Everything you need to know about Bitcoin Cash (BCH)

What is Bitcoin Cash?

First Things First

What is Bitcoin? Bitcoin is a decentralized peer-to-peer electronic cash system that does not rely on any central authority like a government or financial institution. All transactions are recorded on a global public ledger called the blockchain.

Bitcoin was first described in a white paper written by an anonymous person who went by the name Satoshi Nakamoto in 2008.

Bitcoin’s Key Features

Decentralized

Decentralized

Nobody controls or owns Bitcoin. Transactions cannot be altered or censored

Fixed Supply

Fixed Supply

Only 21 million will ever be created, defeating the inflationary issues that plague all fiat currencies

Low Fees

Low Fees

The ability to make reliable, fast, affordable transactions is a paramount tenet of Bitcoin

Open Source

Open to All

Bitcoin is an open source software project, so anyone can review and make changes to the code. Debate on the best code changes and implementations are always happening and is the key to a healthy and decentralized ecosystem.

Growing Pains

Over the years Bitcoin has grown into a worldwide phenomenon. A few years ago, it became apparent that the Bitcoin community needed to solve a scaling issue.

The problem was, as more people used the network, the limited size of the 1MB blocks within the blockchain started to become full. This lead to less reliable transactions and much higher transaction fees, which undermines the ease of use of the entire system.

Block size
Fork

Fork Ahead

This issue led to a rift within the Bitcoin community who were conflicted as to the best way to solve this scaling issue.

A small but vocal group felt the need to maintain 1MB block sizes, and work on off-chain settlement layers - still in development today. They wanted to shift Bitcoin away from electronic cash into a collectible settlement layer. This group consisted mainly of developers from the Blockstream Company.

During this pivotal time, this group also took part in wide spread censorship across the major Bitcoin discussion channels, removing any dissenting opinions or contributors.

The other side wanted to increase the block size, allowing for more transactions per block. This instant, on-chain upgrade would keep transactions reliable and fees low, as the blocks would no longer be full. Their argument was unfortunately met with censorship and irrational propaganda, and it became clear Bitcoin as a usable digital cash for the world was in trouble.

The Hard Fork

On August 1, 2017, the developers of Bitcoin-ABC initiated a hard fork of the Bitcoin blockchain to increase the block size. This new chain had 8MB blocks and was called Bitcoin Cash.

1
Original Bitcoin Chain (Pre Fork)

Around June 2017, the 1MB Blocks start to become full. Transactions fees and confirmation times sky rocket, making Bitcoin unusable as a transactional currency. The community is deeply divided on the scaling issue and the hard fork becomes the only way forward.


2
August 1, 2017 Hard fork takes place

3
Bitcoin Cash (BCH) Chain

Bitcoin Cash (BCH) restores peer to peer electronic cash as a feature of Bitcoin by eliminating high fees and unreliable transactions.


4
Bitcoin Core (BTC) Chain

Bitcoin Core (BTC) no longer reflects the original vision of Bitcoin. Blocks remain small and full, making transaction expensive and slow. The lightning network scaling solution is still in development.

The Results

The hard fork was executed without any issues, and the Bitcoin Cash upgrade made Bitcoin usable as cash again. Transaction fees are low, transaction times fast, and most importantly the Bitcoin Cash community is united in the original vision of Bitcoin as cash for the world.

The BCH and BTC camps have gone their separate ways, but the contentious debates rage on.

Bitcoin Cash logo
Bitcoins

What's in a Name?

Is Bitcoin Cash, Bitcoin? Well as of now, most media outlets and exchanges refer to Bitcoin Core (BTC) when they say Bitcoin through control of all the major Bitcoin discussion channels. But, one thing is clear, the original spirit, excitement, and revolutionary idea of digital cash for the world is alive and well with Bitcoin Cash.

We highly recommend researching, reading and researching some more before making your own opinion on the matter. Try to understand the arguments from both sides, think critically, and draw your own conclusions. We believe peer-to-peer electronic cash is a useful tool towards economic freedom, and know Bitcoin Cash will help get us there.

Bright Future

Bitcoin Cash has multiple independent teams of developers providing software implementations. They’re already making great innovations and upgrades to make Bitcoin Cash the best money in the world. The decentralized development also keeps Bitcoin Cash resistant to political and social attacks on protocol development.

Since the fork in 2017, Bitcoin Cash developers have already upgraded the blocksize to 32MB blocks. There are many new and exciting projects utilizing the Bitcoin Cash network. With a strong roadmap, talented developers, and a clear vision for what Bitcoin should be, the future is bright with Bitcoin Cash.

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Wallet

Try Our Wallet

Ready to make fast, cheap, on-chain transactions? Download our free wallet and start using Bitcoin Cash today.

Over 2 million wallets created so far



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Spend Bitcoin Cash

Bitcoin Cash adoption is growing around the world everyday. Check out this awesome map from Marco Coino to find merchants accepting Bitcoin Cash near you!

 Interested in accepting Bitcoin Cash? Visit our Merchant Solutions page to learn more.

Amazon

Spend Bitcoin Cash with Purse.io and save 20% or more on Amazon

Purse.io

Across the Web

Find online merchants around the world that accept Bitcoin Cash

Find Merchants

Bitcoin Swag

Shop awesome Bitcoin clothing and accessories at the Bitcoin.com Store

Shop Swag

Gift Cards

Purchase gift cards for Amazon, eBay, Starbucks, and many others at iPayYou.io

Gift Cards

Accept Bitcoin Cash

It's easy to start accepting Bitcoin Cash at your business, and there are several benefits of doing so

low fees

Ultra Low Fees

The network fee for a typical Bitcoin Cash transaction is less than one penny

No Chargebacks

No Chargebacks

Unlike credit cards, there are never any automatic voids, refunds, chargebacks, or fraudulent charges

New Customers

Free Marketing

By accepting Bitcoin Cash, merchants can gain free listings in website and app directories

To start accepting BCH payments today simply download and start using a digital wallet. Or you can use a third party solution to streamline the process and provide useful features like automatic conversions, BCH to fiat exchanges, and debit cards. We recommend Bitpay.


Learn More About Bitpay

Need a Logo?

BCH Logos

We have a large library of Bitcoin Cash logos of different styles, sizes, and colors. They are free to use anywhere you like.

Get BCH Logos

Want to Learn More?

Ready for even more Bitcoin Cash information? Check out our expanded Bitcoin Cash article that dives into details such as historical transaction growth, developer insights, and BCH-BTC comparison charts.

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