What Is Bitcoin Cash?
Bitcoin Cash is a cryptocurrency. It is a result of a prolonged disagreement how to handle the bitcoin scalability problem. Its proponents decided to update the software of the cryptocurrency bitcoin in such a way that it would increase its transaction capacity limit eight times on August 1, 2017. The update is incompatible with the old bitcoin software, which is why it is called a hard fork. As a result, bitcoin ledger called the blockchain and the cryptocurrency split in two.
Bitcoin Cash has been broadly adopted by digital currency exchanges. Exchanges such as Coinbase, CEX.IO, Kraken, ShapeShift and many others use the Bitcoin Cash name and the BCH ticker symbol for the cryptocurrency. Bitstamp and Bitfinex temporarily used the name Bcash, but after being criticized, they switched the name back to Bitcoin Cash.
While the alphanumeric address style is the same as mainline bitcoin (BTC), Bitcoin Cash (BCH) should not be sent to a bitcoin (BTC) address. Like mainline bitcoin, Bitcoin Cash addresses can be used more than once, but should not be reused if privacy is a concern.
Cryptocurrency wallets such as the Ledger hardware wallet, KeepKey hardware wallet, Electron Cash software wallet, Bitcoin.com software wallet use the name Bitcoin Cash for the cryptocurrency, using either BCH or BCC ticker symbol for it.
Trezor hardware wallet supports Bitcoin Cash. Notable supporters of Bitcoin Cash include investor Roger Ver and entrepreneur Calvin Ayre.
Americans wondering whether their acquisition of Bitcoin Cash is taxable as income, or not taxable as a division of property, have received no guidance from the Internal Revenue Service.
What Is Bitcoin Cash Conclusion
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