Bitcoin Cash – A Brief History
Coinmama added three new cryptocurrencies to our lineup in addition to our Ethereum and Bitcoin packages. Now our exchange is pleased to announce the launch of Bitcoin Cash, Cardano, and Litecoin. Today we’re going to give our users a brief history of the cryptocurrency Bitcoin Cash (BCH) so our customers can get a good grasp of knowledge on our new coin additions.
Bitcoin Cash is Now Available for Purchase on Coinmama
The last coin covered in our history series is Bitcoin Cash a fork of the bitcoin network that formed on August 1, 2017. In 2017 the development team behind Bitcoin Cash (BCH) were frustrated with the ongoing scaling debate so they decided to split the blockchain going forward and added some changes. The block size debate involved an argument between two sides of the BTC community which has one side wishing to raise the block size and the other side wants to use a second layer protocol called the Lightning Network. Since the split, the Bitcoin Cash blockchain shares the same history as the BTC chain but separated after August 1 and the BCH chain did not adopt Segregated Witness, and removed a feature called Replace-by-Fee (RBF). When the BTC chain split into two anyone who held BTC before August 1 got one BCH for every BTC token.
Moreover, the Bitcoin Cash network can process 8MB blocks which are aimed to allow more transaction throughput and keep network fees low. So far blocks have not filled to capacity and fees are $0.002 U.S. cents per network fee compared to BTC’s current fees at 0.20 cents per transaction. Over the last nine months as far as infrastructure and service providers bitcoin cash has gained a lot of support from payment processors like Bitpay and other companies. That means BCH is accepted by a large range of merchants and a vast amount of wallet providers.
In May of 2018 Bitcoin Cash plans to hard fork and increase its network capacity again. The May 15 hard fork aims to bring the block size up to 32MB from its now current 8MB alongside adding other features. Additions were added during the hard fork include operational codes (OP_Codes) which will theoretically give the BCH chain the ability to create colored coins or representative tokens. Additionally, the chain will have scripting abilities as well which could also produce very simplified smart contract procedures.
Right now Bitcoin Cash is the fourth largest cryptocurrency valuation among all the other digital assets and the average price today is $1,290 per BCH. The Bitcoin Cash market valuation is around $22 billion USD and the currency has traded over $800 million worth over the past 24-hours. BCH has the fifth largest trade volume today as exchanges have been swapping quite a lot over the last three weeks.
Here are a few reasons why cryptocurrency investors like Bitcoin Cash (BCH):
- Similar to Bitcoin (BTC). Bitcoin Cash shares the same history as BTC and has a lot of similarities like their 21 million caps and Proof-of-Work (PoW) algorithms.
- Different from Bitcoin (BTC). Even though BCH has similarities to BTC it is also a different network and coin. Fees are cheaper. BCH right now has no segregated witness and RBF was removed. Further, the block size is 8MB in contrast to BTC’s 1MB block size. Lastly, Bitcoin Cash will soon have a 32MB block size after May 15.
- Passionate Community: Bitcoin Cash supporters are very passionate about BCH and believe its the closest project to Satoshi Nakamoto’s (the creator of BTC) original vision of building a “peer-to-peer cash system.” Lots of BCH proponents were early BTC adopters like the venture capitalist Roger Ver who now bolsters Bitcoin Cash over BTC.
- Infrastructure and Support. As far as wallet providers, exchanges, and infrastructure Bitcoin Cash has almost as much as BTC. Nearly every wallet and exchange has decided to support BCH and this has propelled it to be adopted extremely fast.
- Experimentation. Bitcoin Cash supporters believe BCH developers are more willing to upgrade and experiment with the protocol as opposed to BTC’s core developers.
Coinmama is pleased to announce the addition of BCH to our growing list of cryptocurrencies. Anyone can purchase Bitcoin Cash quickly and conveniently from our list of BCH packages. Today Bitcoin Cash, Cardano, and Litecoin are available for purchase at any time, 24-hours a day seven days a week.