Sirwin
Sirwin

Landmark moments in Bitcoincash (BCH) history

By sleepyjey | Crypto Queries | 4 Mar 2023


Bitcoincash was the first crypto I was exposed to and has been something I have been fascinated by. It's history is much newer than Bitcoin and has been interesting. 

Creation of Bitcoin Cash: Bitcoin Cash (BCH) was created in August 2017 as a hard fork of the original Bitcoin (BTC) blockchain, with the aim of increasing the block size limit to improve transaction speed and reduce fees.

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Price Surge: In late 2017, Bitcoin Cash experienced a massive price surge, reaching an all-time high of over $4,000 USD in December. This was fueled by increased adoption and trading on various exchanges.

Bitmain’s Support: Bitmain, one of the largest Bitcoin mining companies, announced its support for Bitcoin Cash in August 2018, signaling a significant boost for the cryptocurrency.

Network Upgrade: In May 2018, Bitcoin Cash underwent a hard fork that introduced several new features, including an increased block size limit of 32MB, an updated difficulty adjustment algorithm, and the ability to execute smart contracts.

BCH Fork: In November 2018, Bitcoin Cash underwent another contentious hard fork, resulting in the creation of two separate cryptocurrencies: Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV).

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Hash War: Following the November 2018 hard fork, a hash war ensued between BCHABC and BCHSV supporters, leading to a temporary decline in the value of Bitcoin Cash.

2020 Halving: In April 2020, Bitcoin Cash underwent its first halving, reducing the block reward from 12.5 to 6.25 BCH. This event can potentially impact the supply and demand dynamics of the cryptocurrency.

Upgrades: Bitcoin Cash underwent several further upgrades in 2020 and 2021, including the implementation of the Schnorr signature scheme and the introduction of the Simple Ledger Protocol (SLP) for creating and managing custom tokens on the Bitcoin Cash blockchain.

2022 Crash: 2022 wasn't a good year for crypto in general and BCH crashed spectacularly. It surged to over 600 USD in the first half of the year and crashed to under 100USD - a loss of over 80% of its value!!

Current Status: As of early 2023, Bitcoin Cash is still active and traded on various cryptocurrency exchanges. Its market capitalization is around $12 billion USD, and it remains one of the top 20 cryptocurrencies by market cap.

 

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sleepyjey
sleepyjey

Randomly stumbling along life and the internet.


Crypto Queries
Crypto Queries

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