Bitcoin cash is one of the many alt-coins on the blockchain technology. Unlike many other cryptocurrencies, this coin was formed due to disagreements among the members of bitcoin. It is thus not the main coin.
Discontented but influential miners, developers as well as investors decided to go their way due to the prolonged disagreement on how to handle the bitcoin scalability issue. They proceeded to launch the bitcoin cash on August 1st, 2017. There is a long history of why and how this coin was formed. But for now, it might probably be enough to know that it was developed due to disagreements amongst investors, developers, and miners of the original bitcoin.
It should be understood that bitcoin cash has all the features of the core bitcoin up to 1st August 2017. It is thus at times known to be a copy of bitcoin in many ways. The features below are common in both bitcoin as well as bitcoin cash:
- Algorithm- SHA 256
- Speed- 10 minutes per transaction
- Same supply of about $21 million coins
To be able to differentiate between this two different yet very similar coins, you need to understand the variations. The scalability is one area that sets these two cons apart. Remember that it is this very issue that leads to the creation of bitcoin cash in the first place. Even though the logo is similar to bot coins, the ticker symbol is different. While bitcoin uses BTC, bitcoin cash has BCH as its ticker symbol.
Benefits of bitcoin cash
If you want are looking for a cryptocurrency that will allow you transact in seconds and get a confirmation within minutes, then bitcoin cash is the best option.
This is among the few networks that run without congestion. Thus you can trust it to help you transact.
Low transaction fee
Just like many other digital currencies, the cost of sending money using this coin is low.
Just like bitcoin, bitcoin cash provides the most secure platform for transactions.
|Block time||10 minutes|
|Market cap||$16.9 billion|
|Launch||August 1st 2017|
|Founder||BTC disgruntled members|
|Supply limit||21 000 000 BCH|
How to buy bitcoin cash
Here are ways to obtain bitcoin cash.
Buy with a credit card
Some cryptocurrency exchange platforms will allow you to buy bitcoin cash using a credit card with either USD or EUR.
The first of these platforms is changelly. This platform offers a user-friendly platform and excellent exchange rates and thus is the most favorite for most people.
Bitpanda is also another platform where you can get these coins. It is based in Europe and has been rated among the leading platforms that allow people to buy cryptocurrencies. On bitpanda, you can buy BCH using a Mastercard, Visa, Skrill, Neteller or Payoneer. It is also important to note that on this platform, you can also set up a Dash wallet if you do not have one.
Other places where you can trade BCH include the following:
In conclusion, there are many opportunities one can get by trading BCH. But you need to be cautious, cryptocurrencies are volatile, and thus it is easy to make a loss just as it is easy to make profits.