Starter Guide to Bitcoin Cash (BCH)
Starter Guide to Bitcoin Cash (BCH)
Crypto is indeed the future of money; Bitcoin Cash (BCH) is one of the most influential crypto projects in the world that aims to provide financial freedom to everyone. Bitcoin Cash (BCH) was created as a result of a hard fork on the Bitcoin network in August 2017.
In this article, we will be discussing Bitcoin Cash (BCH), its history, the team behind it, how it works, and its potential.
History of Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is a direct result of a Bitcoin fork that occurred on August 1, 2017. The Bitcoin Cash (BCH) project considers itself to be the continuation of the Bitcoin project as peer-to-peer electronic cash. Bitcoin Cash (BCH) split from Bitcoin due to a disagreement about how the Bitcoin project should scale in order to accommodate more users.
Timeline of Bitcoin Cash (BCH):
- August 1, 2017: Bitcoin Cash (BCH) is created as a hard fork of Bitcoin
- November 2018: Bitcoin Cash (BCH) hard fork. Bitcoin Cash ABC emerges as the dominant chain
- May 15, 2020: Bitcoin Cash Node (BCHN) emerges as the dominant chain.
Bitcoin Cash (BCH) developers wanted to increase the block size limit of Bitcoin, which would have resulted in faster transaction times and lower fees. However, this change was rejected by the Bitcoin community, and Bitcoin Cash (BCH) was created as a result. Bitcoin Cash (BCH) has a block size limit of 8MB, compared to Bitcoin’s 1MB.
The Bitcoin Cash (BCH) team is led by Bitcoin developer Roger Ver, Jihan Wu of Bitmain, and entrepreneur Calvin Ayre. Bitcoin Cash (BCH) is supported by a number of major companies, including Bitmain, Bitcoin.com, and Binance.
What is Bitcoin Cash (BCH)?
To understand well what Bitcoin cash is, you have to understand Bitcoin first. Bitcoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008.
Bitcoin is decentralized, meaning it isn’t subject to government or financial institution control. Bitcoin is also limited in supply; there will be only 21 million Bitcoin created. Bitcoin is also divisible, so it can be used in small or large transactions.
Basically speaking, Bitcoin is a digital asset and a decentralized ledger that records all transactions. Unfortunately, as Bitcoin has grown in popularity, it has become burdened by slow transaction times and high fees.
What are Bitcoin Cash (BCH) ‘s Key Features?
Bitcoin Cash (BCH) shares many of the same features as Bitcoin.
However, there are a few key differences between Bitcoin and Bitcoin Cash (BCH):
- Bitcoin Cash (BCH) has a larger block size limit: 8MB vs. Bitcoin’s 1MB. Bitcoin Cash (BCH) has lower transaction fees: $0.0001 per transaction vs. Bitcoin’s $0.0003 per transaction.
- Bitcoin Cash (BCH) supports on-chain scaling: It can scale to meet demand without needing off-chain solutions like the Lightning Network.
- Bitcoin Cash (BCH) is more resistant to ASIC mining: It is more accessible to everyday Bitcoin users who want to mine Bitcoin.
These are some of Bitcoin Cash (BCH) ‘s key features.
What is Bitcoin Cash (BCH) Used For?
There are many different ways Bitcoin Cash (BCH) can be used
Bitcoin Cash (BCH) can be used for a variety of purposes, including:
- Paying for goods and services: Bitcoin Cash (BCH) can be used to pay for goods and services just like any other currency.
- Investing: Bitcoin Cash (BCH) can be bought and sold as an investment, similar to Bitcoin or other cryptocurrencies.
- Online gambling: Bitcoin Cash (BCH) can be used to gamble online, with many casinos and gambling sites accepting Bitcoin Cash (BCH). Bitcoin Cash transactions are fast and have low fees, making it a good choice for online gambling.
- Store of Value: Bitcoin Cash (BCH) is also used as a store of value, similar to Bitcoin. Some people believe that Bitcoin Cash (BCH) will increase in value over time and hold Bitcoin Cash (BCH) as an investment.
Bitcoin Cash’s (BCH) Disadvantages
Bitcoin Cash (BCH) is a new cryptocurrency, and as such, it is still relatively unknown. Bitcoin (BTC) has been around for over ten years and has a disadvantage compared to Bitcoin Cash in terms of name recognition.
Here is a list of disadvantages:
- Lack of Support: Bitcoin Cash (BCH) does not have the same level of support from developers and businesses as Bitcoin. This could make it harder for Bitcoin Cash (BCH) to be adopted as a currency or used in mainstream applications.
- Volatility: Bitcoin Cash (BCH) is a new currency and is therefore subject to volatility. The value of Bitcoin Cash (BCH) could go up or down in the future.
- Strict Consensus: Bitcoin Cash (BCH) enforces a strict consensus ruleset, meaning that all nodes must upgrade to the latest version of Bitcoin Cash (BCH), or they will be left behind. This could lead to forks and chain splits if there is disagreement on the rules.
Every Bitcoin Cash (BCH) transaction is recorded on the Bitcoin Cash blockchain, which is publicly available. This means that Bitcoin Cash (BCH) transactions are not private.
Bitcoin Cash Payments
The Bitcoin Cash network can process around 2.5 million transactions per day. This is a fraction of Bitcoin’s (BTC) capacity which can handle around seven transactions per second.
The electronic cash system Bitcoin Cash is peer-to-peer. This means that you can send and receive Bitcoin Cash without the need for a middleman like a bank or payment processor.
Selling Bitcoin Cash
If you want to sell bitcoin cash, you can do so on exchanges like Bitcoin.com, Kraken, and Binance. Bitcoin Cash is also traded as a CFD on some platforms.
Here is how you can sell bitcoin cash:
- Step 1: Find a Bitcoin Cash Exchange. The first step is to find a Bitcoin Cash exchange that supports your country. Bitcoin Cash is supported by most major exchanges, such as Bitcoin.com, Kraken, and Binance.
- Step 2: Create an Account on the Exchange. Once you have found an exchange that supports your country, you will need to create an account on the exchange. This usually requires you to provide some personal information, such as your name and email address.
- Step 3: Deposit Bitcoin Cash into Your Account. Once you have created an account, you will need to deposit Bitcoin Cash into your account. This can be done by sending Bitcoin Cash from a Bitcoin Cash wallet to the exchange’s Bitcoin Cash address.
- Step 4: Sell Bitcoin Cash. Once your Bitcoin Cash has been deposited into your account, you can sell it for other cryptocurrencies or fiat currencies like US Dollars (USD) or Euros (EUR).
- Step 5: Withdraw Your Funds. Once you have sold your Bitcoin Cash, you will need to withdraw your funds from the exchange. This can be done by sending the Bitcoin Cash to a Bitcoin Cash wallet or by exchanging it for other cryptocurrencies or fiat currencies like US Dollars (USD) or Euros (EUR).
These are the steps you need to take in order to sell Bitcoin Cash. Remember to always do your own research and practice safe Bitcoin Cash trading!
Buying Bitcoin Cash
If you want to buy Bitcoin cash, you can do so but remember to always check the Bitcoin cash price before buying.
Bitcoin cash users usually buy Bitcoin cash for one of two reasons:
- To invest: Some people buy Bitcoin cash as an investment, hoping that the price will go up in the future.
- To use as a currency: Bitcoin cash can be used to pay for goods and services just like any other currency. However, Bitcoin cash is not widely accepted as a payment method yet.
The bitcoin cash protocol provides a way to make sure that all Bitcoin cash transactions are valid. This is done by each Bitcoin cash node checking all the Bitcoin cash transactions it receives against the Bitcoin cash blockchain.
If a Bitcoin cash transaction is invalid, it will be rejected by the network. This ensures that only valid Bitcoin cash transactions are recorded on the Bitcoin cash blockchain.
Future of Bitcoin Cash (BCH)
Bitcoin Cash has a lot of potential for growth. The Bitcoin Cash community is working hard to increase the Bitcoin Cash network’s capacity so that it can handle more transactions per day.
More and more businesses and organizations are also adopting Bitcoin Cash as a way to accept payments. As Bitcoin Cash becomes more widely accepted, its price is likely to go up.
Investors are also bullish on Bitcoin Cash. Some believe that Bitcoin Cash will eventually surpass Bitcoin (BTC) in terms of price and market capitalization.
Only time will tell what the future holds for Bitcoin Cash. But one thing is for sure: Bitcoin Cash is a cryptocurrency with a lot of potential!
