The fork left Bitcoin holders with the option to redeem the same amount of Bitcoin Cash on the best slot games blockchain (i.e., forked chain), and Bitcoin Cash has remained positioned among the top five cryptocurrencies by market cap since the split.
Bitcoin Cash recently split into another two cryptocurrencies in November 2018 following a hard fork. Bitcoin Cash now primarily refers to Bitcoin ABC -- the camp determined by exchanges and other crypto-focused firms as the original Bitcoin Cash, while the other fork -- Bitcoin SV -- is led by the polarizing Craig Wright.
Bitcoin Cash Design Philosophy
Bitcoin’s scaling debate has persisted as a controversial topic for much of its existence. Several iterations of developers have forked the protocol in an effort to produce their own spin on Satoshi’s design philosophy, with Bitcoin Cash the most prominent out of all of them.
The problem where Bitcoin Cash emerged hit a turning point in the summer of 2017 over a best slot games BIP proposal for Bitcoin -- BIP 91 -- commonly referred to as SegWit. Some prominent Bitcoin proponents, such as Roger Ver, suggested that a block size increase was necessary for Bitcoin to remain a transactional, P2P cryptocurrency instead of more of a store of value and that SegWit did not adequately address the problem.
Amid rising transaction fees on the Bitcoin network and support for larger blocks from some sizeable firms, such as Bitmain, the Bitcoin protocol was forked to increase the block size, and Bitcoin Cash was born in August 2017. With larger blocks, Bitcoin Cash has lower fees than Bitcoin but is more prone to the centralization of its mining economy and network nodes.
At a high level, Bitcoin and Bitcoin Cash remain very similar in their designs. Outside of ideological, and often heated differences, the two cryptocurrencies both are public, permissionless networks, rely on proof-of-work (PoW) consensus, have a total supply capped at 21 million, include halving events (i.e., deflationary supply), and implement the same cryptographic transactions schemes -- UTXO.
However, the ideological differences between Bitcoin Cash and Bitcoin over the technical roadmap for each network have often led to animosity between the two camps over which chain’s scaling strategy will work in the long-term.
Bitcoin Cash Split and Future Plans
Following more than a year as its own blockchain, Bitcoin Cash split into two separate chains in November 2018:
1. Bitcoin ABC
2. Bitcoin SV
The two rival factions emerged over the dispute between the future block size once again, with Roger Ver and Jihan Wu (then the CEO of Bitmain) supporting Bitcoin ABC with an adjustable block size capped at 32MB and the other camp led by Craig Wright, known as Bitcoin “Satoshi’s Vision,’ that wanted a block size of limit of 128MB.
In the months following the fork, the majority of exchanges agreed on Bitcoin ABC as retaining the title of Bitcoin Cash, merging Bitcoin ABC tickers into the classic BCH ticker once again. Bitcoin is listed under BSV for the exchanges which support its trading.
Bitcoin Cash (i.e., Bitcoin ABC) has remained one of the most popular cryptocurrencies because of its strong advocacy among a division of Bitcoin’s broader community, and the development team is pushing a similar significant upgrade to the network in the coming days. Both Bitcoin Cash and Bitcoin are planning on implementing Schnorr Signatures soon, with the next Bitcoin Cash hard fork .