Bitcoin Cash was created on August 1st, 2017 by hard fork or bitcoin split, which introduced a new version of the database with different rules. Bitcoin Cash was created as a result of many years of experience with the Bitcoin scaling problem. It works by switching from the main bitcoin blockchain database to the new version, giving the software more transaction capacity (8 megabytes to be exact).
What is the easiest way to trade bitcoin cash?
Open with Tadawul
Fund your account
Deposit your preferred investment amount
Buy (go long) or sell (short) Bitcoin Cash
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Bitcoin Cash on the market
The value of this digital currency quickly multiplied, with an initial price of $300 at its launch and reaching more than $600. After this jump, investors wondered if Bitcoin Cash could be dubbed the “new king of cryptocurrencies.”
Bitcoin Cash’s launch was slow as the Bitcoin Cash mining algorithm failed to revitalize this new tool as it was not attractive to miners looking for profit.
As the financial markets caught up with this jump and increased the rate at which “blocks” (known as the hash price) were being produced, traders and investors began to support the price of Bitcoin Cash (BCH), establishing the currency’s popularity.
Things to know about Bitcoin Cash:
Created by hard fork Bitcoin due to the expectation that there will be faster transaction-level interaction, the Bitcoin cash fork has been identified as series 478,559.
Regardless of the reasons for the creation of Bitcoin Cash and its origin, it is currently considered a digital currency and has no direct relationship.
Bitcoin Cash is a currency in its own right and its use is advantageous because it works like “Bitcoin” and the only difference is that it is faster due to the increase in size of the block.
When the hard fork was created, the coin had absolutely no value and investors could get “free coins” by sharing bitcoin.
But then, as we are now observing, Bitcoin Cash has seen significant changes in the market and in November 2017 it was able to secure a place among the “top cryptocurrencies” by its market value.
Investors believe Bitcoin Cash was only created because high fees and slow transactions can destroy Bitcoin, not because Bitcoin has reached its maximum block.