Bitcoin Cash is a cryptocurrency created in August 2017 from the Bitcoin fork. Bitcoin Cash has increased the block size, which has allowed it to process more transactions and improve scalability.
The cryptocurrency underwent another fork in November 2018 and split into Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision). Bitcoin Cash is called Bitcoin Cash because it uses the original Bitcoin Cash client.
Bitcoin Cash has low transaction fees
The Bitcoin Cash blockchain works with much larger blocks than Bitcoin. It means that each block can fit more transactions, while in the original Bitcoin blockchain space for blocks is limited and becomes more scarce. As a result, users have much less competition for transferring a transaction to the next block, so there is no need to interrupt each other with higher fees. While bitcoin transaction fees are now accounted for in dollars, bitcoin cash fees rarely exceed 20 cents.
Fast-growing cryptocurrency
Bitcoin Cash was created based on the most famous cryptocurrency – Bitcoin. Anyone holding a Bitcoin balance at the time of the fork was automatically credited with an equivalent Bitcoin balance. The fork was highly publicized, and many well-known exchanges offered instant Bitcoin Cash trading, which takes months and sometimes years for new altcoins to achieve.
Many famous Bitcoin personalities have supported Bitcoin Cash from the very beginning – names like the early Bitcoin preacher Roger Ver and Gavin Andreesen, one of the first developers of the Bitcoin core, whom Satoshi Nakamoto himself entrusted with the growth of the Bitcoin protocol. All of these factors have led to the rapid growth of Bitcoin Cash, as evidenced by trading volumes and total market capitalization.
The larger the block size, the higher the transaction volume
Having a larger block size than Bitcoin also means that the Bitcoin Cash blockchain is capable of delivering higher transaction throughput per second. Although Bitcoin can execute about 3 transactions per second, it is estimated that when fully loaded, the Bitcoin Cash blockchain can execute up to 24 transactions per second.
Bitcoin Cash developers are also testing Gigabyte blocks as it is on their roadmap to be able to compete with traditional payment systems such as the VISA network.
Bitcoin Cash Backed By Efforts To Scale Up
Bitcoin Cash proponents advocate scaling the protocol at a basic level, which they believe is the most secure level to do so. It is in contrast to bitcoin proponents who think that the base layer should be optimized to be safe and that scaling should occur at higher protocol layers that have yet to be developed. After the fork, Bitcoin Cash showed that the protocol is scalable on-chain.
How to buy bitcoin with cash
Buying BCH directly can be challenging. When deciding how to get Bitcoin Cash, most people will jump to the exchange right away. This usually involves exchanging fiat money for bitcoin, which can then be exchanged for bitcoin in cash. Exchanges like Huobi, OKEx, and Binance offer BCH / USD currency pairs, which means users can buy Bitcoin Cash using tokens like Tether.
Is it safe to manage your bitcoin cash?
Managing your Bitcoin can be a challenge for the following reasons:
You can become a victim of phishing and your coins will be stolen.
You could lose your access codes and leave your coins permanently in a wallet that you don’t have access to. If you are using a wallet on your smartphone, your bitcoin may disappear if your phone is stolen.
Some risks are completely beyond your control. You rely on the expertise of your exchanger and sometimes things can go wrong. Nothing demonstrates this better than MtGox. In 2013, the largest bitcoin exchange MtGox underwent a series of hacks that resulted in the loss of over 500 million bitcoins. Many MtGox users have lost everything.
Is any exchange safe for storing Bitcoin Cash?
Even highly reputable brokers like Coinbase are not immune to controversy: several accounts were hacked in 2014 as attackers used the Coinbase app API to steal bitcoins.
There have also been cases of Kraken and Coinbase users complaining that their accounts were unfairly banned. Although such cases are difficult to verify.
What are the risks of trading Bitcoin Cash?
As with any asset, trading Bitcoin Cash comes with certain risks. Even though BCH is a cryptocurrency, the regulation is less stringent than for conventional assets like stocks or commodities.
Expert Opinions on Bitcoin Cash
Predicting the future of Bitcoin Cash presents a special challenge. BHC is a hard fork of Bitcoin and its future is in the hands of miners and traders. Miners often adopt the coin that gives them the best value for money. Bitcoin Cash has seen miners transitioning from bitcoin as its difficulty declines. In addition, if users find more transactions profitable, then Bitcoin Cash will become more widespread. Especially if SegWit turns out to be ineffective and the accumulation of outstanding transactions begins on the Bitcoin network.
