Don’t fret. We’ve compiled a FAQ for you below—dive in and explore.
Bitcoin Cash is a hardfork of the original Bitcoin protocol that was created in 2017 after the great “block-size debate.” In November 2018, Bitcoin Cash split further into: Bitcoin Cash and Bitcoin SV.
Back in 2016, the Bitcoin community was going through the great “block-size” debate, aka should the size of the individual Bitcoin blocks be increased or not. While most of the network was against this idea, there was a vocal minority led by Roger Ver and Jihan Wu, who were pro-blocksize. Eventually, the two parties split from each other.
A fork is a split in the blockchain’s state. This usually happens when the community has split into two due to a disagreement in the way they want to network to proceed. The Bitcoin Cash fork is a “hard fork,” meaning they are a unique chain that’s not backward compatible with the Bitcoin chain.
You can buy BCH tokens with your CAD, USD, and EUR in CoinSmart.
You can keep track of Bitcoin Cash’s price in real-time here.
Bitcoin Cash is the hard-fork of the original Bitcoin protocol and has a block size of 8 MB instead of Bitcoin ~1 MB. Plus, Bitcoin has integrated the SegWit protocol (a sidechain that frees up space in the main block), which Bitcoin Cash hasn’t.
Bitcoin Cash uses the proof-of-work (PoW) consensus mechanism. Learn more about PoW here.
Most recent update: October 22, 2021
This overview provides a summary of certain risks involved trading any crypto asset and is not exhaustive. Investors are encouraged to conduct their own research prior to trading any crypto asset.
No securities regulatory authority has expressed an opinion about the Crypto Contracts or Bitcoin Cash, made available on the CoinSmart Platform, including an opinion that Bitcoin Cash is not itself a security and/or derivative. Changes to applicable law may adversely affect the use, transfer, exchange or value of your crypto assets and such changes may be sudden and without notice.
Prior to listing Bitcoin Cash on the CoinSmart Platform, Simply Digital Technologies Inc. (SDT) conducted due diligence and determined that Bitcoin Cash is unlikely to be a security or derivative under Canadian securities legislation. Our analysis including reviewing publicly available information concerning:
Like all crypto assets, there are general risks associated with Bitcoin Cash including: volatility risk, liquidity risk, short history risk, demand risk, forking risk, code defects, regulatory risk, electronic trading risk and cyber security risk. For additional information of general risks associated with crypto assets, you may refer to the Risk Statement. Further, due to prior blockchain forks, Bitcoin Cash is at an increased risk of future forking events. In November 2018, Bitcoin Cash’s blockchain forked into Bitcoin Cash ABC and Bitcoin SV. A blockchain fork may impact the value of Bitcoin Cash. More information on blockchain forks is available in our CoinSmart Platform Risk Statement.
As a reminder, this Crypto Asset Statement is not intended to be exhaustive of all risks associated with trading Bitcoin Cash and we encourage you to conduct your own due diligence to determine whether trading Bitcoin Cash is right for you.
SDT is offering Crypto Contracts on crypto assets in reliance on a prospectus exemption contained in the exemptive relief decision Re Simply Digital Technologies Inc. dated December 21, 2021 (the Decision). Please be aware that the statutory rights in section 130.1 of the Securities Act (Ontario), and, if applicable, similar statutory rights under the securities legislation of each other province and territory in Canada, do not apply in respect of the Crypto Asset Statement to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.