Bitcoin Cash (BCH) Price

What is Bitcoin Cash?

Bitcoin Cash is a “peer-to-peer electronic cash” that was formed from the hard fork of Bitcoin. It was created by miners after they could not agree on several changes to the size of bitcoin blocks. When a blockchain is split into two different versions of the chains, a hard fork takes place. Bitcoin cash is different from other coins like Ripple or Ether, as it shares a part with Bitcoin. It aims to provide peer-to-peer electronic cash with low fees, fast transactions and high-degree of decentralisation.

History of Bitcoin Cash

Bitcoin Cash was formed on August 1, 2017 as a result of a hard fork of Bitcoin. It came into existence after miners realized that a block size larger than 1 MB will be beneficial for the currency during its scaling process. The main difference between Bitcoin and Bitcoin Cash is the block size. A Bitcoin uses 1 MB block size, while the Bitcoin Cash has 8 MB block sizes. If a person owns a bitcoin prior to August 1, 2017, he/she automatically owns Bitcoin Cash as well. This essentially means, you own the same amount of Bitcoin Cash as you did Bitcoin at the time of the hard fork. The main purpose to initiate the hard fork was to increase the number of transactions that can be processed by increasing the block size to 8 MB against 1 MB of Bitcoin. The larger block size of 8 MB helps Bitcoin Cash to process more transactions in one block. This also results in processing large number of transactions faster for lower fees.

Features of Bitcoin Cash

Bitcoin Cash supporters believe that block space should not be limited and the block size should increase when demand exceeds supply. It also focuses on keeping the blockchain fees at minimum, thereby encouraging more people to use the blockchain technology. Another factor that sets Bitcoin Cash apart from Bitcoin is the Segregated Witness (SegWit) integration. SegWit is basically a solution to the Bitcoin scalability issue as it works around block size. It splits the transaction into two segments - adding a signature or “witness” data from the original transaction and then attach it.

Bitcoin Cash offers replay attack and wipeout protection. A replay attack takes a transaction that happens in one blockchain and maliciously repeats it in another blockchain. Bitcoin Cash uses a redefined sighash algorithm to prevent the replay attack. Another feature of Bitcoin Cash is that it offers a way to adjust the proof-of-work difficulty quicker as compared to the normal 2016 block difficulty adjustment interval that is found in Bitcoin.

Where can you buy Bitcoin Cash

The market capitalisation of Bitcoin Cash as of April 2018 was $10,467,749,089 USD. Bitcoin Cash is supported by popular exchanges like Coinbase, Kraken, Bittrex, Bitfinex and Coinbase.

Bitcoin Cash Wallets

Bitcoin Cash holders can choose from an array of wallets such as Ledger, Coinbase, Bitpay, Melis, CoinSpace, Stash, Copay, Jaxx, Coinomi and many more.

Bitcoin Cash Mining

Similar to Bitcoin, Bitcoin Cash can be mined.

Bitcoin Cash Price Trends

DateOpenHighLowCloseVolumeMarket Cap
5/30/2018990.071025.64954.89984.6816984700000591775000
5/29/2018896.851003.51880.88987.6615383800000688334000
5/28/2018996.651005.65884.05892.1217093800000566168000
5/27/20181009.21009.79982.27996.9217307300000507306000
5/26/20181015.681046.491001.181012.4817416700000486186000
5/25/20181072.741073.05998.521017.318393100000620340000
5/24/20181005.011078.36958.821071.3617230000000785384000
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Risks involved in dealing with Bitcoin Cash

It must be noted that cryptocurrencies are volatile in nature and are prone to several risks. It is not possible to determine whether the Bitcoin Cash value will increase or decrease. Hence, it is advised to invest your hard earned cash in mutual funds instead as it is a more safer option.

Disclaimer:

"The Reserve Bank of India (RBI) and Ministry of Finance has frequently cautioned the users, holders and traders of virtual currencies regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with virtual currencies. RBI also further clarified that it has not given any licence/authorisation to any entity/company to operate schemes or deals related to Bitcoin or any virtual currency. RBI has also barred its regulated entities from dealing or providing services to any individual or business entities dealing with cryptocurrency. The Ministry of Finance has also officially stated that virtual currencies are not legal tender or coin.

A&A Dukaan Financial Service Private Limited (“BankBazaar”) does not endorse investing or dealing in virtual currencies in any manner. The information provided on our website is solely for illustrative purposes and should not constitute investment advice or assistance in investing or dealing with crypto currencies. If you decide to invest or deal in cryptocurrencies, you should be aware that you will be dealing with the respective individuals or business entities dealing in cryptocurrency and BankBazaar has no role in any manner in such transactions or dealings. We strongly advise our visitors to invest in legally recognised financial instruments rather than risking their capital on virtual currencies which are unregulated instruments."

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