Bitcoin Cash was launched in August 2017, as a direct response to small block sizes on the Bitcoin code. 1MB block sizes were not meeting the demand of the growing community, so a group of dissatisfied crypto enthusiasts decided to create a ‘hard fork’ of the Bitcoin blockchain, with an increased 8MB block size. No one person currently takes credit for the token’s creation; rather it is attributed to a de-centralized group of developers.

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Bitcoin is the world’s first virtual digital currency underpinned by a completely decentralized blockchain technology also known as the Distributed Ledger Technology (DLT). Bitcoin was first created in 2009 by an anonymous identity of Satoshi Nakamoto. Bitcoin allows for peer-to-peer transactions and is completely free of any third-party involvement like financial institutions or central banks. The Bitcoin’s blockchain network maintains a history of all the transactions made and facilitates instant funds transfer with minimal transaction fees required to cover the cost of network operation. The total supply of Bitcoin is fixed at 21 million coins and its smallest fractional unit is called as Satoshi. Each Satoshi is a hundred millionth of a Bitcoin which means 100,000,000 Santoshi = 1 BTC. Bitcoins are generated by a process known as ‘mining’ which involves solving of complex mathematical algorithms. The miners involved in the mining process look after the Bitcoin network security and validate each transactions taking place on the network. Bitcoin can be exchanged with other digital currencies or fiat currencies. Bitcoin is used as a means of payment by over 100,000 vendors and merchants.

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Peer to peer (P2P) electronic cash is simply described as online money sent from one person to another without the need for a trusted third-party. As described in the original Bitcoin whitepaper by Satoshi Nakamoto, P2P cash makes use of digital signatures as part of the solution, but the main benefits are lost if a trusted third party is still required to prevent fraud. This makes P2P cash a trustless and safe way to transact without the need of intermediaries.

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Bitcoin Cash (BCH) is hard fork (a community-activated update to the protocol or code) of Bitcoin that took effect on August 1st, 2017 that increased the block size to 8MB, to help the scale the underlying technology of Bitcoin.Nov 16th 2018: BCH was hard forked again and split into Bitcoin SV and Bitcoin ABC. Bitcoin ABC became the dominant chain and took over the BCH ticker as it had more hashpower and majority of the nodes in the network.

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