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What Is Bitcoin Cash?

Bitcoin Cash (BCH/BCC) is a hard fork of the cryptocurrency bitcoin. The fork occurred on August 1, 2017.

On July 20, 2017, the bitcoin miners voted, 97% in favor, on the Bitcoin Improvement Proposal (BIP) 91. The proposal, by Bitmain Warranty engineer James Hilliard, was to activate Segregated Witness (SegWit).

Some members of the bitcoin community felt that adopting BIP 91 without increasing the block-size limit would simply delay confronting the issue and that it favored people who wanted to treat bitcoin as a digital investment rather than as a transactional currency. They announced implementation of Bitcoin Cash as a hard fork for August 1. It inherited the transaction history of the bitcoin currency on that date, but all later transactions were separate. Block 478558 was the last common block and thus the first Bitcoin Cash block was 478559. Bitcoin Cash cryptocurrency wallet started to reject BTC block and BTC transactions since 13:20 UTC, Aug 1st 2017 because it used a timer to initiate a fork. It implements a block size increase to 8 MB. Bitcoin Cash started futures trading at 0.5 BTC on July 23, but dropped to 0.1 BTC by July 30. Market cap appeared since 23:15 UTC, August 1, 2017. As of 29 October 2017, one Bitcoin Cash was being traded at roughly 0.084 Bitcoin.

On August 9th, it was 30% more profitable to mine on the original chain. Even though the fork allows for a higher block size, block generation was so sporadic that the original chain was 920 MB bigger than the chain of the fork, as of 9 August 2017. Due to the new "Emergency Difficulty Adjustment" algorithm used by Bitcoin Cash, mining difficulty has fluctuated rapidly, and the most profitable chain to mine has thus switched repeatedly between Cash and original Bitcoin. As both chains use the same proof-of-work algorithm, miners can easily move their hashpower between the two. As of 30 August 2017 around 1,500 more blocks were mined on the Bitcoin Cash chain than on the original one as the high profitability periods attracted a significant amount of miners proportional to the previous total processing power.

A fix for these difficulty/hashrate/profitability fluctuations is planned for November 13th, 2:06PM UTC. The current EDA algorithm will be replaced with a new difficulty algorithm, that hopes to prevent these extreme fluctuations in difficulty while still allowing Bitcoin Cash to adapt to hashrate changes faster than original Bitcoin.

Bitcoin Cash (BCH/BCC) addresses use the newer P2SH style (up to 35 characters) type address starting with the number 3. Example of a Bitcoin address (BTC) "3NL8ZNQyt1Qr6N8ANR1tLrLava3QbYQBKe" vs a Bitcoin Cash address (BTC/BCC) "3QM6DNHFpn5qEqWXP1MzwUfbTBzTisfpaw". It is important to note that while the alphanumeric address style is the same as the original Bitcoin (BTC), that Bitcoin Cash (BCH/BCC) should not be sent to a Bitcoin (BTC) address. The coins will be irreversibly lost if sent to the wrong wallet type. Like the original Bitcoin, Bitcoin Cash addresses can be used more than once, but should not be reused if privacy is a concern.
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