Binance-Peg Bitcoin Cash

BCH Price

About Binance-Peg Bitcoin Cash (BCH)

Binance-Peg Bitcoin Cash is a wrapped version of the native Bitcoin Cash cryptocurrency, enabling its use within the DeFi ecosystem of the BNB Chain.

• It maintains a 1:1 value ratio with native Bitcoin Cash, backed by reserves held by the Binance exchange.
• The token follows the BEP20 standard, allowing for faster and more cost-effective transactions compared to the native network.
• It serves as a bridge for liquidity, allowing holders of the original asset to participate in yield-generating activities on a different blockchain.

What Is Binance-Peg Bitcoin Cash

Binance-Peg Bitcoin Cash is a digital asset issued by Binance that represents Bitcoin Cash (BCH) on the BNB Chain. As a wrapped token, it acts as a proxy for the original cryptocurrency, which operates on its own independent blockchain. This allows users to retain exposure to the price movements of Bitcoin Cash while utilizing the technical infrastructure of the BNB Chain.

Value moves through the system via a centralized wrapping mechanism where the native asset is locked in a reserve and an equivalent amount of the pegged version is minted. The token is primarily 'put to work' in decentralized applications, where it can be used for trading, lending, or providing liquidity. This system scales by increasing the amount of native BCH held in reserve as demand for the BEP20 version grows within the ecosystem.

What Makes Binance-Peg Bitcoin Cash Unique

• Cross-Chain Interoperability: It facilitates the seamless transfer of value between the native Bitcoin Cash network and the BNB Chain ecosystem.
• 1:1 Backing: Every token in circulation is 100% backed by native Bitcoin Cash held in publicly auditable reserve addresses.
• Ecosystem Integration: Unlike the native asset, this version can interact directly with smart contracts on the BNB Chain, enabling complex financial operations.
• Transaction Efficiency: By operating on the BNB Chain, it benefits from shorter block times and lower transaction fees than the native Bitcoin Cash network.

What Can You Use Binance-Peg Bitcoin Cash for?

• Decentralized Finance (DeFi): Users can provide liquidity to automated market makers or participate in decentralized lending protocols to earn rewards.
• Trading: It can be traded against other BEP20 tokens on decentralized exchanges within the BNB Chain network.
• Payment and Remittance: The token can be used for fast and low-cost transfers of value across the BNB Chain infrastructure.
• Asset Management: It allows investors to manage their Bitcoin Cash holdings alongside other BNB Chain-based assets in a single wallet.

How Does Binance-Peg Bitcoin Cash Work?

Binance-Peg Bitcoin Cash functions through a 'lock-and-mint' mechanism managed by the Binance exchange. When a user deposits native Bitcoin Cash into a designated Binance reserve, the exchange mints an equivalent amount of the BEP20 version on the BNB Chain and sends it to the user's wallet. Conversely, when a user wants to retrieve their native BCH, the pegged tokens are burned (destroyed), and the original assets are released from the reserve.

Technically, the token adheres to the BEP20 standard, which is the token specification for the BNB Chain. This allows it to be compatible with all wallets and applications that support the network. Unlike the native Bitcoin Cash network which uses a Proof of Work consensus mechanism—a method where miners use hardware to secure the network—the Binance-Peg version relies on the Proof of Stake mechanism of the BNB Chain for transaction finality and security.

Team Info and Investors

Binance-Peg Bitcoin Cash is a product of Binance, one of the world's largest cryptocurrency exchanges. The project is backed by the exchange's own reserves and technical infrastructure. The underlying asset, Bitcoin Cash, was created in August 2017 following a hard fork of the original Bitcoin blockchain. It was developed by a global community of developers and miners who sought to increase the block size limit to facilitate faster transactions. While the peg is maintained by a centralized entity, the underlying asset remains a decentralized, peer-to-peer electronic cash system.

Where can you buy Binance-Peg Bitcoin Cash?

BCH tokens can be traded on decentralized exchanges. The most popular exchange to buy and trade Binance-Peg Bitcoin Cash is PancakeSwap V3 (BSC), where the most active trading pair BCH/WBNB has a trading volume of $11,653.66 in the last 24 hours. Other popular options include PancakeSwap (v2) and Uniswap V3 (BSC).

What is the daily trading volume of Binance-Peg Bitcoin Cash (BCH)?

The trading volume of Binance-Peg Bitcoin Cash (BCH) is $12,603.51 in the last 24 hours, representing a -38.30% decrease from one day ago and signalling a recent fall in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for Binance-Peg Bitcoin Cash (BCH)?

Binance-Peg Bitcoin Cash (BCH) reached an all-time high of $808.45 and an all-time low of $1.00. It’s now trading -75.70% below that peak and 19,527.10% above its lowest price.

What is the market cap of Binance-Peg Bitcoin Cash (BCH)?

Market capitalization of Binance-Peg Bitcoin Cash (BCH) is $18,990,274 and is ranked #- on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of BCH tokens (96 Thousand tokens are tradable on the market today).

What is the fully diluted valuation of Binance-Peg Bitcoin Cash (BCH)?

The fully diluted valuation (FDV) of Binance-Peg Bitcoin Cash (BCH) is $18,990,274. This is a statistical representation of the maximum market cap, assuming total number of 96 Thousand ETH tokens are in circulation today.

How does the price performance of Binance-Peg Bitcoin Cash compare against its peers?

With a price decline of -1.60% in the last 7 days, Binance-Peg Bitcoin Cash (BCH) is outperforming the global cryptocurrency market which is down -5.40%, while underperforming when compared to similar BNB Chain Ecosystem cryptocurrencies which are up 0.00%.

How to add Binance-Peg Bitcoin Cash (BCH) to MetaMask?

Adding Binance-Peg Bitcoin Cash (BCH) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import BCH as a token. You can copy BCH’s contract address (0x8ff795a6f4d97e7887c79bea79aba5cc76444adf) and import it manually, or if you've installed MetaMask's chrome extension, add BCH to MetaMask with one click on CoinGecko.

Add BCH to MetaMask.