Bitcoin Cash (BCH), an alternative to Bitcoin (BTC), is faster and more affordable than the BCH network. BCH is the 32nd largest cryptocurrency in the world by market cap.BCH developers released their own version and a fully-fledged competitor product in 2017. They modified the BTC code and split Bitcoin into two blockchains: Bitcoin Cash / Bitcoin Cash and, consecutively, two assets – BTC / BCH. Bitcoin Cash is the result of a hard fork in the blockchain.
It is a platform that allows Peer to-Peer payments between individuals. The average transfer fee is as low as $0.01 and settlements are instant. Bitcoin Cash can be used for money transfers, international trade, and everyday transactions. Bitcoin Cash also supports economic freedoms, as it provides an alternative currency to money protected from confiscation and devaluation (due partly to inflation).
Bitcoin Cash is a decentralized network that allows users to influence the development of the protocol. The code contains one key feature: the maximum supply for Bitcoin Cash is limited to 21 million coins. This is likely to stay so.
The following are the main features of Bitcoin Cash:
The blockchain records transactions and the ledger is regularly updated. This allows users to quickly track ownership history and detect fraud threats.
Bitcoin Cash is an open-source network that anyone can use for free and without restriction. Transactions are anonymous.
The longevity of stored data is ensured by nodes that adhere to a set protocol (also known as protocols). Although the protocol can be improved with the help of ecosystem participants, it requires high levels of consensus between them.
- All transactions recorded on the blockchain have remained untouched.
- Network security is enhanced by the Proof-of-Work (PoW).
- Bitcoin Cash is a hard currency with a maximum supply of 21,000,000 $BCH.
- Bitcoin Cash is a fast, inexpensive, and reliable alternative to existing payment networks.
What is Bitcoin Cash used for?
Bitcoin Cash is a combination of gold-like scarcity and the spendable nature of cash. Bitcoin Cash has a finite total supply of 21,000,000 coins and can be spent just like physical cash.
Transactions are quick and transaction fees are usually less than one-tenth of a cent. Anyone can accept Bitcoin Cash payments using a smartphone or computer.
There are many uses for Bitcoin Cash. Bitcoin Cash can also be used to make peer-to-peer transactions between individuals. It can also purchase goods and services from participating merchants in-store or online. New micro-transactions are possible with very low fees. For example, you can tip content creators or reward app users for a few cents. Bitcoin Cash reduces fees and settlement times for cross-border trade and remittances. Tokens simplified smart contracts, and private payments using tools like CashShuffle or CashFusion are just a few of the other uses for Bitcoin Cash.
Is Bitcoin Cash the same as Bitcoin?
2017 saw the Bitcoin project and its community split over concerns about Bitcoin’s scalability. A hard fork created Bitcoin Cash. This cryptocurrency is considered to be a legitimate continuation and peer-to-peer electronic money. Bitcoin Cash was automatically created for all Bitcoin holders who were present at block 478,558 when the fork took place. Bitcoin, which was created by the pseudonymous Satoshi, remains a distinct cryptocurrency.
Bitcoin Cash ( BCH ) is not designed to scale like Bitcoin ( BTC ). Bitcoin Cash seeks to scale in order that it can be used worldwide. The Bitcoin Cash block size increased from 1MB up to 8MB at the time of the split. The increased block size of Bitcoin Cash means that it can handle more transactions per second (TPS), while fees are kept extremely low. This solves the issue of payment delays experienced by some Bitcoin BTC users.
How to buy Bitcoin cash (BCH)
The easiest way to buy BCH is through centralized exchanges such as Binance, Crypto.com, Kraken, etc.
Simple 3-step process to buy your first Bitcoin Cash is as follows
Step 1: Register to any of the centralized Crypto Exchanges
First, you should create an account in any of the centralized exchanges present in your country. Normally It is free to open an account.
Step 2: Deposit your fiat currency into the account
Once you are done with the registration part, they will ask for the bank details to verify your account. After the verification, you can deposit Fait money into your exchange.
Step 3: Exchange your faith to BCH
Just exchange your fiat money for BCH just with one click
Voila, you are now done. You are now the proud owner of BCH.
Note: This is not financial advice. This how-to article is for educational purposes only. Please note that cryptocurrency is a highly volatile asset class; only invest what you can afford to lose.
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