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Anyone who owned bitcoin before the fork now had the rights to an equal number of Bcash, which they were free to transact as they pleased. At the time, Bitcoin was trading for around $2,700. The number of transactions per second was growing, so Bcash was supposed to allow the cryptocurrency to grow more seamlessly and scale up as a currency.īitcoin Cash debuted with an initial value of around $240. “Bitcoin Cash is a hard fork of Bitcoin caused by the desire to increase the block size, thereby allowing more transactions to process at a time,” says Sean van der Wal, managing partner at Drawing Capital Group. The spinoff was due to a philosophical difference within the Bitcoin community some developers saw Bitcoin as more a store of value while others wanted to encourage its use as a medium of exchange.īitcoin Cash was created for the latter camp. Because there was no agreement on which proposal to support, Bitcoin split into two,” Sites says. The network operators were split on which protocol to adopt. “In 2017, groups of Bitcoin developers put forward competing changes for improvements to the bitcoin protocol. “Bitcoin Cash is a cryptocurrency that started as a fork, or copy, of Bitcoin,” says Jamison Sites, senior manager and financial services senior analyst at RSM, an audit, tax and consulting company serving middle-market businesses. In cryptocurrencies, instead of spinoffs, there are “forks.” Bitcoin Cash (BCH), also referred to as Bcash, was created in August 2017 when it forked off from Bitcoin (BTC), and anyone who owned a bitcoin received an equal number of Bitcoin Cash. For example, in 2013, when Pfizer (ticker: PFE) spun off its animal health division Zoetis ( ZTS), Pfizer shareholders were allowed to convert $100 in Pfizer shares to $107.52 in Zoetis stock.
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When that happens, shareholders typically get a piece of the new company or some monetary remuneration. In the stock market, companies sometimes spin off parts of their business into distinct, stand-alone enterprises. Here’s a look at both of these digital currencies and the main differences between them. But each cryptocurrency has a different history. What is the difference between Bitcoin and Bitcoin Cash? Well, if you’re talking about the price itself, the difference is almost $50,000 currently. Business & Finance Click to expand menu.