On August 1st, 2017, Bitcoin Cash (BCC) was born as a result of a fork in the ledger of the digital currency, ending (for now) the long debate over the scaling of Bitcoin’s block size. “At 18:24:41 UTC, ViaBTC pool produced a 1.9 MB BCC block, which was not valid on the legacy Bitcoin network. This marked a clean break and the birth of Bitcoin Cash,” read the official website of Bitcoin Cash.
Bitcoin Cash defines itself as “a peer-to-peer electronic cash for the Internet” and “the continuation of the Bitcoin project as peer-to-peer digital cash. It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale.”
Bitcoin Cash is the newest kid on the block of altcoins, and can be considered an offshoot of Bitcoin since it supported by a smaller community. “All Bitcoin holders as of block 478,558 are now owners of Bitcoin Cash. All Bitcoiners are welcome to join the Bitcoin Cash community as we move forward in creating sound money accessible to the whole world.”
Since Bitcoin Cash emerges from the split in the blockchain, each Bitcoiner gets Bitcoin Cash equal to the amount of Bitcoin held at the time of the forking block. In cases where Bitcoins were held with an exchange, you need to check with your exchange about your Bitcoin Cash holdings. The digital currency Bitcoin Cash will use the ticker BCC and is currently supported by exchanges listed below.
In the background was the issue concerning Bitcoin’s legacy code and its capacity of 1MB of data per block, or about 3 transactions per second. The Bitcoin community has debated for more than a year about a ‘consensus’ solution to the issue. A few days back, an upgrade called SegWit was locked-in to be fully implemented by this fall. Bitcoin Cash disagreed with Segwit philosophy and has announced its intent to activate the User Activated Hard Fork (UAHF) on August 1, 2017. Bitcoin Cash raises the block size limit to 8MB.
The split has brought some interesting changes to the cryptocurrency market. Around 1:43 AM, ET on August 2, while Bitcoin (BTC) maintained its price steadiness at around 2,700 levels, its overall market capitalization was down to 44.7%. Ethereum (ETH) witnessed interest pushing it neatly beyond $220 levels. Bitcoin Cash (BCC) overtook Ripple to become the third largest cryptocurrency, trading at $400 levels. The price movement in Bitcoin Cash became more dynamic over the next couple of hours. By 10:15 AM ET, Bitcoin Cash was trading at around $700 levels with a surge in its market capitalization to beyond $11 billion, making almost 11% of the overall market capitalization. Bitcoin’s price is still hovering around $2,700-$2,750 levels with its dominance on market cap down to 43.3%.