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Crypto-assets are highly volatile. You could sustain a loss of some or all of your investment, so it is important to invest only what you can afford to lose. For a detailed overview of the risks, please review the Risk Disclosure.
Crypto-assets are highly volatile. You could sustain a loss of some or all of your investment, so it is important to invest only what you can afford to lose. For a detailed overview of the risks, please review the Risk Disclosure.
The Bitcoin scalability debate led to a split of the coin on August 1st, 2017. The result was a new blockchain based on Bitcoin, setting its block size limit to eight megabytes to increase the number of transactions its ledger can process. This blockchain and the corresponding cryptocurrency is called Bitcoin Cash (BCH). Supporters of Bitcoin Cash are opting for on-chain scaling solutions such as the mentioned increase in block size, while supporters of Bitcoin (BTC) opt for off-chain-scaling and second layer solutions like the Lightning Network.
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Purchasing Bitcoin Cash (BCH) and other cryptocurrencies is simple and straightforward online. You can buy and sell Bitcoin Cash (BCH) on various platforms, including crypto brokers and exchanges.
Investing in Bitcoin Cash (BCH) and other cryptocurrencies can be done in a few easy steps. Follow this guide to get started with crypto trading on platforms like Bitpanda and build your digital asset portfolio.
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Simply select Bitcoin Cash (BCH) for purchase, choose a payment method, and confirm the transaction
Buying cryptocurrencies like Bitcoin Cash (BCH) involves risks and can lead to the total loss of the invested capital.
If you are interested in investing in cryptocurrencies like Bitcoin Cash (BCH), Bitpanda offers a user-friendly and secure platform to get started.
Our platform features a user-friendly interface that makes buying Bitcoin Cash (BCH) simple for both beginners and experienced traders. With the Bitpanda app, you can conveniently trade cryptocurrencies and other assets on your smartphone.
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Forecasts predict a continuous increase in the Bitcoin Cash (BCH) price due to the growing acceptance and use of cryptocurrencies. Those who invest early could benefit from long-term price appreciation.
The value of Bitcoin Cash (BCH) can be affected by various factors, such as regulatory changes and global economic events. Therefore, it is essential to thoroughly research before investing. The following sections give an overview of the key events and factors impacting its price.
The past price trends of Bitcoin Cash (BCH) do not indicate future performance.
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The debate over Bitcoin's scalability prompted a hard fork in August 2017, resulting in a new blockchain called Bitcoin Cash (BCH).
Bitcoin Cash increased the block size to eight megabytes to enhance transaction processing capacity. Supporters of Bitcoin Cash advocate for on-chain scaling solutions, like larger block sizes, while Bitcoin (BTC) proponents call for off-chain scaling and second-layer solutions such as the Lightning Network.
The price trend or price of Bitcoin Cash (BCH) is influenced by factors such as the ratio between market capitalisation and the circulating supply of coins. The maximum BCH supply is 21 million coins, meaning no additional BCH coins will be mined once the total supply is reached. This limitation helps ensure that the price of Bitcoin Cash is significantly determined by supply and demand.
The overall dynamics of the crypto market also influence the Bitcoin Cash price. As Bitcoin Cash emerged from a hard fork of Bitcoin, its development can also affect the BCH price.
Bitcoin Cash aims to function as an electronic peer-to-peer cash system by increasing blockchain capacity to enable more transactions per second. The price of Bitcoin Cash (BCH) is influenced by factors such as total supply, demand, and market capitalisation. Its peak price of 3,785.82 USD was recorded in December 2017, while it hit an all-time low of 76.93 USD in December 2018.
Major price milestones include:
2017: Released as a hard fork of Bitcoin
December 2018: 76.93 USD / BCH (all-time low)
December 2017: 3,785 USD / BCH (all-time high)
February 2023: 141.85 USD / BCH (current price)
Bitcoin Cash emerged from disagreements within the Bitcoin community about Bitcoin's scalability. Bitcoin developer Satoshi Nakamoto limited Bitcoin's block size to one megabyte, significantly restricting it. This problem was solved by a hard fork that created Bitcoin Cash. In contrast to Bitcoin, BCH offers an increased block size, enabling faster transactions and higher scalability.
As Bitcoin Cash (BCH) is essentially an independent cryptocurrency, its price is not dependent on Bitcoin. However, Bitcoin remains the globally dominant cryptocurrency, so its price influences other cryptocurrencies, including Bitcoin Cash.
The price of Bitcoin Cash (BCH) is constantly changing and highly volatile in the crypto market and subject to rapid fluctuations.
Its value is significantly influenced by market capitalisation, currently at $2,588,946,971 as of February 2023, ranking it 29th among cryptocurrencies.
Like other digital assets, BCH has experienced price surges during crypto booms and declines during periods like the crypto winter, influenced by events such as China's crypto ban and the Ukraine conflict.
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ESG (Environmental, Social, and Governance) regulations for crypto assets aim to address their environmental impact (e.g., energy-intensive mining), promote transparency, and ensure ethical governance practices to align the crypto industry with broader sustainability and societal goals. These regulations encourage compliance with standards that mitigate risks and foster trust in digital assets.
| Name | Bitpanda Asset Management GmbH, Bitpanda GmbH |
| Relevant legal entity identifier | 9845005X9B7N610K0093, 5493007WZ7IFULIL8G21 |
| Name of the crypto-asset | Bitcoin Cash |
| Consensus Mechanism | Bitcoin Cash is present on the following networks: bitcoin_cash, smart_bitcoin_cash. The Bitcoin Cash blockchain network uses a consensus mechanism called Proof of Work (PoW) to achieve distributed consensus among its nodes. It originated from the Bitcoin blockchain, hence has the same consensus mechanisms but with a larger block size, which makes it more centralized. Core Concepts 1. Nodes and Miners: - Nodes: Nodes are computers running the Bitcoin Cash software that participate in the network by validating transactions and blocks. - Miners: Special nodes, called miners, perform the work of creating new blocks by solving complex cryptographic puzzles. 2. Blockchain: - The blockchain is a public ledger that records all Bitcoin Cash transactions in a series of blocks. Each block contains a list of transactions, a reference to the previous block (hash), a timestamp, and a nonce (a random number used once). 3. Hash Functions: - Bitcoin Cash uses the SHA-256 cryptographic hash function to secure the data in blocks. A hash function takes input data and produces a fixed-size string of characters, which appears random. Consensus Process 5. Transaction Validation: - Transactions are broadcast to the network and collected by miners into a block. Each transaction must be validated by nodes to ensure it follows the network's rules, such as correct signatures and sufficient funds. 6. Mining and Block Creation: - Nonce and Hash Puzzle: Miners compete to find a nonce that, when combined with the block's data and passed through the SHA-256 hash function, produces a hash that is less than a target value. This target value is adjusted periodically to ensure that blocks are mined approximately every 10 minutes. - Proof of Work: The process of finding this nonce is computationally intensive and requires significant energy and resources. Once a miner finds a valid nonce, they broadcast the newly mined block to the network. 7. Block Validation and Addition: - Other nodes in the network verify the new block to ensure the hash is correct and that all transactions within the block are valid. - If the block is valid, nodes add it to their copy of the blockchain and the process starts again with the next block. 8. Chain Consensus: - The longest chain (the chain with the most accumulated proof of work) is considered the valid chain by the network. Nodes always work to extend the longest valid chain. - In the case of multiple valid chains (forks), the network will eventually resolve the fork by continuing to mine and extending one chain until it becomes longer. Smart Bitcoin Cash (SmartBCH) operates as a sidechain to Bitcoin Cash (BCH), leveraging a hybrid consensus mechanism combining Proof of Work (PoW) compatibility and validator-based validation. Core Components: Proof of Work Compatibility: SmartBCH relies on Bitcoin Cash's PoW for settlement and security, ensuring robust integration with BCH’s main chain. SHA-256 Algorithm: Uses the same SHA-256 hashing algorithm as Bitcoin Cash, allowing compatibility with existing mining hardware and infrastructure. Consensus via Validators: Transactions within SmartBCH are validated by a set of validators chosen based on staking and operational efficiency. This hybrid approach combines the hash power of PoW with a validator-based model to enhance scalability and flexibility. |
| Incentive Mechanisms and Applicable Fees | Bitcoin Cash is present on the following networks: bitcoin_cash, smart_bitcoin_cash. The Bitcoin Cash blockchain operates on a Proof-of-Work (PoW) consensus mechanism, with incentives and fee structures designed to support miners and the overall network's sustainability: Incentive Mechanism: 1. Block Rewards: o Newly Minted Bitcoins: Miners receive a block reward, which consists of newly created bitcoins for successfully mining a new block. Initially, the reward was 50 BCH, but it halves approximately every four years in an event known as the "halving." o Halving and Scarcity: The halving ensures that the total supply of Bitcoin Cash is capped at 21 million BCH, creating scarcity that could drive up value over time. 2. Transaction Fees: o User Fees: Each transaction includes a fee, paid by users, that incentivizes miners to include the transaction in a new block. This fee market becomes increasingly important as block rewards decrease over time due to the halving events. o Fee Market: Transaction fees are market-driven, with users competing to get their transactions included quickly. Higher fees lead to faster transaction processing, especially during periods of high network congestion. Applicable Fees: 1. Transaction Fees: o Bitcoin Cash transactions require a small fee, paid in BCH, which is determined by the transaction's size and the network demand at the time. These fees are crucial for the continued operation of the network, particularly as block rewards decrease over time due to halvings. 2. Fee Structure During High Demand: o In times of high congestion, users may choose to increase their transaction fees to prioritize their transactions for faster processing. The fee structure ensures that miners are incentivized to prioritize higher-fee transactions. SmartBCH’s incentive model encourages validators and network participants to secure the sidechain and process transactions efficiently. Incentive Mechanisms: Validator Rewards: Validators are rewarded with a share of transaction fees for their role in validating transactions and maintaining the network. Economic Alignment: The system incentivizes validators to act in the network’s best interest, ensuring stability and fostering adoption through economic alignment. Applicable Fees: Transaction Fees: Fees for transactions on SmartBCH are paid in BCH, ensuring seamless integration with the Bitcoin Cash ecosystem. |
| Beginning of the period | 2024-01-30 |
| End of the period | 2025-01-30 |
| Energy consumption | 585291811.63436 (kWh/a) |
| Energy consumption resources and methodologies | The energy consumption of this asset is aggregated across multiple components: For the calculation of energy consumptions, the so called “top-down” approach is being used, within which an economic calculation of the miners is assumed. Miners are persons or devices that actively participate in the proof-of-work consensus mechanism. The miners are considered to be the central factor for the energy consumption of the network. Hardware is pre-selected based on the consensus mechanism's hash algorithm: SHA-256. A current profitability threshold is determined on the basis of the revenue and cost structure for mining operations. Only Hardware above the profitability threshold is considered for the network. The energy consumption of the network can be determined by taking into account the distribution for the hardware, the efficiency levels for operating the hardware and on-chain information regarding the miners' revenue opportunities. If significant use of merge mining is known, this is taken into account. When calculating the energy consumption, we used - if available - the Functionally Fungible Group Digital Token Identifier (FFG DTI) to determine all implementations of the asset of question in scope and we update the mappings regulary, based on data of the Digital Token Identifier Foundation. For the calculation of energy consumptions, the so called “bottom-up” approach is being used. The nodes are considered to be the central factor for the energy consumption of the network. These assumptions are made on the basis of empirical findings through the use of public information sites, open-source crawlers and crawlers developed in-house. The main determinants for estimating the hardware used within the network are the requirements for operating the client software. The energy consumption of the hardware devices was measured in certified test laboratories. When calculating the energy consumption, we used - if available - the Functionally Fungible Group Digital Token Identifier (FFG DTI) to determine all implementations of the asset of question in scope and we update the mappings regulary, based on data of the Digital Token Identifier Foundation. |
| Renewable energy consumption | 15.116111393 (%) |
| Energy intensity | 0.03233 (kWh) |
| Scope 1 DLT GHG emissions - Controlled | 0.00000 (tCO2e/a) |
| Scope 2 DLT GHG emissions - Purchased | 241137.92112 (tCO2e/a) |
| GHG intensity | 0.01332 (kgCO2e) |
| Key energy sources and methodologies | To determine the proportion of renewable energy usage, the locations of the nodes are to be determined using public information sites, open-source crawlers and crawlers developed in-house. If no information is available on the geographic distribution of the nodes, reference networks are used which are comparable in terms of their incentivization structure and consensus mechanism. This geo-information is merged with public information from the European Environment Agency (EEA) and thus determined. |
| Key GHG sources and methodologies | To determine the GHG Emissions, the locations of the nodes are to be determined using public information sites, open-source crawlers and crawlers developed in-house. If no information is available on the geographic distribution of the nodes, reference networks are used which are comparable in terms of their incentivization structure and consensus mechanism. This geo-information is merged with public information from the European Environment Agency (EEA) and thus determined. |
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