Created on August 1, 2017 as a result of a hard fork (split) in Bitcoin’s Blockchain, Bitcoin Cash is today the fourth most valuable cryptocurrency in the world by capitalization. The ticker symbol for the crypto is BCH, and it is traded on almost all cryptocurrency exchanges across the world, including major ones such as Coinbase, Kraken, Bitstamp and Gemini.
A Little History
2017 was a year when cryptocurrencies became hugely popular, and the price of Bitcoin was shooting up. The crypto’s Blockchain was getting clogged, unable to handle the traffic coming in. As a result, transaction fees started shooting up, as were transaction times, leading a faction in the community to suggest that the block size limit be increased.
This led to a clash within the community and finally to the split that led to the creation of Bitcoin Cash. The crypto began trading at around $240 a token, and reached its all-time high $4,355.62 on December 20, 2017. Subsequently, it dropped by more than 88% and through the most part of 2018, the digital asset struggled to regain its former glory.
Bitcoin Cash faced another split on November 15, 2018 thanks to warring factions within the community that did not agree – once again – on another increase in the block size limit. Two new cryptos were created.
The larger camp, led by Roger Ver and Bitmain’s Jihan Wu, retained the Bitcoin Cash name, while the smaller camp, led by self-proclaimed Satoshi Craig Wright and billionaire Calvin Ayre, took the name Bitcoin SV.
Bitcoin Cash claims to be the true upholder of Satoshi Nakamoto’s vision of a decentralized cash system that would give economic freedom to people. The community has many independent teams of software developers that are providing software implementations, and many new projects that will use the Bitcoin Cash network are in the pipeline.
At the time of writing, the price of BCH is $280.68.