Introduction to BCH
BCH (Bitcoin Cash) is a fork of Bitcoin (BTC). The total amount of supply, algorithm, block generation time, and difficulty adjustment mechanism are basically the same as Bitcoin. The main difference is the "block capacity". The current block capacity of BCH is 32 MB, while BTC is 4 MB (using SegWit). Learn more
As a peer-to-peer electronic cash, BCH aims to enable new economies with low fee micro-transactions, large business transactions, and permissionless spending.
BCH wallet can help manage your BCH assets, including balance inquiry, transfer, etc... The most important component for a wallet is the private key. Once you control the private key, you can control the assets at the corresponding BCH wallet address.
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🔸Before creating a wallet, please learn how to backup your wallet
You can get BCH in various ways. The easiest way is to buy. There are many cryptocurrency exchanges on the market that allow you to buy BCH, but users need to choose the preferred exchange according to location and payment method.
Before buying BCH, try to understand the purchase methods & risks here, so that you can complete the purchase process in a safer and quicker way.
🔸Exchanges that support the purchase of BCH
BCH Address Format
BCH has three address formats: Cash Address, Legacy Address and BitPay Address. ImToken currently supports Cash Address and Legacy Address.
🔸Cash Address (Recommended)
BCH developers launched Cash Address and promoted it in the community. Cash Address address format:
The prefix bitcoincash indicates the network type, which can be added or not added, and does not affect the transfer.
BCH is derived from the hard fork of BTC. It inherits the address format of BTC. This type of address is called a Legacy address. It starts with 1/3 and is case sensitive. Many exchanges use addresses beginning with 1.
BitPay address is an address format developed by BitPay, which has not been widely accepted and has been abandoned.
The addresses in these three formats correspond to the same public key, but the encoding methods are different from each other and can be converted to each other.
You can use https://bch.btc.com/tools/address-converter to convert the three formats.
Please make sure that your BCH wallet has sufficient assets and the balance is enough to cover the miner fees required for the transfer.
🔸BCH transactions tutorial:
🔸You may encounter the following conditions:
- Transfer/receive FAQ about BCH
- The difference between doing transactions in blockchain and in bank
- What if I send to the wrong address?
- How to set miner fees?
Anyone can participate in BCH mining. The essence of mining is to process transactions by calculating hashes, to ensure the security of the BCH main network and to keep the account information of the entire network consistent.
The Birth of BCH
Bitcoin can only process about 7 transactions per second due to the limitation of transaction frequency and block size.
Around 2017, as the market value of digital assets continued to increase, BTC transaction fees also became higher and higher. Some developers in the BTC community, including Roger Ver and Jihan Wu, believe that if the block is not expanded, BTC will become a digital investment rather than as a transactional currency available to everyone.
In order to solve the problem of high transaction fees, two camps appeared at that time: the Bitcoin Core team chose the "SegWit“ + "Lightning Network" scheme; while the camp represented by Roger Ver and Jihan Wu insisted that increasing the block size limit is the only feasible solution.
So BCH forked at block 478558, August 2017, when the block size was 8M (32M today).
BCH Basic Information
Release time: 2017.07.24
Consensus mechanism: PoW
Total amount issued: 21,000,000
Total circulation: 18,292,700
Block size: 32 M
Block speed: about 10 minutes / block
OP_RETRUN: 220 bytes
White paper: https://www.bitcoincash.org/bitcoin.pdf
BCH Block Explorer
BCH Block Explorer is a web tool that provides detailed information about BCH blocks, addresses, and transactions.