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10 Interesting Facts About Bitcoin Cash

Key Facts

Name: Bitcoin Cash
Symbol: BCH
Creation Year: 2017
Creator: First implementation by Amaury “Deadal Nix” Séchet
Forked From: Bitcoin
Supply Limit: 21 million
Social Media: Facebook Reddit  Github

Interesting Facts About Bitcoin Cash

1. Bitcoin Cash was created on August 1st 2017 after hard fork of Bitcoin which resulted in the creation of a new blockchain and cryptocurrency. Bitcoin Cash name was originally proposed by Chinese Bitcoin mining pool, ViaBTC.

2. Bitcoin Cash is a peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate. It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale.

3. The first ever implementation of Bitcoin Cash protocol called Bitcoin ABC was revealed by Amaury “Deadal Nix” Séchet at the “Future of Bitcoin Conference” in Arnhem, Netherlands.

4. Anyone who held Bitcoin at the time of hard fork received an equal amount of Bitcoin Cash. Similar to Bitcoin new Bitcoin Cash is created by the process of mining and uses proof of work algorithm.

5. Since, BCH is a hard fork of BTC, there will only be 21 million Bitcoin Cash coins ever created.

Bitcoin Cash Features
Bitcoin Cash Features

6. Bitcoin Cash price hit a maximum of $4,355 USD on Dec 20, 2017 with a total market cap of $47 Billion. Currently, Bitcoin Cash ranks #4 on the coin marketcap and comfortably stays in top 5 cryptocurrencies by marketcap.

7. Bitcoin Cash transactions use a new signature hashing algorithm indicated by the flag SIGHASH_FORKID. These signatures are not valid on the Bitcoin Legacy network. This prevents Bitcoin Cash transactions from being replayed on the Bitcoin blockchain and vice versa. SigHash algorithm also provides replay protection, improved hardware wallet security, and elimination of the quadratic hashing problem.

8. Bitcoin was hard forked to create Bitcoin Cash as the former was suffering from scalability and high transactions cost. The main reason for this was a low 1 MB block size of Bitcoin. Bitcoin Cash employs an 8 MB block size as part of a massive on-chain scaling approach. This helped bring transaction costs lower and a much faster transaction speed. Unlike Bitcoin, Bitcoin Cash does not implement Segregated Witness (SegWit). Subsequently, research is undergoing to further allow massive future block size increases which will help Bitcoin Cash’s exponential growth.

9. Currently, there are multiple development teams working on Bitcoin Cash, hence its a truly decentralized cryptocurrency.

10. US exchange Coinbase started supporting Bitcoin Cash transactions by January 1st 2018, which led to massive bull run in BCH prices. Some investors have filed lawsuits against Coinbase for insider trading.

If you like above article then Bloqtimes recommends below articles which might be of interest to our readers.

10 Must Known Facts About Bitcoin
10 Must Known Facts About Ethereum
10 Must Known Facts About Ripple

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