After a years-long battle in the cryptocurrency community over the rules that should guide Bitcoin’s network, Bitcoin (BTC) split into Bitcoin Cash (BCH). Bitcoin Cash is an alternative cryptocurrency.
The split is called a “hard fork” and is the result of a Bitcoin group’s desire to fight high transaction fees and a Bitcoin size limit that made mining larger blocks invalid. If you own Bitcoin and control your private keys, you can use the same private keys to spend your newly minted Bitcoin Cash.
According to Eugene Kovalyk, chief marketing officer at CEX.io, a multi-functional cryptocurrency exchange, the issue of listing Bitcoin Cash as a new trading pair depends on the demand. If demand is high, they’ll add it by all means. He adds no one should lose Bitcoin Cash on their platform.
The world’s most popular cryptocurrency exchange, Coinbase argues that their systems can’t support Bitcoin Cash without a major system rework that is currently not worth the unknown value of Bitcoin Cash.
According to the supporters of the newly formed Bitcoin Cash, the currency will bring a new life into the nearly 10-year-old Bitcoin by solving some of the issues facing Bitcoin lately, such as slow transaction speeds.
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Bitcoin only allows 1 megabyte of data to be added to its ledger of asset ownership, the blockchain, every 10 minutes. Such restriction resulted in huge delays and higher fees as transaction levels increase. Bitcoin Cash, which launched on exchanges such as China-based ViaBTC and multinational Kraken, also uses the blockchain but allows 8Mb of data to be added every 10 minutes.
Bitcoin Cash has dropped 33%, to $290 a coin, over a day (August 3), based on data from Coinmarketcap.com. That’s down from its all-time high of $727 set on August 2. Meanwhile, Bitcoin jumped 1.92%, to $2.852. Time will show how things will develop.