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History of BitCoin Cash

A team of developers in the mid of 2017 prepared a change of code in order to increase the block size of bitcoin. This change was named as hard fork and it took effect on August 1, 2017. Hence, the ledger of bitcoin known as blockchain and the cryptocurrency got split in two. At the time of fork, anyone who owned bitcoin had the same number of bitcoin cash units as well. The technical difference between bitcoin and bitcoin cash lies in the blockchain as bitcoin cash allows larger blocks than that of bitcoin which as a result allows more transactions per second.

Increasing fees on bitcoin network prompted a need in the community to generate hard fork so that the block size may be increased. However, many members of the community were of opinion that adopting BIP 91 without increasing the block size would favor those who wanted to see bitcoin as a digital investment rather than a currency for transactions. This urge found some strong resistance.

Since the inception of bitcoin, all the users maintained common rules for the digital currency up to July 2017. However, a group of investors, entrepreneurs, and bitcoin activists and mostly the Chinese miners were not happy with the SegWit improvement plan proposed by Bitcoin. Hence, they pushed for alternate plans that resulted in created Bitcoin Cash through split. The proposed split had included block size limit to 8 megabytes.

The first execution of the software had been proposed under the title of Bitcoin ABC at a conference occurred in July 2017. The name “Bitcoin Cash” was also proposed in July 2017 by mining pool through BTC. Bitcoin Cash started trading on 1st August 2017. The price of Bitcoin Cash was near $289 while Bitcoin was trading around $2700.

In November 2018, Bitcoin Cash had further hard fork split between two rival segments called Bitcoin SV and Bitcoin ABC. On 15th November 2018, Bitcoin ABC was trading around $289 while Bitcoin SV was trading around $96.50 while Bitcoin Cash was at $425 before split on 14th November 2018.

 

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