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Gemini-Bitcoin Cash (BCH)- Structure and Function of Peer-to-Peer Electronic Cash

A comparative analysis of the Bitcoin (BTC) and Bitcoin Cash (BCH) cryptocurrencies, covering BCH's focus on facilitating everyday transactions.

How Does Bitcoin Cash Work? BCH and Electronic Cash

Bitcoin Cash (BCH) is faster than the original Bitcoin (BTC), as BCH is designed for spending rather than holding.

Bitcoin Cash (BCH): Built for Transactions and Everyday Use

Bitcoin Cash (BCH)

Explore our collection of Cryptopedia articles related to Bitcoin Cash (BCH). Discover new topics and the latest insights.

Bitcoin Cash (BCH) Articles - Cryptopedia

Gemini-Cryptocurrencies BitcoinCash Bitcoin Cash (BCH)- There’s More Than OneBitcoin

One of the first altcoins incorporates Bitcoin in its name, but what is Bitcoin Cash (BCH)? A technical assessment of the Bitcoin vs. Bitcoin Cash controversy.

What Is Bitcoin Cash? There’s More Than One Bitcoin

Inspired by a desire to improve Bitcoin’s scalability, Bitcoin Cash was designed as a practical cryptocurrency for everyday transactions.

Bitcoin Cash (BCH): There’s More Than One Bitcoin?

Due to a disagreement among Bitcoin developers and other community stakeholders, Bitcoin will undergo a “hard fork” in mid-November; essentially, it may split into two separate and viable cryptocurrencies each vying for the name _Bitcoin_. Previously, Bitcoin underwent a hard fork on August 1, 2017, splitting into two separate chains; however, both communities were in agreement as to which chain would be called _Bitcoin_, and which chain would be called _Bitcoin Cash_. All signs point to the upcoming hard fork not having the same consensus with regard to naming.

In light of this, beginning approximately one day before the anticipated time of the fork (estimated to be November 16, 2017), Gemini will temporarily disable all bitcoin withdrawals and crediting of bitcoin deposits. Both U.S. Dollar (USD) and ether (ETH) deposits and withdrawals will be unaffected.

Our [policy on chain splits](https://gemini.com/blog/information-related-to-geminis-policy-on-an-upcoming-chain-split/) has been in place for several months. To reiterate what we wrote then:

*   The “BTC” balance and trading activity you see on Gemini will likely reflect the chain with the greater total difficulty.
*   We may choose to eventually open new order books for the chain with less total difficulty.
*   We will make every effort to support withdrawals of the chain with less total difficulty, if it ends up having a significant amount of hash power, exchange volume, or economic value.

We have decided to use this existing policy for the upcoming hard fork, and we will be measuring total cumulative computational difficulty of the blockchain to determine what we will call Bitcoin and BTC and on the Gemini platform.

The cumulative computational difficulty is an objective and observable metric that is impossible to fake or “game.” It may not be a usable framework in all future chain split situations, but it works for this one. While we fully appreciate that some may disagree and have differing viewpoints on the naming of a given fork, we have yet to come across another framework that achieves the qualities mentioned above.

During this time, our BTC/USD, ETH/USD, and ETH/BTC matching engines will remain open for trading. After at least a 48 hour period following the hard fork, once we believe the Bitcoin network has stabilized, and once we are confident that all customer funds on the exchange have been fully protected from transaction replay, we will reopen deposits and withdrawals on the network that has the greatest cumulative computational difficulty. We will then work to support withdrawals on the chain with less cumulative difficulty if it ends up having a significant amount of hash power, exchange volume, or economic value, and possibly even open new order books.

If you have any questions, please contact Gemini customer support at [support@gemini.com](mailto:support@gemini.com).

Onward and Upward!

Team Gemini

P.S. We’ve heard a few people asking about another fork, Bitcoin Gold (BTG). We’ve done a technical evaluation of Bitcoin Gold and determined that it is still early in its software development phase. There is technically no way we could support Bitcoin Gold at this point, even if we wanted to. If Bitcoin Gold ever becomes a viable cryptocurrency, we might consider offering Bitcoin Gold withdrawal capabilities, similar to what we’ve done for Bitcoin Cash (BCH) and Ethereum Classic (ETC).

Upcoming Bitcoin Hard Fork: Modified Exchange Operations

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Learn more about Bitcoin Cash on Cryptopedia

Bitcoin Cash is a cryptocurrency and blockchain that aims to be an electronic cash payment system. It differentiates itself from Bitcoin by processing more transactions.

Bitcoin Cash is a fork of [Bitcoin](/prices/bitcoin) and technically similar; however, its increased block size makes it more likely to be used as a payment system as opposed to a store of value system like Bitcoin. The hard fork that created Bitcoin Cash took effect on August 1, 2017. Bitcoin holders, as of common block 478558 on August 1, 2017 at approximately 13:16 UTC, equivalently owned the same amount of Bitcoin Cash as bitcoin held at that time. The first independent Bitcoin Cash block was 478559.

## Token

Bitcoin Cash or BCH is the digital asset token of the Bitcoin Cash network (similar to how bitcoin or BTC is the digital asset token of the Bitcoin network). All BCH balances and transactions are recorded on the Bitcoin Cash blockchain. Similar to Bitcoin, the smallest subunit of BCH is the “satoshi,” which is equal to 10-8 BCH or one hundred-millionth of a BCH (0.00000001 BCH). Bitcoin Cash can be bought and sold for fiat currency or other digital currencies.

Bitcoin Cash can be purchased on a cryptocurrency exchange and stored in a crypto wallet and custodian like Gemini.

### Characteristics

If bitcoin resembles “digital gold” (i.e., a store of value), then Bitcoin Cash is akin to a “digital cash” (i.e., a medium of exchange). Its mission is to create an electronic peer-to-peer cash system with larger blocks that will increase transaction throughput and lower fees. While the Bitcoin network has a 1 megabyte blocksize (2 megabytes with Segregated Witness transaction format) and is capable of processing 7 transactions per second, the Bitcoin Cash network has a 8 megabyte block size, which is 4-8 times larger. In comparison, Visa, which is a centralized, global payment network, is capable of processing over 150 million transactions per day and [24 thousand](https://usa.visa.com/run-your-business/small-business-tools/retail.html) transactions per second.

Learn more about BCH on [Cryptopedia](https://www.gemini.com/cryptopedia):

1. [Bitcoin Cash (BCH): There’s More Than One Bitcoin?](https://www.gemini.com/cryptopedia/what-is-bitcoin-cash)
2. [Bitcoin Cash (BCH): Structure and Function of Peer-to-Peer Electronic Cash](https://www.gemini.com/cryptopedia/how-does-bitcoin-cash-work-bch)

Bitcoin Cash is a cryptocurrency and blockchain that aims to be an electronic cash payment system. It differentiates itself from Bitcoin by processing more transactions.

Bitcoin Cash is a fork of Bitcoin and technically similar; however, its increased block size makes it more likely to be used as a payment system as opposed to a store of value system like Bitcoin.

View the latest Bitcoin Cash price movements, charts, and supply details. Learn more about Bitcoin Cash history, use cases, and learn how to buy & store

Bitcoin Cash Price, Chart, & Supply Details - BCH Price

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