Bitcoin Cash is an alternative cryptocurrency, created by an anonymous group of developers in an attempt to provide a digital alternative to the mainstream bitcoin network.
The project has attracted a lot of interest in recent weeks, with Bitcoin Cash having raised more than $15m in a token sale earlier this year.
“We’ve got a lot to prove here, a lot we’ve got to prove and a lot that we haven’t proven,” one of the team members said at the time.
The team has been working on the project since January, with their first prototype launching in the middle of this month.
The aim is to provide users with a digital currency that does not rely on mining the bitcoin blockchain.
It is also aiming to reduce the amount of data miners need to process and is able to process more transactions in a shorter period of time.
“In order to build a system that is scalable, secure and decentralized, we’ve built a decentralized network, which is essentially a blockchain that we’re all running on,” one member said at a media conference earlier this month, referring to Bitcoin Cash’s decentralised system.
“Bitcoin Cash has a decentralized blockchain, which means that the only person who can be paid is the person that has the most coins.”
The team’s goal is to develop the blockchain by using a proof-of-stake protocol, which allows miners to stake their coins in the network.
They also hope to develop a decentralized payment network to allow users to pay for goods and services without needing to go through the traditional payment systems.
“Our goal is not just to create a bitcoin cash,” the group’s founder and CEO, Vitalik Buterin, told CNBC earlier this week.
“It’s also to create something that can replace the existing payment system.
It’s not a replacement, but a replacement for the current system.”
He said the cryptocurrency was “just as much about a decentralized system, a decentralized economy, and a decentralized ecosystem as it is a bitcoin.”
The Bitcoin Cash team will be holding a media briefing later today, when it is expected to announce the first cryptocurrency token, the Vitaly Buterint, that will allow for users to purchase services.
A digital currency is the term used to describe a form of money, which can be created, stored and transferred online.
This is similar to a cryptocurrency, which does not exist on an exchange, but is transferred digitally from a wallet to a computer.
“What we are doing is building a system of payment and we have a solution for a payment system that will replace the current payment system,” said the CEO of the group.
The Vitalik Anderint is a digital token that is backed by bitcoin, and can be exchanged for bitcoin at exchanges, in the form of ether.
The group has not released any details on how the currency will work, but says it will be used to pay goods and other services.
The price of the currency has not been announced, but it is thought to be worth about $15 a coin.
The currency has attracted interest because it will allow users a cheaper alternative to other payment systems, such as PayPal, as well as a way to store value in digital form.
It has also attracted the attention of governments, who are concerned about the potential of cryptocurrency for money laundering.
“There is a growing interest in using digital currencies as a means to circumvent financial controls and other security measures,” said David Lawsky, chief technology officer of the Australian Taxation Office.
“While the government remains aware of the importance of the issue and is considering options to address the issue, we expect that any such activity will be subject to significant taxation.”
The government has not announced any plans to crack down on cryptocurrencies and its approach to them will be driven by the need to curb tax evasion, which it sees as a huge threat to its economy.
“If you are using an illegal cryptocurrency to pay taxes, you could be subject for example to tax offences under the Income Tax Act,” said Finance Minister Mathias Cormann.
“You could be liable for a penalty under the Customs Act and for an amount of money.”
In Australia, businesses can be fined up to $300,000 for non-compliance with the tax laws.
A separate study by Australian Tax Office (ATO) and Australian Institute of Management researchers has found that “the potential for the use of digital currencies in the future is significant and has the potential to have a significant impact on tax compliance”.
“There are clear risks associated with the use and use of cryptocurrencies, and those risks are likely to be greater with a wider adoption of digital currency,” the report said.
The study also said that the use by businesses of digital money could have “potential implications for their operations and financial performance.”
However, the report found that many of the digital currency companies in Australia were “well-managed”.