This is some thought I had in mind for sometime which I couldn't come up with a proper explanation. Please excuse me if this is a stupid question.

I have read the following on few articles on the internet,

  • That Bitcoin Cash (BCH) has the same amount of limit like bitcoin (BTC), which is 21 million
  • When the Bitcoin Cash hard fork happened, people who owned Bitcoin by the date of hard fork, continued to own the same amount of Bitcoin Cash

My Questions are?

  1. Is it correct that Bitcoin Cash has already been mined the same amount that Bitcoin had been mined by 1st of August 2017, so the remaining Bitcoin Cash amount was equal to the remaining amount of Bitcoin at that point?
  2. Did it create new transaction id s for Bitcoin Cash in the Bitcoin Cash block chain? OR did it duplicate the same transaction ids on the bitcoin cash block chain?
  3. Can the people owned bitcoin at the point of hard fork exchange their bitcoin cash to bitcoin and vise versa? which I doubt has a clash with the bitcoin limit and mining

OR is my understanding wrong? Please clarify?

up vote 3 down vote accepted

1.: yes. BTC and BCH have the same transaction-history until 1st of August 2017. "...Bitcoin Cash has already been mined..." no, BitcoinCash did not exist before 1st of August 2017. BitcoinCash only "copied" the blockchain of bitcoin. (the bitcoin-cash developer had also been able to start a new blockchain theoretically for example. technically there are many possibilities.)

2.: the transactions before 1st of August 2017 have the same ids/hashes in both blockchains.

3.: yes. you can use a normal exchange-website. you can sell/buy/exchange BTC and BCH like every Altcoin too. this requires obvious that you find somebody who can and want to trade with you. you can not change BTC and BCH "directly between their blockchains" without any normal trade.

Your Answer

 

By clicking "Post Your Answer", you acknowledge that you have read our updated terms of service, privacy policy and cookie policy, and that your continued use of the website is subject to these policies.

Not the answer you're looking for? Browse other questions tagged or ask your own question.