- Bitcoin Cash was forked from Bitcoin on August 1, 2017.
- The coin has maintained a high market ranking, and it has built an identity and mission that is distinct from Bitcoin.
- Nevertheless, BCH remains controversial and has internal divisions.
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Introduction To Bitcoin Cash (BCH)
Bitcoin Cash was created as a “hard fork” of Bitcoin during a schism between developers. Bitcoin depends on a widely distributed network to reach consensus, and that network can divide over time if miners choose to use software created by different development factions.
The issue at stake was the introduction of Segwit (BIP-91), which allowed Bitcoin to handle more transactions per block without significantly larger block sizes. However, the Bitcoin Cash community felt block size limits needed to be increased in a more direct way to achieve a greater transaction capacity. SegWit became the straw that broke the camel’s back, and BCH was coined.
Before miners executed the Bitcoin Cash fork at block number 478558 on August 1, 2017, the two blockchains had identical transaction histories (or ledgers). After that, Bitcoin and Bitcoin Cash split into two separate chains.
Bitcoin Cash’s celebrity lineage doesn’t necessarily guarantee success. Nonetheless, Bitcoin Cash is notable for being Bitcoin’s first hard fork, and the project has became a cryptocurrency to be reckoned with in its own right.
Bitcoin Cash Controversies
The Bitcoin Cash and Bitcoin communities remain at odds due to the troubles of brand identity. Bitcoin.com and /r/BTC on Reddit present Bitcoin Cash as equivalent to Bitcoin, arguably misleading investors. Other locations, such as Bitcoincash.org and /r/BitcoinCash, represent Bitcoin Cash more transparently. Meanwhile, Bitcoin.org and /r/Bitcoin represent Bitcoin itself.
Bitcoin Cash also had its own controversial hard fork in November 2018 when Bitcoin SV split away to raise block sizes even further. Bitcoin…