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What is BCH (Bitcoin Cash)?

Issue Time:--
Total Supply:21,000,000
Circulation :17,496,900
White Paper:--
Website:https://www.bitcoincash.org
Block Explorer:--
 

Bitcoin cash (BCH) is both a cryptocurrency and payment network. It was created as a result of a hard fork with bitcoin in December 2017, with the aim of increasing the number of transactions that could be processed. 

The official bitcoin cash website describes the cryptocurrency as a "peer-to-peer electronic cash for the internet. It is fully decentralised, with no central bank and requires no trusted third parties to operate."

Forks within bitcoin and other cryptocurrencies are not uncommon, however, a common consensus will usually be reached over which blockchain to use. Where no consensus is reached and both blockchains remain, a new token or coin is created. In this case it was bitcoin cash.

The hard fork occurred because there was a disagreement around how best to increase the block size limit. One group of influential miners, developers and investors favoured a protocol called SegWit2x, which was due to be implemented to the bitcoin network in August 2017. Those who disagreed with this protocol were involved in the creation of bitcoin cash. Advocates of bitcoin cash believed it more closely resembled the original vision of Satoshi Nakamoto, the unknown person or persons who created bitcoin, and who it’s thought implemented a 1MB limit in secret. However, Nakamoto also said "we can phase in a change later if we get closer to needing it", as he (or they) predicted that with increased internet speeds and decreased storage costs, blockchains could be increased in size without adversely affecting the concept of a decentralised currency.


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