Bitcoin Cash (BCH)
Bitcoin Cash statistic
What is Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is a top-tier cryptocurrency that started off as a Bitcoin hard fork in 2017 in an effort to mitigate the shortcomings of the original version by increasing the block size limit. Today it claims to be the best money in the world with a stated mission to make peer-to-peer electronic cash available to everyone.
Bitcoin network congestion and continually rising transaction fees have been chronically hurting cryptocurrency adoption since at least 2015. The need to deal with these issues had become apparent by 2017 when Bitcoin went viral on social media. Bitcoin developers came up with a few incompatible improvement designs that triggered quite a stir in the cryptocurrency community back in the day. Things quickly escalated to a blockchain split which resulted in the release of Bitcoin Cash (BCH) on August 1st, 2017, with an increased block size limit up to 8mb (later notched up to 32 mb). Bigger blocks allow to process more transactions per unit of time, which makes for faster and cheaper payments. When Bitcoin had been launched in 2008, its block size was initially set to 32mb but later decreased to 1mb. At first, it caused no problems as the block capacity was underutilized. Over the years, however, the number of transactions increased manifold. As a result, Bitcoin has become unusable as a currency due to confirmation times taking hours, with transaction fees shooting through the roof. All of this necessitated the return to basics, i.e. increasing the blockchain processing capacity, and ultimately gave birth to Bitcoin Cash.
Where can Bitcoin Cash be used?
Since Bitcoin Cash can accommodate more transactions per block, it is a direct competitor to Bitcoin. As such, it can be used in any field where Bitcoin itself is used, and in many others beyond that. In this manner, it is the version of Bitcoin that works more like a regular currency that can be utilized as a means of payment for goods and services on the Internet and in real life. Due to lower transaction costs, it is a less expensive Bitcoin Cash value transfer vehicle. As a means of payment, Bitcoin Cash is accepted in almost every store where you can pay with Bitcoin. Apart from that, you can use Bitcoin Cash as an investment asset for both short-term speculation and long-term holding, the one which may be worth your money. Today, Bitcoin Cash is available for trade across the entire crypto landscape. If you intend to hold the cryptocurrency, there are a number of wallets for Bitcoin Cash that you can use on your desktop, mobile devices, or online. Major hardware Bitcoin Cash wallet providers like Ledger or Trezor support Bitcoin Cash as well.
Pros and cons
Bitcoin Cash offers the following benefits:
- Lower transaction costs and faster confirmation times compared to Bitcoin.
- Listed on virtually every cryptocurrency exchange in existence today, which makes it easy to buy Bitcoin Cash and to sell it.
- A valuable speculative asset if you are looking for day trading and short-term investment opportunities.
- Widely accepted by online merchants and vendors.
- Extensively used for micro-transactions and other small payments on the Internet.
As there’s no silver lining without a cloud, Bitcoin Cash also has some disadvantages and shortcomings:
- You still have to pay a transaction fee and wait a few minutes on average till your transaction gets confirmed.
- Significant Bitcoin Cash price volatility if you are going to use it as a store of value.
- High entry costs if you aim at earning by mining BCH.
- Heavy centralization of Bitcoin Cash mining which makes it potentially vulnerable to a 51% attack.
“Bitcoin Cash is the version of Bitcoin in which the original properties of digital money still exist.” — Roger Ver, the Bitcoin Jesus.
“Money print policies will benefit the crypto sector, inflation will be strong and money will go into Bitcoin Cash.” — Jihan Wu, the co-founder of Bitmain.
“Bitcoin Cash is what I started working on in 2010: a store of value AND means of exchange.” — Gavin Andresen, an early Bitcoin developer.
“I’ve met only one person that called Bitcoin Cash a scam. That person didn’t know anything about Bitcoin Cash.” — Adrian Barwicki, a blockchain developer and Honest.cash founder.
As Bitcoin and Bitcoin Cash use the same proof of work algo, miners can use their rigs for mining both cryptocurrencies alternately. This allows them to switch between the coins, whichever turns out more profitable to mine at the moment due to fluctuations in the network difficulty.
Bitcoin Cash got its name from the original Bitcoin Whitepaper by Satoshi Nakamoto, where he refers to Bitcoin as a peer-to-peer electronic cash system. Hence the name “Cash” after “Bitcoin”, which is meant to honor Satoshi’s vision on the cryptocurrency and its purpose as a medium of exchange.
Since Bitcoin Cash has been hard-forked from Bitcoin, its block reward halving schedule initially followed that of Bitcoin. In due course, however, the BCH blockchain had more blocks, and that caused Bitcoin Cash halving day to arrive about a month earlier, on April 8, 2020.
How to get BCH?
Nowadays Bitcoin Cash is in the Top 10 cryptocurrencies by crypto market capitalization. Today Bitcoin Cash price is 221.7212 USD. You can buy Bitcoin Cash at StealthEX exchange with a low fee.
Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example ETH to BCH.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins!