Bitcoin Cash (BCH) is a peer-to-peer digital currency operating on its own native Layer-1 blockchain, created on August 1, 2017 as a hard fork of Bitcoin.
It uses a UTXO-based ledger and the same SHA-256 proof-of-work algorithm as Bitcoin, so Bitcoin mining hardware can mine BCH without modification. The May 2026 "CashVM" upgrade restored full Bitcoin Script functionality and added native token issuance (CashTokens) directly on the base layer, alongside its core payment functionality.
Bitcoin Cash differentiates itself from Bitcoin through base-layer programmability aimed at payments and native tokenization rather than store-of-value use alone.
The May 15, 2026 CashVM upgrade added bounded-loop opcodes (OP_BEGIN/OP_UNTIL), restoring full Bitcoin Script functionality, while the CashTokens v2.2.1 standard, live in BCHN client v25.0.0, lets holders issue native fungible and non-fungible tokens directly on the BCH base layer without a separate smart-contract platform. A NEAR Protocol integration announced alongside the upgrade enables cross-chain swaps spanning more than 120 assets across 25+ blockchains.
BCH functions as a native payment and fee currency; it is neither a governance token nor a staking asset, since Bitcoin Cash has no on-chain voting or staking mechanism.
Holders use BCH to pay transaction fees, settle peer-to-peer and merchant payments, and reward miners under proof-of-work. The CashTokens standard additionally lets holders issue and transact native fungible or non-fungible tokens on the same base layer, with BCH used to pay the associated transaction fees.
Bitcoin Cash has a hard-capped maximum supply of 21,000,000 BCH, with approximately 20.08 million BCH in circulation as of 2026-08-31 — about 96% of the cap.
There was no presale allocation or vesting schedule; all coins entered circulation through mining. New BCH continues to enter circulation via mining rewards as supply approaches the fixed cap.
Bitcoin Cash launched as a free hard-fork distribution on August 1, 2017, with no ICO, token sale, or venture funding round.
Every holder of Bitcoin (BTC) at block height 478,558 automatically received an equal balance of BCH. There was no seed, private, or public sale, no venture capital involvement, and no vesting schedule, since the asset originated through fork mechanics rather than a fundraising event.
Bitcoin Cash runs on its own native Layer-1 blockchain secured by SHA-256 proof-of-work, the same consensus algorithm used by Bitcoin.
Mining difficulty adjusts every block using the ASERT algorithm. As of August 24, 2026, network hashrate was approximately 3.30 EH/s with a difficulty of roughly 473.6G. Because BCH shares Bitcoin's mining algorithm, SHA-256 ASIC hardware can mine either chain without modification, and miners can freely reallocate hashpower between the two networks.
Bitcoin Cash has no single founder or CEO; it originated from a user-activated hard fork led primarily through the Bitcoin ABC client software.
French developer Amaury Séchet (pseudonym "deadalnix") served as Bitcoin ABC's sole lead developer from the August 1, 2017 fork. Entrepreneur Roger Ver was an early, prominent backer and promoter through Bitcoin.com but was not a core protocol developer. A 2020 dispute over Séchet's proposed 8% miner-funding tax led to a split, after which his role in mainline BCH development diminished.
Bitcoin Cash has no issuing company or foundation; it is maintained as a decentralized, permissionless open-source protocol developed by independent node-software teams.
Bitcoin Cash Node (BCHN) is the dominant client implementation today. Ecosystem-supporting organizations include Bitcoin.com, the community-funded Electron Cash wallet project, and infrastructure support from wallet providers such as BitPay, Ledger, Trezor, Exodus, BitGo, Blockchain.com, and Edge.
Bitcoin Cash is governed through informal, off-chain "rough social consensus" rather than on-chain voting or a governance token.
Protocol changes are proposed and discussed publicly via the BCHN GitHub repository, the Bitcoin Cash Research bulletin, and developer mailing lists, then voluntarily adopted by node operators and miners. Scheduled network upgrades occur roughly annually each May. This model has produced contentious splits before, most notably the November 2020 dispute that separated Bitcoin Cash Node from Bitcoin ABC.
The most recent major upgrade, "CashVM" on May 15, 2026, restored full Bitcoin Script functionality by adding bounded-loop opcodes OP_BEGIN and OP_UNTIL.
No formal third-party security audit of the Bitcoin Cash base-layer protocol by a named firm has been identified. Protocol security instead relies on open public code review across independent node teams.
BCH's network hashrate of roughly 3.30 EH/s is a small fraction of total Bitcoin-derived SHA-256 hashpower, a recognized security-budget consideration given shared mining hardware. Public rich-list data indicates the top 1,500 addresses hold over 45% of circulating supply. Post-quantum vault research tied to the May 2026 upgrade is in early, unaudited testing.