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Bitcoin Cash is a hard fork of the world's most widely used cryptocurrency bitcoin. A hard fork is a process of splitting any currency's blockchain, and the debate over bitcoin's scalability led to the process on Aug. 1, 2017. It resulted in the creation of a new blockchain.
Like bitcoin, it is also a peer-to-peer electronic currency for the internet, fully decentralized with no central bank and requiring no trusted third parties to operate.
Bitcoin Cash is distributed in the market under a ledger and coin named "BCH," and is the fourth-largest coin by market capitalization as of Feb. 20.
The virtual coin is identical to its matrix bitcoin in terms of technical detail, but its block size limit has been made adjustable, with an increased default of 8 megabytes.
With bitcoin's 1 megabyte block size limit, Bitcoin Cash supporters claim bitcoin started to become unreliable when fees skyrocketed. Some users were unable to get their transactions confirmed, even after days of waiting.
"Bitcoin's market price has increased, but its growth and usefulness as a currency has stagnated. Many users, merchants, businesses and even investors left bitcoin for alternatives, causing its dominance to fall from 95 percent to as low as 40 percent," they say.
Thanks to its surging popularity, Bitcoin Cash started to be adopted by major digital currency exchanges such as Coinbase, CEX.IO, Kraken and ShapeShift. Unlike many exchanges use BCH as its ticker symbol for bitcoin Cash, Binance, Bittrex and Huobi exchange use BCC as its ticker symbol instead.
Before it came all the way down to $900 last month, Bitcoin Cash went on to hit a high of $3,600. Currently, one BCH is worth around $1,500.
"It's very volatile as it is playing second fiddle to bitcoin. In the future as well, while it might remain secondary to bitcoin, but the prospect of appreciation is pretty high," virtual coin observer Smartereum editor Adam Web said.
"When you are comparing bitcoin and Bitcoin Cash, you would realize that Bitcoin Cash was created in order to speeden up the transactions. Thus, if you're looking for a cryptocurrency in which you can invest in for the longer term, bitcoin Cash might be a good option for you."
According to CoinMarketCap, the total market capitalization of Bitcoin Cash has reached $25.9 million.
https://www.koreatimes.co.kr/www/biz/2018/03/488_244756.html
