Bittime - Bitcoin Cash (BCH), a cryptocurrency forked by Bitcoin in 2017, just completed its second halving on April 3, 2024. This marks a reduction in the mining reward from 6.25 BCH to 3,125 BCH per block.
This second halving follows Bitcoin Cash's first halving on April 8, 2020, which also cut the mining reward in half, from 12.5 BCH to 6.25 BCH.
Bitcoin Cash Price Movement
As a derivative of Bitcoin (BTC) with a proof-of-work (PoW) blockchain, Bitcoin Cash is designed to offer faster and cheaper transactions. Ahead of the halving, BCH experienced a significant price surge, up 32% in the last 30 days.
However, currently, the price of BCH has increased by 1.90% in the last 24 hours. At 12:37 WIB, Thursday, 04/04/2024, BCH was trading at a level of IDR 10,022,397 per coin based on data monitoring from Bittime.
Source: Bittime
Network Upgrade and Upgrade
Alongside the halving, Bitcoin Cash is preparing for an upgrade in mid-May. This upgrade is designed to introduce adjustable block size limits. The new algorithm will allow the BCH block size to be adjusted based on the latest block size average.
The goal is to minimize the vulnerability of the network to spam attacks and keep transaction costs down. This update, which turns manual block size adjustments into automatic, real-time modifications, is expected to have a positive impact on strategic incentives within the network.
Based on the Gitlab repository, this upgrade proposes to maintain the base block size limit of 32 MB and increase it according to the actual transaction volume.
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Becoming the Subject of Discussion for Miners and Investors
The anticipation and impact of the halving has sparked discussion among investors and miners regarding the future of Bitcoin Cash. The overall network hashrate showed a significant improvement ahead of the halving, reaching a peak of over 8 exahash per second (EH/s) on April 1 before stabilizing at around 3.78 EH/s. These hashrate fluctuations are the result of miners adapting to lower rewards and efforts to remain profitable.
Further, the event drew attention to the May upgrade that will help improve network efficiency and scalability. The market's response to these developments will be key in determining Bitcoin Cash's short- and long-term direction, especially compared to Bitcoin which is also approaching its halving.
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How to Buy Bitcoin Cash (BCH) on Bittime
You can buy and sell Bitcoin Cash (BCH) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Bitcoin Cash (BCH) is available on Bittime with the BCH/IDR market pair. To be able to buy FLOKI USDT on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Bitcoin Cash (BCH) on Bittime.
Monitor the price chart movements of Bitcoin Cash (BCH), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Difference between Bitcoin (BTC) vs Bitcoin Cash (BCH)
Bitcoin Cash Rallies 13% Ahead of BCH Halving, Bitcoin Stability Around $70K
BCH Surges Past $700, Touches New Record High Since End of 2021
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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