Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate.
Yes. Bitcoin Cash is 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.
Anyone who held Bitcoin at the time Bitcoin Cash was created became owners of Bitcoin Cash. This means that Bitcoin holders as of block 478558 (August 1st, 2017 about 13:16 UTC) have the same amount of Bitcoin Cash as they had Bitcoin at that time. If your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your Bitcoin Cash.
Any transactions after the August 1st ledger split are completely separate between Bitcoin and Bitcoin Cash. This means any Bitcoin acquired after the split does not include any Bitcoin Cash, and any Bitcoin Cash does not include any Bitcoin.
Bitcoin Cash transactions use a new signature hashing algorithm indicated by the flag SIGHASH_FORKID. These signatures are not valid on the Bitcoin Legacy network. This prevents Bitcoin Cash transactions from being replayed on the Bitcoin blockchain and vice versa.
The legacy Bitcoin code had a maximum limit of 1MB of data per block, or about 3 transactions per second. Although technically simple to raise this limit, the community could not reach a consensus, even after years of debate.
Yes, In 2017, capacity hit the 'invisible wall'. Fees skyrocketed, and Bitcoin became unreliable, with some users unable to get their transactions confirmed, even after days of waiting.
Bitcoin stopped growing. Many users, merchants, businesses and investors abandoned Bitcoin. Its marketshare among other cryptocurrencies quickly plummeted from 95% to 40%.
Yes. Bitcoin Cash immediately raised the block size limit to 8MB as part of a massive on-chain scaling approach. There is ample capacity for everyone's transactions.
Low fees and fast confirmations have returned with Bitcoin Cash. The network is growing again. Users, merchants, businesses, and investors are building the future with real peer to peer cash.
Some of the developers did not understand and agree with the original vision of peer-to-peer electronic cash that Satoshi Nakamoto had created. Instead, they preferred Bitcoin become a settlement layer.
Many miners and users trusted these developers, while others recognized that they were leading the community down a different road than expected.
These two very different visions for Bitcoin are largely incompatible, which led to the community divide.
Segregated Witness or "SegWit" is an unacceptable substitute for increasing the blocksize for several reasons.
First, even if used in 100% of transactions, the increase would equate to 1.7MB blocks. Thus, it is a small capacity increase at best. It will not handle exponential growth or worldwide usage. Second, the soft fork implementation results in discardable signatures, which weakens Bitcoin's security model. Third, it makes future capacity increases more difficult due to bandwidth inefficiency and quadratic hashing attacks which SegWit doesn't solve since an attacker isn't forced to use it.
For those (and other) reasons, Bitcoin Cash was necessary as a pre-SegWit fork. Segwit will not be adopted.
Unlike the previous situation in Bitcoin, there is no one single development team for Bitcoin Cash. There are now multiple independent teams of developers.
This decentralization of development (and decentralization of software implementations) is a much needed and important step forward.
Bitcoin Cash is represented by a number of different ticker symbols depending on the service or wallet. BCH/BCC are the most popular tickers, with XBC being used to meet the International Standard for currency codes (ISO 4217).