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Bitcoin Cash Price

About Bitcoin Cash

Bitcoin Cash (BCH) is a digital currency that was born from a split in the original Bitcoin blockchain. The Bitcoin Cash network was created to serve as a more efficient and cost-effective payment system, aligned with the original vision of Bitcoin’s founder, Satoshi Nakamoto. This vision called for a decentralized currency that would be fast and cheap to use as an electronic cash system. The split occurred due to disagreements among developers on the direction of the original Bitcoin protocol, leading to the creation of a separate, more scalable blockchain in 2017.

Bitcoin Cash price history

Bitcoin Cash (BCH) was created through a hard fork from the Bitcoin blockchain in August 2017. The distribution of BCH was given to bitcoin holders in a 1:1 ratio, meaning that for each bitcoin held, the holder received an equivalent amount of BCH.BCH and Bitcoin share similar characteristics such as a capped total supply of 21 million tokens, but there are also major differences, including the number of transactions BCH can support per block. With 25,000 transactions per block, compared to Bitcoin’s 1,000 to 1,500 transactions, BCH aims to be a more scalable and efficient electronic cash system.In December 2017, BCH reached an all-time high of $4,355.62, but saw a sharp decline in price over the next six months due to the wider crypto market experiencing a bear market. BCH’s price remained low for more than two years until it began a bullish cycle in January 2021, rising 410% to reach a peak of $1,636 in May 2021. However, by the end of June 2021, BCH’s price had fallen 75% to $40.

How Bitcoin Cash works

The public-key information attached to each BCH user’s digital wallet is utilized to send and receive BCH on the blockchain. BCH operates using a proof-of-work consensus, where participants known as miners compete using specialized computer equipment to be the first to discover new blocks. The same SHA-256 hashing algorithm used by Bitcoin is also employed by BCH, which is a method of converting data into a digital fingerprint.One key difference between BCH and Bitcoin is the frequency of difficulty adjustment for block mining. To maintain consistent block mining, the Bitcoin software adjusts the difficulty factor every 2,016 blocks. However, Bitcoin Cash adjusts its difficulty every 10 minutes to adapt to the computing power on the network.