Bitcoin Cash (BCH)
$ 345.25 (0.63%)
Bitcoin Cash (BCH) - Historical Price Chart
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Bitcoin scalability debate led to the cryptocurrency split on August 1, 2017. A chain coming out of the split and setting its block size limit to eight megabytes to increase the number of transactions its ledger can process is called Bitcoin Cash (BCH). The rule change increasing the bitcoin block size limit of one megabyte to eight megabytes is classified as a hard fork.
On July 20, 2017, Bitcoin Improvement Proposal (BIP) 91, aka Segregated Witness, activated. Some members of the bitcoin community felt that adopting BIP 91 without increasing the block-size limit would simply delay confronting the bitcoin scalability problem and that it favored people who wanted to treat bitcoin as a digital investment rather than as a transactional currency.
The plan to do a hard fork was first announced by Bitmain. The project was originally referred to as UAHF: A contingency plan against UASF (BIP148) by Bitmain on their corporate blog, which the ASIC bitcoin mining hardware manufacturer would launch if BIP 148 (a User Activated Soft Fork) succeeded. Subsequently, developers took interest in the project. The Bitcoin Cash name was originally proposed by Chinese mining pool ViaBT. The first implementation of the Bitcoin Cash protocol called Bitcoin ABC was revealed by Amaury "Deadal Nix" Séchet at the Future of Bitcoin conference in Arnhem, Netherlands. The Bitcoin Cash hard fork was announced to take place on August 1, 2017.