Lottery draw: 8 Bitcoin Cash
8 Bitcoin Cash
Lottery progress: 100%
Carrying out the draw
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8 Bitcoin Cash
What is Bitcoin Cash?
Bitcoin Cash (BCH) is a hard fork (a community-triggered protocol or code update) of the original Bitcoin blockchain. The Bitcoin hard fork occurred on 1 August 2017, with the purpose of updating the block size to 8 MB. On 16 November 2018, BCH hard forked for the second time and split into Bitcoin SV (Satoshi's Vision) and Bitcoin ABC. Bitcoin ABC became the dominant chain and took possession of the BCH token, as it had more hashing power and the most nodes on the network.
Bitcoin Cash experienced its most recent halving on 8 April 2020, when its block reward was reduced to 6.25, instead of 12.5.
What is the difference between Bitcoin and Bitcoin Cash?
The increase in Bitcoin Cash's block size was intended to make the technology more scalable and process more transactions per second, making it easier to use the cryptocurrency as a means of payment, rather than a store of value. As a general rule, Bitcoin Cash transaction fees are generally lower than Bitcoin.
The forking of Bitcoin Cash was partly due to an argument between the Bitcoin camps as to whether the cryptocurrency needed to increase its block size. This argument is based on the idea that Bitcoin's transaction processing time is too slow to allow for the scaling necessary to replace traditional payment systems such as Visa and Mastercard. While Bitcoin blocks are 1 MB and can process between 2 and 7 transactions per second, Visa can process around 1,700 transactions per second.
The 2017 hard fork on block size was controversial and came after the introduction of the SegWit2x idea, a second-layer scaling solution. A portion of Bitcoin miners and developers opposed the solution because A. they thought it could cause centralisation of the Bitcoin network, B. they did not have a clear implementation plan and C. it did not adhere to Satoshi Nakomoto's original vision for the digital currency (in their opinion).
Mining hardware manufacturer Bitmain originally described the Bitcoin fork in June 2017 as a "contingency plan" if SegWit was accepted due to the inability of Bitcoin developers and miners to unanimously agree on its implementation. Eventually, due to that disagreement, opponents of SegWit2x (led by manifesto opponent Roger Ver) united to split the Bitcoin blockchain in August 2017.