One year of Bitcoin Cash has passed.

The cryptocurrency landscape has witnessed the emergence of numerous digital currencies, many of which aim to address the inherent technical limitations of Bitcoin. This is the origin story of Bitcoin Cash, a cryptocurrency that celebrated its first anniversary on August 1, 2018. In this article, we will delve into the history, key features, valuation, and investment options associated with Bitcoin Cash, commemorating its anniversary.

Historical Roots

Bitcoin Cash shares its roots with the pioneering cryptocurrency, Bitcoin, which made its debut in January 2009. Initially, Bitcoin’s blockchain operated swiftly and featured low transaction fees. However, in 2016, as Bitcoin garnered substantial public attention, a significant challenge came to the forefront – scalability. The scalability issue primarily revolved around the transaction block size, initially restricted to 1 MB when Bitcoin was launched. This limitation severely constrained the number of transactions processed and resulted in delays. Numerous proposals surfaced to address Bitcoin’s scalability. The culmination of the “block size debate” led to a hard fork, birthing Bitcoin Cash on August 1, 2017. Bitcoin Cash commenced at block 478558 with an increased block size of 8 MB, with the hope of accommodating a higher transaction volume.

Characteristics of Bitcoin Cash

Similar to its cryptocurrency counterparts, Bitcoin Cash operates in a decentralized manner, free from control by any financial institution or authority. This decentralization eliminates intermediaries, facilitating faster transaction speeds and reduced fees. Bitcoin Cash offers robust privacy features when sending and receiving payments. Despite transaction details being publicly recorded on the blockchain, users can maintain their confidentiality by refraining from disclosing personal information such as names and addresses.

Key Information

Ticker symbol: BCH
Maximum supply: 21 million tokens
Consensus mechanism: Proof-of-Work
Transactions per second: 96-227 tx/s

Initially, Bitcoin Cash featured an 8 MB block size. In May 2018, it underwent an upgrade to a 32 MB block size, aimed at accommodating more transactions per block and reducing transaction fees. With the current capacity of 96 to 227 transactions per second, Bitcoin Cash can rival established financial giants like VISA and PayPal, which process 2,000 and 193 transactions per second, respectively.

Current Valuation

Bitcoin Cash experienced a remarkable price surge on December 20, 2017, reaching a record high of $4,355. However, on its first anniversary, its value hovered around $700-800. Despite this significant price fluctuation, Bitcoin Cash remains one of the most prominent cryptocurrencies, ranking fourth in market capitalization after Bitcoin, Ethereum, and Ripple, with a market capitalization of approximately $12.05 billion.

How to Acquire Bitcoin Cash

Bitcoin Cash can be traded on numerous exchanges, including Bittrex, Kraken, Bitstamp, Coinbase, and Poloniex. However, before purchasing Bitcoin Cash, it’s essential to consider secure storage options. Several wallet types, including software, online, hardware, and paper wallets, support Bitcoin Cash storage. Examples include Ledger, Coinbase, Bitcoin.com, Bitcoin Cash Wallet, and Trezor. Get back to SeylanBit News 🤓

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