Also found in: Dictionary, Thesaurus, Medical, Acronyms.
Bitcoin CashIn 2017, Bitcoin spawned a new cryptocurrency to support higher transaction volume than Bitcoin. Created as a "hard fork," the Bitcoin Cash block size is 8MB compared with Bitcoin's 1MB. On August 1, 2017, Bitcoin holders received one unit of Bitcoin Cash (BCH) for every Bitcoin they owned, and BCH rose to nearly $700 the next day. Very volatile, within two weeks, it dropped to $300 only to quadruple later in the year. By the end of 2018, Bitcoin Cash was around $200 and more than $500 in early 2021. See Bitcoin hard fork.
The Original Bitcoin Was Also Improved
A week after Bitcoin Cash debuted, a consortium of Bitcoin miners approved the Segregated Witness upgrade that made the original Bitcoin more efficient (see SegWit). Both Bitcoin and Bitcoin Cash have had wild rides.
Bitcoin SV (Satoshi's Vision, BSV)
In 2017 Bitcoin SV, a hard fork of Bitcoin Cash expanded the block size from 1MB to 128MB and later to 2GB, and miners can choose the block size they wish to mine. The Bitcoin SV symbol is BSV.
Bitcoin ABC (Adjustable Blocksize Cap)
Yet another hard fork occurred in November 2020. Whereas Bitcoin Cash development relies on donations, Bitcoin ABC takes 8% of the miner's block reward to fund development and pay salaries. The Bitcoin ABC symbol was BCHA, while Bitcoin Cash retained BCH. In mid-2021, Bitcoin ABC was rebranded as eCash (XEC). See Bitcoin Gold, Bitcoin mining and Bitcoin.
Copyright © 1981-2019 by The Computer Language Company Inc. All Rights reserved. THIS DEFINITION IS FOR PERSONAL USE ONLY. All other reproduction is strictly prohibited without permission from the publisher.