Bitcoin Cash, also known as BCH (P.S. not stands for blind carbon copy of email address) is a peer-to-peer electronic payment system that is supported by blockchain technology. BCH has been under the spotlight recently since the split of Bitcoin Hard Ford. Here is a primer on this new cryptocurrency.
Where did it originate?
BCH was created after a hard-fork spin-off from Bitcoin. The block size of BCH has been made adjustable, from BTH’s 1MB has increased to 8MB. Larger block size leads to faster transactions, lower fees and improved scalability. And Bitcoin Cash lowers transaction costs by removing third parties. Also, it enables more transactions within the block which will generate more transaction fees for the miners.
Basic statistics of BCH
• Issue date: August 1, 2017
• Abbreviation: BCH
• Total supply: 21 million
• Initial price: $291 USD
• Record high: reached $855 USD per token in mid-August
How is it used?
Like money, cryptocurrencies including BCH can be used for payment. Blockchain-based transactions are more secure, transparent and efficient. But more than that, investors tend to see BCH as commodity and trade for speculation.