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Earn interest on your money. Both Bitcoin, as well as Bitcoin Cash, use a proof-of-work algorithm to timestamp every new block. The proof of work algorithm used is the same in both cases. It can be described as a partial inversion of a hash function. Additionally, both Bitcoin and Bitcoin Cash target a new block to be generated every ten minutes on average.
The time needed to calculate a new block is influenced by a parameter called the mining difficulty. If the total amount of mining power increases, an increase of the mining difficulty can keep the block time roughly constant. Vice versa, if the mining power decreases, a decrease of the mining difficulty can keep the block time roughly constant. To keep the block generation time equal to ten minutes on average, both Bitcoin and Bitcoin Cash use an algorithm adjusting the mining difficulty parameter.
This algorithm is called the difficulty adjustment algorithm DAA. Originally, both Bitcoin and Bitcoin Cash used the same difficulty adjustment algorithm, adjusting the mining difficulty parameter every blocks. EDA adjustments caused instabilities in mining difficulty of the Bitcoin Cash system, resulting in Bitcoin Cash being thousands of blocks ahead of Bitcoin.
The change took effect on 13 November To calculate the difficulty for a new block, the Bitcoin Cash DAA uses a moving window of last blocks. A group of researchers demonstrated that, as of June , Bitcoin DAA fails to generate new blocks at a constant rate as long as the hash supply is elastic. In contrast to that, the group demonstrated that Bitcoin Cash DAA is stable even when the cryptocurrency price is volatile and the supply of hash power is highly elastic.
The split originated from what was described as a "civil war" in two competing bitcoin cash camps. The Bitcoin SV blockchain is the largest of all Bitcoin forks, exceeding 2. From Wikipedia, the free encyclopedia. Cryptocurrency that is a fork of Bitcoin. Issuance will permanently halt around at BCH 20,, This is 2. Retrieved 28 June Bitcoin Unlimited. Retrieved 22 March Retrieved 23 July BPB Publications.
ISBN What's With All the Bitcoin Clones? Retrieved 6 June Bloomberg LP. Retrieved 18 August The New York Times. ISSN Retrieved 28 July FT Alphaville. International Business Times. Retrieved 2 November The Economist. Retrieved 22 June Bloomberg Businessweek. Retrieved 19 December CNN Tech. Cable News Network. Retrieved 2 April Financial Times. Retrieved 3 June The Telegraph.
Archived from the original on 12 January Retrieved 7 June MIT Technology Review. Retrieved 22 January South China Morning Post. Retrieved 3 August The Verge. Retrieved 7 April Wall Street Journal. Retrieved 26 August Retrieved 12 August Bitcoin: What's the Difference?
Retrieved 23 June Kharpal, Arjun 3 August Retrieved 14 March Jeffries, Adrienne 1 May Browne, Ryan 20 December Jeffries, Adrienne 9 April
No transaction is too big or too small. Even under the best of conditions, banks can make mistakes, hold funds, freeze accounts, and otherwise prevent you from accessing your own money. Banks can also decide to block your transactions, charge you fees, or close your account without warning. Bitcoin Cash gives you full, sovereign control over your funds, which you can access from anywhere in the world. The Bitcoin Cash protocol ensures there will never be more than 21 million coins in existence.
Bitcoin Cash has a fixed supply and therefore represents sound money. Bitcoin Cash offers various levels of privacy depending on how it is used. Many merchants offer discounts for paying in Bitcoin Cash, because it eliminates credit card fees and helps grow the adoption of this new payment system.
Storing and managing tokens on a blockchain provides greater transparency and integrity than traditional forms of asset accounting and trading. Bitcoin Cash supports token protocols that power a variety of projects, and it is easy to create your own token backed projects. Bitcoin Cash is a permissionless, open network. It empowers you to engage with your fellow human beings without intrusion.
As usage grows, old power structures will erode while fresh ideas blossom. It may help usher in the greatest peaceful revolution the world has ever known. The network fee for a typical Bitcoin Cash transaction is less than one penny. If you want to convert your BCH into fiat currency, such as US dollars, you can do that through merchant processors for a cost that is still much lower than credit card processing. Unlike credit cards, there are never any automatic voids, refunds, chargebacks, or other unexpected fees.
Fraud protection is built into the system with no cost to the merchant. A growing number of patrons are choosing Bitcoin Cash as a preferred payment method. They favor merchants who offer this payment option and actively seek them out. By accepting Bitcoin Cash, merchants can gain free listings in website and app directories, gaining even more customers. They can also take advantage of this new trend and generate press for their business.
In , he released the first bitcoin software that powered the network, and it operated smoothly for several years with low fees, and fast, reliable transactions. Unfortunately, from to , Bitcoin became increasingly unreliable and expensive. This was because the community could not reach consensus on increasing the network capacity. Instead, they preferred Bitcoin become a settlement layer. Fortunately, a large portion of the Bitcoin community, including developers, investors, users, and businesses, still believed in the original vision of Bitcoin -- a low fee, peer to peer electronic cash system that could be used by all the people of the world.
On August 1st, , we took the logical step of increasing the maximum block size, and Bitcoin Cash was born. The network now supports up to 32MB blocks with ongoing research to allow massive future increases. With multiple independent teams of developers providing software implementations, the future is secure. Bitcoin Cash BCH is a cryptocurrency that shares many of the same characteristics as Bitcoin BTC yet also integrates a number of changes and features that set it apart.
It is considered a 'fork' of Bitcoin, although proponents argue that Bitcoin Cash more closely adheres to the original vision of creating a peer-to-peer electronic cash system as laid out in a white paper written by the founder of the protocol, a person or group going by the pseudonym Satoshi Nakamoto. Bitcoin Cash is a decentralized peer-to-peer electronic cash system that does not rely on any central authority like a government or financial institution.
As such, it represents a fundamental redesign of the very nature of money. The core features of Bitcoin Cash are:. Bitcoin Cash's above-described core features make it both a long-term store of value and a highly effective medium of exchange. More philosophically, these two use cases combine with the decentralized and open nature of the protocol to make Bitcoin Cash the network a method for supporting and enhancing global economic freedom.
The total supply of Bitcoin Cash will never exceed 21 million coins. This is written into the code that defines the Bitcoin Cash protocol. As a decentralized network, Bitcoin Cash users ultimately decide how the protocol evolves - and since it is not in the interests of participants to dilute their holdings by changing the protocol, the million-coin limit will almost certainly remain in place forever.
The rate that new coins are added to the circulating supply gradually decreases along a defined schedule that is also built into the code. The issuance rate is cut in half approximately every four years. This makes Bitcoin Cash a 'disinflationary' asset. In April , the third 'halving' reduced the issuance rate from At that point 18,, of the 21 million coins The fourth halving, in , will reduce the issuance to 3.
Bitcoin Cash's 'set-in-stone' supply schedule makes it unique among hard assets. By comparison, the supply of gold, although limited, is nevertheless subject to the forces of supply and demand. As the price of gold rises, more gold miners are incentivized to search for gold. The leads to an increase in the supply of gold, which places downward pressure on the price.
Bitcoin Cash enables peer-to-peer payments between individuals - just like cash, but in the digital realm. Critically, fees for sending Bitcoin Cash typically amount to less than a penny per transaction, and settlement occurs near instantly, regardless of the physical location of participants.
This makes Bitcoin Cash useful for not only remittances and cross-border trade, but also for daily transactions like buying groceries. Since the fees and transaction times are so low, Bitcoin Cash is also effective for micro-transaction use cases like tipping content creators and rewarding app users. Economic freedom is the ability for individuals to freely acquire and use personal resources however they choose, both independently and in cooperation with others.
It is a vital component of human dignity and a fundamental human right. Money - as a vehicle that can be used for both storing and exchanging value - is a central tool for enabling economic freedom. Bitcoin Cash provides, on an opt-in basis, an alternative form of money that supports economic freedom. Unlike national currencies, Bitcoin Cash integrates strong protection against 1 monetary confiscation, 2 censorship, and 3 devaluation through uncapped inflation.
Bitcoin Cash is considered a 'fork' of Bitcoin. It was created on August 1 after participants in the Bitcoin ecosystem were unable to agree on methods for scaling the cryptocurrency. The main point of contention was 'block size,' which is relevant for the volume of transactions that can be processed per second aka the 'throughput'.
Since transactions consist of data, a larger block size enables more transactions to be included in each block, resulting in a higher throughput. The Bitcoin protocol had for years limited the size of each block to 1MB. As the number of Bitcoin users grew, competition for the limited block size gradually led to higher transaction fees and prolonged settlement times.
In other words, it became less useful as 'cash. Bitcoin is not a static protocol. Integrating changes - or the 'governance' of Bitcoin - is a quasi-political process based on deliberation, persuasion, and volition. In other words, people decide what Bitcoin is.
Faced with the challenge of scaling Bitcoin, one side felt the need to maintain 1MB block sizes. They contended that it was better to scale Bitcoin 'off chain,' ie. The other side wanted to increase the block size, allowing for more transactions per block. This instant upgrade was seen as a simple method to keep transactions fast and reliable, and fees low. Since the Bitcoin community was unable to agree on the change, the result was a 'hard fork,' or a point in time where two versions of Bitcoin diverged.
Read more: What is Bitcoin? Since forking in , the multiple independent teams of developers working on the Bitcoin Cash protocol have brought a number of innovations aimed at improving the usability of Bitcoin Cash as a peer-to-peer electronic cash system that supports economic freedom. These innovations, which set Bitcoin Cash apart from Bitcoin, are summarized below:. The larger block size increases the volume of transactions that the Bitcoin Cash network can process on chain.
While Bitcoin typically processes between transactions per second, Bitcoin Cash has the capacity to process as many as transactions per second. This helps to reduce the cost per transaction and increase transaction speed and reliability.
Bitcoin Cash transactions typically cost less than a penny. Bitcoin Cash developers can use smart contract languages like Cashscript to enable more complex functions than the basic transactions that are possible on Bitcoin. This creates the possibility of 'decentralized finance' applications like synthetic derivates trading.
Other use cases include private payments with tools such as CashShuffle and CashFusion. It also allows for 'token issuance' see below. Using the Simple Ledger Protocol , developers can issue new tokens that live on the Bitcoin Cash blockchain similar to how ERC tokens live on the Ethereum blockchain. This enables people to send and receive USDT for pennies per transaction using a non-custodial digital wallet like the Bitcoin. The key feature of NFTs is that they are digital tokens which are distinguishable from each other.