On their project website Bitcoin Cash (exchange ticker: BCH) is described as a “peer-to-peer electronic cash for the Internet”. In other words, a cryptocurrency for the purposes of financial transactions, rather than a broader utility-based blockchain token of the kind found in projects such as Ethereum. It is an altcoin, an alternative to bitcoin that was born out of the founders’ objection to the method being proposed to scale bitcoin.
16 July 2017 – the date on which bitcoin mining pool ViaBTC announced their intention to create Bitcoin Cash through a user-activated hard fork (UAHF) to the main bitcoin blockchain. Along with mining group Bitmain, ViaBTC objected to the recently agreed consensus (BIP 91) to introduce segregated witness (SegWit2x) as a way of scaling the bitcoin blockchain.
8 MB – the proposed size for blocks on the BCH blockchain (compared with 1 MB blocks for bitcoin).
6 – the number of blocks at which mining difficulty is to be adjusted (compared with 2016 blocks for bitcoin).
22 July 2017 – the date on which ViaBTC launched a new Bitcoin Cash mining pool, enabling any supportive miners to prepare to support the upcoming fork by switching over to a new version of the software; these miners could continue to mine bitcoin (BTC) until the new blockchain activated.
01 August 2017 – the date that mining of Bitcoin Cash was initiated.
12:20 UTC – the original proposed activation time.
12:37 UTC – the approximate time at which mining on the BCH blockchain began.
478,558 – the bitcoin block number after which mining commenced (up until this point the blockchain record for both BTC and BCH is identical).
18:24:41 UTC – the time at which the first Bitcoin Cash block was produced, by mining pool ViaBTC, thereby marking the split away from the legacy bitcoin blockchain.
6,985 – the number of transactions contained within the first block validated.
1.915 MB – the size of the first block.
$219 – the lowest price at which Bitcoin Cash traded on its first day.
$537 – the highest price at which the new coin traded on day one.