The old season is here! Driven by the accomplishments of the lost uncle Bitcoin, Bitcoin Cash rose over thirty percent in the past 24 hours, bringing it to its peak in the early morning hours (UTC) at a price of just over $ 627.
That’s still a long way from its previous all-time high of $ 4,355.62 set on December 20, 2017, but like its namesake Bitcoin SV, Bitcoin Cash is one of many altcoins that benefit from it Bitcoin’s historical bull run.
Bitcoin Cash was born in 2017 when developers responded to calls to change Bitcoin transaction Format to handle the growing transaction rate. When some of the Bitcoin developers behind the Bitcoin improvement proposal numbered BIP141 (SegWit) mobilized, another group of activists, investors, developers and mostly Chinese miners advocated a different proposal: the block size of Bitcoin from 1MB to 8 Increase MB.
In August 2017 the hard fork led to the creation of two currencies called Bitcoin. Bitcoin (BTC) and Bitcoin Cash (BCH).
Over a year later, after a network vote increased Bitcoin Cash’s block size from 8MB to 32MB, it was split again by factions. Another hard fork was announced by November 15, 2018, led by developers Jihan Wu and Roger Ver, who set up the Bitcoin ABC (Adjustable Blocksize Cap) software.
The second camp, led by Australian computer scientist Craig Wright, who claims to be Bitcoin inventor ‘Satoshi Nakamoto’, suggested the alternative software Bitcoin SV (Satoshi’s Vision), although these claims are highly controversial. This became the blockchain Supply BSV with electricity.
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