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Crypto Notes: All you need to know about Bitcoin Cash

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Crypto Notes: All you need to know about Bitcoin Cash 1
Wednesday, 23 March 2022
Crypto Notes
A weekly newsletter decoding crypto, blockchain and the entire ecosystem.
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By Rohas Nagpal

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Good morning!

All about Bitcoin Cash (BCH)

Let’s start with some interesting crypto news:

A clarification on income tax on cryptos was made in the Lok Sabha this Monday.

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Firstly, the loss in one crypto asset cannot be set off against profit in another. Example: You make Rs. 100 profit on Bitcoin and Rs. 100 loss on Ether. Conventionally, this would mean zero profit and zero tax. But you will be liable to pay 30% tax on the Bitcoin profit.

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Secondly, crypto mining infrastructure will not be eligible to be deducted as the cost of acquisition. This is a huge blow for crypto miners in India.

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1. What is Bitcoin Cash (BCH)?

Name: Bitcoin Cash

Symbol: BCH

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History:

In 2017, a lot of efforts were being made to solve Bitcoin’s scalability issue

There were two popular solutions:

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increase the block size to allow more transactions to fit into each block, and

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maintain a 1 MB block size and scale using layer-two solutions.

In July 2017, Bitcoin (BTC) miners representing more than 80% of the Bitcoin computing power voted to incorporate the SegWit2x (segregated witness) technology to improve Bitcoin.

Many miners and developers, who did not want SegWit2x to be introduced, initiated a hard fork on 1 August 2017 and created a new crypto – Bitcoin Cash (BCH).

BTC holders at block 478558 automatically got BCH free in a 1:1 ratio.

Features of BCH:

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BCH has its own blockchain, and its network supports up to 32MB blocks. BTC has a block size of 1 MB.

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BCH processes 200 transactions per second, while BTC manages around seven transactions per second.

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BCH uses the Cashscript smart contract languages for enabling more complex functions.

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The BCH Simple Ledger Protocol (SLP) enables developers to issue tokens on top of BCH in a manner similar to the Ethereum blockchain.

Bitcoin SV

Bitcoin SV (BSV), also called Bitcoin Satoshi’s Vision, is the result of a BCH hard fork in 2018. BSV seeks to raise its block size to 1 TB.

2. Metrics

As of 22 March, the core metrics of BCH are:

Price metrics:

Current Price $351
All-time high (20 December 2017) $4355.62
All-time low (15 December 2018) $75.08

Supply metrics:

Circulating supply 19 million BCH
Total supply 19 million BCH
Maximum supply 21 million BCH

Note:

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Circulating supply is the number of coins/tokens in public hands.

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Total supply is the number of coins/tokens created minus the number burned.

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Maximum supply is the maximum amount of this crypto that can ever exist

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Figures have been rounded off for convenience

Marketcap & Volume metrics:

Market Cap: $6.7 billion
Fully Diluted Market Cap: $7.4 billion
Volume (24h): $3.9 billion
Volume / market cap ratio: 0.59

Note:

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Market cap = Current Price x Circulating Supply

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Fully Diluted Market Cap would be the market cap if the maximum supply was in circulation

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Volume (24h) is the fiat value of this crypto traded over the last 24 hours

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Volume / market cap ratio = 24h Volume / Marketcap

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Figures have been rounded off for convenience

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Note: The data is from CoinMarketCap, Messari, and Future Money Wallet and may be rounded off.

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The author is an amateur boxer, a blockchain architect, a Tintinologist and a retired hacker.

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Written by Rohas Nagpal. Edited by Saikat Chatterjee. Produced by Samiksha Khanna. Send in your feedback to newsletterskatanalivemint.com.

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