve Satoshis original vision of Bitcoin as Peer-to-Peer Electronic Cash.

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Bitcoin Cash | The best Bitcoin can be.

Cash App – Bitcoin

Cash App is already the easiest way to send and receive money with friends and family. Weve made it just as easy to buy and sell BTC straight from your Cash App balance. Unlike other apps, most of our buys and sells happen in seconds. You can even spend your proceeds from a free Visa debit card.

Bitcoins price is volatile and unpredictable, so please make wise financial decisions. Dont spend more than you can afford, and review the FAQ and risks to buying Bitcoin before you buy.

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Cash App – Bitcoin

What is Bitcoin Cash? BCH vs Bitcoin | CoinCentral

What is Bitcoin Cash?

Bitcoin Cash arose as an alternative to Bitcoin, and its currently between the third and second most valuable cryptocurrency in the world by market cap, after Bitcoin and Ethereum. The founders of Bitcoin Cash created the alternative cryptocurrency on August 1, 2017 to combat the rise in transaction wait times and fees on the original Bitcoin network. Bitcoin Cash increases the number of transactions that can be processed per block.

In this What is Bitcoin Cash guide, well go over the history of Bitcoin Cash, its current situation, and how it compares to the original Bitcoin.

Its no secret that Bitcoin has a scalability problem.

As the currency has grown in popularity, so have the number of transactions taking place on the network, and Bitcoin is currently pushing the limits of its software.

The main problem is Bitcoin imposes a hard limit on the size of a block, the place where transaction information gets stored. Currently, blocks on the Bitcoin blockchain are limited to 1 MB in size.

Transactions on Bitcoin Over Time

Why would Bitcoin limit the number of transactions the network can process?

Well, since Bitcoin uses a distributed ledger, every user on the network needs to download and keep a copy of the entire Bitcoin transaction history. Allowing unlimited transactions would mean that ledger would grow to an enormous size, and ordinary users wouldnt have the computing storage or bandwidth to use the network.

If unlimited transactions were allowed, Bitcoin would become the domain of a centralized few organizations with enough processing power to handle tens of thousands of new transactions per second.

Since Bitcoin was created to avoid centralized institutions, this isnt an attractive option.

The 1 MB limit on block size thats currently in place means that the transaction ledger doesnt grow too large too quickly. New users can easily download the transaction history and join Bitcoin. However, this block limit also means that there are more demands for transactions than there is space in the block to fit them all.

As a result, Bitcoin miners are charging fees to have your transactions prioritized and included sooner. If you decide not to pay the fees, as of November 2017, your transaction takes on average a little over 2 hours to get confirmed.

These fees and confirmation times also seem contrary to Bitcoins mission of democratizing payments. With fiat transfers, you pay fees to a bank. For Bitcoin, paying fees to miners doesnt seem much different, although the fees are variable and usually less than a bank transfer.

The founders and community of Bitcoin Cash believe that block size does need a limit, but the 1 MB limit is arbitrary. Instead, they proposed a system with a block size of 8MB, still reasonable for new users to download but large enough that the new system could accommodate many times the number of transactions per second as the original Bitcoin blockchain!

Before deciding to create a new currency, the folks behind Bitcoin Cash appealed to the original Bitcoin community for an increase in block size. Those in favor of the increase cited greater accessibility and room to grow for the burgeoning Bitcoin user base.

However, there were many opposed to the increase, including miners who would miss the fees for transactions, leading to a decrease in overall mining on the blockchain and lowered security as a result. Opponents also believed that such an increase in network capacity would still lead to storage, bandwidth, and computing requirements outside the reach of the ordinary user.

While the two camps did reach a small compromise in the form of BIP 91 and Segregated Witness, upgrades targeted at reducing the amount of information needed inside the block, the argument over increased block size dragged on for over two years.

Ultimately the two camps decided to part ways in the form of a hard fork on the Bitcoin network.

The original Bitcoin would continue to exist with its 1 MB block limit. In addition, a new Bitcoin alternative, aka Bitcoin Cash, would be created with an 8 MB block limit. A hard fork means that Bitcoin Cash kept the same transaction history as Bitcoin up until the moment of the fork. If you owned Bitcoin before the hard fork, you continued to own that Bitcoin, but you now received an equivalent amount of Bitcoin Cash tokens on the new fork.

While technically almost identical, the two networks are not interchangeable.

The new Bitcoin Cash implemented replay protection and other measures to create a hard wall between the Bitcoin Cash fork and Bitcoin, meaning transactions could only be conducted within the fork and not across networks. The two currencies share a common history up until August 1, 2017, but thereafter they are completely separate.

As a result, Bitcoin Cash has a different exchange rate than Bitcoin, and not all wallets and exchanges supported Bitcoin Cash upon its launch. Still, by the end of the day on August 1, Bitcoin Cash was the third most valuable cryptocurrency in the world, in terms of market cap, and it continues to hold that position as of November 13, 2017 (although it briefly passed Ethereum as the 2nd largest cryptocurrency by market cap).

For the beginning of its life, Bitcoin Cash largely derived its value from the speculation that it will inherit the throne as king of crypto if and when Bitcoins scalability crisis causes the currency to no longer be feasible. The most die-hard advocates of Bitcoin Cash believe it will simply become, Bitcoin, and the original Bitcoin will fade as Bitcoin Legacy.

Bitcoin Cashs detractors, on the other hand, see the project as an unnecessary split to the community, dividing an already small core group of people who love and understand blockchain technology into factions.

At the end of the day, discussions on forums and social media about the future of Bitcoin and Bitcoin Cash are less important to the projects success than the decisions miners make about the new currency.

Since Bitcoin Cash is almost identical to Bitcoin, aside from block size, the two forks would now be competing for mining power.

Miners had a choice: take a chance on a new, possibly lucrative venture with greater risk or stick with the tried and tested model on the original Bitcoin mining network.

In the beginning, Bitcoin Cash had trouble because its difficulty level was still calibrated to the mining power of the original Bitcoin network. With the sudden decrease in computing power for mining, it took up to 10 hours for Bitcoin Cash blocks to be mined early on.

However, Bitcoins (and, hence, Bitcoin Cashs) software is written to adjust the difficulty of mining every 2,016 blocks. If more miners have joined the network, the difficulty will increase so the block time remains roughly the same (~10 minutes for Bitcoin and Bitcoin Cash). If there are fewer miners on the network, the difficulty will decrease.

The problem was that Bitcoin Cash didnt have time to wait for 2,016 blocks to go by before the difficulty adjustment. Instead, they implemented an Emergency Difficulty Adjustment (EDA) that automatically changed the difficulty if the mining hashrate (hashrate is the computing power of all the mining computers on the network) is a tiny percentage of what was expected.

Over the first few weeks of Bitcoin Cash, the block difficulty dropped quickly thanks to EDA. As a result, mining Bitcoin Cash became more lucrative, and miners began to migrate from mining Bitcoin to Bitcoin Cash. Some of these miners were idealists, dedicated to the idea of Bitcoin Cashs scalability solution. Yet, others were interested in acquiring Bitcoin Cash as an investment vehicle, with prices expected to rise. Finally, for some mining Bitcoin Cash was a business opportunity, and theyd switch between mining Bitcoin and Bitcoin Cash depending on which was most profitable at the time.

After its initial launch and pump of its value, Bitcoin Cashs value stabilized around $400/BCH.

However, in recent weeks Bitcoin Cash has been on the rise, and news from November 9 about setbacks in Bitcoins scalability planning has only fueled the demand for Bitcoin Cash.

Bitcoin Cash is one answer to Bitcoins scalability problem, but the Bitcoin community was hard at work thinking of other ways to improve scalability. The first came with the implementation of Segregated Witness (SegWit), a new block structure that disassociated verification signatures from the transaction information contained in the block, reducing the space needed per transaction and increasing the transactions per block. SegWit was implemented as an optional, user driven update. This means that miners can choose whether to mine traditional or SegWit blocks. Once adoption reaches 95%, SegWit will be considered fully adopted. Currently, SegWit adoption is around 12%.

After SegWit went live, the next step in enhancing Bitcoins scalability was increasing the block size, not to 8 MB like Bitcoin Cash, but to 2 MB, effectively doubling the block size. This doubling was known as SegWit2x, and it was widely regarded as the way forward for Bitcoin, with users preparing for a hard fork to introduce the technology in November. However, a group of businesses and mining farms withdrew support for SegWit2x, essentially shuttering hopes for adoption of the scalability solution.

In the face of Bitcoins inability to establish a consensus on scalability, investors turned to Bitcoin Cash, with its price rising to over $1250/BCH in recent trading. If Bitcoin continues to struggle with its scalability issues, Bitcoin Cash is poised to take up the mantle. Investors in Bitcoin Cash believe that scenario is likely, while detractors believe Bitcoins dominance of the market will continue. Ultimately investing in and using Bitcoin Cash is about whether you believe Bitcoins scalability problems are serious and if you think Bitcoin can solve those problems.

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What is Bitcoin Cash? BCH vs Bitcoin | CoinCentral

Bitcoin Cash – Wikipedia

cryptocurrency

Bitcoin Cash is a cryptocurrency.[3] In mid-2017, a group of developers wanting to increase bitcoin block size limit prepared a code change. The change, called a hard fork, took effect on 1 August 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two.[4] At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units.[4]

Bitcoin Cash is a cryptocurrency[5] and a payment network.[6] In relation to bitcoin it is characterized variously as a spin-off,[5] a strand,[7] a product of a hard fork,[8] an offshoot,[9] a clone[10] or an altcoin.[11]

Rising fees on the bitcoin network contributed to a push by some in the community to create a hard fork to increase the blocksize.[12] This push came to a head in July 2017 some members of the Bitcoin community including Roger Ver felt that adopting BIP 91 without increasing the block-size limit favored people who wanted to treat Bitcoin as a digital investment rather than as a transactional currency.[13][14] This push by some to increase the block size met a resistance. Since its inception, Bitcoin users had maintained a common set of rules for the cryptocurrency.[13] Eventually, a small group of mostly China-based bitcoin miners were unhappy with bitcoin’s proposed SegWit improvement plans meant to increase capacity and pushed forward alternative plans for a split which created Bitcoin Cash.[10] The proposed split included a plan to increase the number of transactions its ledger can process by increasing the block size limit to eight megabytes.[13][14]

The would be hard fork with an expanded block size limit was described by hardware manufacturer Bitmain in June 2017 as a “contingency plan” should the Bitcoin community decide to fork; the first implementation of the software was proposed under the name Bitcoin ABC at a conference that month. In July 2017, the Bitcoin Cash name was proposed by Chinese mining pool ViaBTC. Bitcoin cash is also referred to by some as Bcash.[15] When Bitcoin Cash launched in early August, Bitcoin holders received one Bitcoin Cash token for each Bitcoin they held.[12]

Bitcoin Cash trades on digital currency exchanges including Bitstamp,[16] Coinbase,[17] Gemini,[18] Kraken,[19] and ShapeShift using the Bitcoin Cash name and the BCH ticker symbol for the cryptocurrency. A few other exchanges use the BCC ticker symbol, though BCC is commonly used for Bitconnect. On 26 March 2018, OKEX removed all Bitcoin Cash trading pairs except for BCH/BTC, BCH/ETH and BCH/USDT due to “inadequate liquidity”.[5] As of May2018[update], daily transaction numbers for bitcoin cash are about one-tenth of those of bitcoin.[5]

By November 2017 the value of BitCoin Cash, which had been as high as $900, had fallen to around $300, much of that due to people who had originally held BitCoin selling off the BitCoin Cash they received at the hard fork.[12] In December 2017 it was trading at over $2,300[20].

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Bitcoin Cash – Wikipedia

Bitcoin Cash – Wikipedia

cryptocurrency

Bitcoin Cash is a cryptocurrency.[4] In mid-2017, a group of developers wanting to increase bitcoin block size limit prepared a code change. The change, called a hard fork, took effect on 1 August 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two.[5] At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units.[5]

Bitcoin Cash is a cryptocurrency[6] and a payment network.[7] In relation to bitcoin it is characterized variously as a spin-off,[6] a strand,[8] a product of a hard fork,[9] an offshoot,[10] a clone[11] or an altcoin.[12]

Rising fees on the bitcoin network contributed to a push by some in the community to create a hard fork to increase the blocksize.[13]

Since its inception Bitcoin users had maintained a common set of rules for the cryptocurrency.[14] However, in July 2017 some members of the Bitcoin community including Roger Ver felt that adopting BIP 91 without increasing the block-size limit favored people who wanted to treat Bitcoin as a digital investment rather than as a transactional currency.[14][15] A small group of mostly China-based bitcoin miners were unhappy with bitcoin’s proposed SegWit improvement plans meant to increase capacity and pushed forward alternative plans for a split which created Bitcoin Cash.[11] The proposed split included a plan to increase the number of transactions its ledger can process by increasing the block size limit to eight megabytes.[14][15]

The would be hard fork with an expanded block size limit was first described by hardware manufacturer Bitmain in June 2017 as a “contingency plan” should the Bitcoin community decide to fork; the first implementation of the software was proposed under the name Bitcoin ABC at a conference that month. In July 2017, the Bitcoin Cash name was proposed by Chinese mining pool ViaBTC. Bitcoin cash is also referred to by some as Bcash.[16] When Bitcoin Cash launched in early August, Bitcoin holders received one Bitcoin Cash token for each Bitcoin they held.[13]

Bitcoin Cash trades on digital currency exchanges including Bitstamp,[17] Coinbase,[18] Gemini,[19] Kraken,[20] and ShapeShift using the Bitcoin Cash name and the BCH ticker symbol for the cryptocurrency. A few other exchanges use the BCC ticker symbol, though BCC is commonly used for Bitconnect. On 26 March 2018, OKEX removed all Bitcoin Cash trading pairs except for BCH/BTC, BCH/ETH and BCH/USDT due to “inadequate liquidity”.[6] Trading volumes for bitcoin cash are about one-tenth of those of bitcoin.[6]

By November 2017 the value of BitCoin Cash, which had been as high as $900, had fallen to around $300, much of that due to people who had originally held BitCoin selling off the BitCoin Cash they received at the hard fork.[13] In December 2017 it was trading at over $2,300[21].

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Bitcoin Cash – Wikipedia

Bitcoin Cash – Wikipedia

cryptocurrency

Bitcoin Cash is a cryptocurrency.[4] In mid-2017, a group of developers wanting to increase bitcoin block size limit prepared a code change. The change, called a hard fork, took effect on August 1, 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two.[5] At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units.[5]

Bitcoin Cash is a cryptocurrency.[6] In relation to bitcoin it is characterized variously as a spin-off,[6] a strand,[7] a product of a hard fork,[8] an offshoot[9] or an altcoin.[10]

In 2016, bitcoin’s block size limit has created a bottleneck resulting in increasing transaction fees and delayed processing of transactions that cannot be fit into a block.[11] This situation contributed to a push by some in the community to create a hard fork to increase the blocksize.[12]

Until July 2017, Bitcoin users maintained a common set of rules for the cryptocurrency.[13]

Some members of the Bitcoin community including Roger Ver felt that adopting BIP 91 without increasing the block-size limit favored people who wanted to treat Bitcoin as a digital investment rather than as a transactional currency and devised a plan to increase the number of transactions its ledger can process by increasing the block size limit to eight megabytes.[13][14]

The protocol with an expanded block size limit was first described by hardware manufacturer Bitmain in June 2017 as a “contingency plan” should the Bitcoin community decide to fork; the first implementation of the software was proposed under the name Bitcoin ABC at a conference that month.

In July 2017, the Bitcoin Cash name was proposed by Chinese mining pool ViaBTC for a currency based on the implementation. Some people use the Bcash name.[15][16]

When BitCoin Cash launched in early August, BitCoin holders received one Bitcoin Cash token for each Bitcoin they held.[12]

By November 2017 the value of BitCoin Cash, which had been as high as $900, had fallen to around $300, much of that due to people who had originally held BitCoin selling off the BitCoin Cash they received at the hard fork.[12]

Trading volumes for bitcoin cash are about one-tenth of those of bitcoin.[6]

Bitcoin cash trades on digital currency exchanges including Coinbase,[17] Gemini,[18] Kraken,[19] and ShapeShift using the Bitcoin Cash name and the BCH ticker symbol for the cryptocurrency. A few other exchanges use the BCC ticker symbol, though BCC is commonly used for Bitconnect.

On 26 March 2018, KuCoin removed all Bitcoin Cash trading pairs followed by OKEx on 30 March 2018, who also ceased Bitcoin Cash trading pairs (BCH/BTC, BCH/ETH, BCH/USDT) due to “inadequate liquidity”.[6]

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Bitcoin Cash – Wikipedia

What is Bitcoin Cash | Learn about Bitcoin Cash

Bitcoin Cash is a cryptocurrency, or digital money. A revolutionary invention as important as the internet. Bitcoin Cash can be used to buy/sell anything just like the USD. Bitcoin Cash is a global trusted computing network to transfer money/value.

Mining is how Bitcoin Cash (out of the possible 21 million) come into existence on a set schedule. People run specialized hardware that solves very difficult calculations that keep the network secure.

This process is required so that no one can cheat like trying to spend the same funds twice. All miners race to try to “solve” the equation so that they can win the reward, which is currently 12.5 Bitcoin Cash. There is a random winner awarded roughly every 10 minutes. All the transactions that took place in those 10 minutes get cemented into the Bitcoin Cash database, or more commonly referred to as the Blockchain.

We know this is safe because it is very very expensive to try to attack the Bitcoin network. The incentives have proven to work since 2009 and demonstrate it is more profitable to play by the rules than to try to attack the network.

It is the combination of scarcity and utility that makes crypto valuable. There will only ever be 21 million coins total and the user experience for sending cryptocurrency instantly is much better than dealing with banks. Crypto is to banking as Email is to the post office. Disruptive technologies are too important to ignore.

Finance is not taught, but it’s super important to understand. Bitcoin Cash promotes savings over spending, which causes people to become a bit more disciplined and financially conscious. There are going to be many use-cases that were not possible before with old money. Owning some Bitcoin Cash acts as your ticket into this future economy. Many industries will be disrupted and long term holders are likely to see healthy gains in their wealth.

It’s important to know you can own a fraction of Bitcoin Cash . They are divisible down to 8 digits and it is not a requirement to buy 1 full coin.

In the white paper, it is described as a “free open source peer-to-peer electroniccash system that is completely decentralized”. This means being able to send money to anyone for cheap without a middleman being able to tell you no.

We have a permissionless way of accessing data called the internet. We needed a form of money that cannot be corrupted or controlled by bankers and politicians. By removing human manipulation from the equation, we have money that makes sense, is fair, censorship resistant, and reliable.

As it is still relatively early, the ecosystem is not as mature yet and arguably not mainstream ready.

The everyday user may still be overwhelmed or intimidated by this technology, but this continually improves over time.

Merchant adoption is increasing all the time, but there is a limited number of places to spend your crypto in retail locations at the moment.

The market value is likely to fluctuate in price very often until the ecosystem is much more mature. This may take years, but the overall trend is upwards in the long term compared to inflationary fiat currencies.

There are some people who are very threatened by Bitcoin Cash and seek to discredit it as much as possible.

Satoshi Nakamoto is the pseudonym for the creator of bitcoin. Satoshi was likely a small group of individuals who each brought something to the table in order to make Bitcoin work. The original Bitcoin reached capacity many years ago and stopped functioning as originally intended. The situation was like google saying we have served X amount of searches today, sorry you can’t use google. Except instead of google, it was a small group of well funded developers who wanted bitcoin to go in a different direction than Satoshi did.

Years of debate went by and no progress was made towards fixing Bitcoin. Many people began to lose hope that things would ever get better. A lot of developer talent and startup potential moved onto altcoins instead. Transactions were backlogged and fees rose to several dollars and priced many people out of using Bitcoin. The same developer team introduced the most radical change to Bitcoin to date which would fundamentally change the code forever. In order to preserve the proven track record of the way Satoshi envisioned Bitcoin to be, Bitcoin Cash was created. You can read the longer history here.

This site contains a Bitcoin Cash Faucet which can send you a small amount of Bitcoin Cash for free. No strings attached. All you need is a wallet to start receiving cryptocurrency.

The more common methods of obtaining Bitcoin Cash involve exchanges like Shapeshift, or Kraken. An exchange is a company that provides a platform to trade one currency for cryptocurrency, or vice versa. Read more on theResources page.

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What is Bitcoin Cash | Learn about Bitcoin Cash

Bitcoin Cash – Wikipedia

cryptocurrency

Bitcoin Cash is a cryptocurrency spun-off from bitcoin in 2017.[4]

In mid-2017 a group of developers who were not content with bitcoin’s new Segregated Witness feature changed the bitcoin code, “forking” it to create the new cryptocurrency.[5] The change, called a hard fork, took effect on 1 August 2017.[6] As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two.[5][7] At the time of the fork anyone owning bitcoin became the owner of the same number of Bitcoin Cash units.[5][8] Bitcoin Cash is an altcoin.[9][10]

High bitcoin fees and slow transaction confirmations in late 2017 contributed to a push by some in the community to create a hard fork to increase the blocksize.

Until July 2017, Bitcoin users maintained a common set of rules for the cryptocurrency.[11] On 20 July 2017 at block height 476768 Bitcoin Improvement Proposal (BIP) 91 was locked in (i.e. scheduled to activate at block height 477120).

Some members of the Bitcoin community including Roger Ver felt that adopting BIP 91 without increasing the block-size limit favored people who wanted to treat Bitcoin as a digital investment rather than as a transactional currency[11][12] and devised a plan to increase the number of transactions its ledger can process by increasing the block size limit to eight megabytes.[13]

The first implementation of the Bitcoin Cash protocol called Bitcoin ABC was revealed by Amaury “Deadal Nix” Schet at the Future of Bitcoin conference in Arnhem, Netherlands. Subsequently, Bitcoin Unlimited made its first release of Bitcoin Cash compatible software, named BUCash[14] and Bitcoin XT also released before the Bitcoin Cash fork.[15] This meant that 3 full node clients were available before the Bitcoin Cash hard fork on 1 August 2017.

These clients implemented the following changes from Bitcoin:

Upon launch, Bitcoin Cash inherited the transaction history of the Bitcoin cryptocurrency on that date, but all later transactions were separate. Block 478558 was the last common block and thus the first separate Bitcoin Cash block was 478559. Bitcoin Cash cryptocurrency wallets started to reject Bitcoin blocks and Bitcoin transactions after 13:20 UTC, 1 August 2017 because it used a timer to initiate a fork. One exchange started Bitcoin Cash futures trading at the price 0.5 BTC on 23 July; the futures dropped to 0.1 BTC by 30 July. Market capitalization has been calculated since 23:15 UTC, 1 August 2017.[12][16] Per the coinmarketcap.com site, the price of BTC on 1 August 2017 was USD$2,718.26[17] and the price of BCH was USD$380.01,[18] which suggests the BCH split ratio to be 0.12265. The launch of Bitcoin Cash has created an ideological divide over which chain is the true bitcoin.[19]

The Bitcoin Cash name was originally proposed by the mining pool ViaBTC. Bitcoin Cash is also referred to as “Bcash”.[20][21]

Two large cryptocurrency exchanges, Bitstamp and Bitfinex, temporarily used the name Bcash, but switched back to the name Bitcoin Cash after receiving criticism for the change.

On 9 August 2017 it was 30% more profitable to mine on the Bitcoin chain.[22] As both chains use the same proof-of-work algorithm, miners can easily move their hashpower between the two. As of 30August2017[update] around 1,500 more blocks were mined on the Bitcoin Cash chain than on the Bitcoin chain.

Due to the new Emergency Difficulty Adjustment (EDA) algorithm used by Bitcoin Cash,[23] mining difficulty fluctuated rapidly, and the most profitable chain to mine switched repeatedly between Bitcoin Cash and Bitcoin.

A fix for these difficulty, hashrate, and profitability fluctuations was introduced on 13 November 2017 at 7:06p.m. UTC.

On 15 May 2018 the protocol was upgraded via a planned hard fork to increase the block size limit from 8 to 32 Megabytes.

As of 2 June 2018, bitcoin cash is the fourth largest cryptocurrency in terms of market capitalization with 5.40% of the total cryptocurrency market capitalization, compared to bitcoin’s 37.94%.[24] Like bitcoin, bitcoin cash is not used widely as a means of payment, but is mainly traded as a means of speculation. Trading volumes for bitcoin cash are about one-tenth of those of bitcoin.[4]

Bitcoin cash trades on digital currency exchanges including Coinbase,[25] Gemini,[8] Kraken,[26] and ShapeShift using the Bitcoin Cash name and the BCH ticker symbol for the cryptocurrency. A few other exchanges use the BCC ticker symbol, though BCC is commonly used for Bitconnect.

On 26 March 2018, KuCoin removed all Bitcoin Cash trading pairs followed by OKEx on 30 March 2018, who also ceased Bitcoin Cash trading pairs (BCH/BTC, BCH/ETH, BCH/USDT) due to “inadequate liquidity”.[4]

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Bitcoin Cash – Wikipedia