Introduction on Bitcoin Cash
Since the advent of the blockchain technology and Bitcoin over a decade ago, so many cryptocurrencies have since hit the cryptoecosystem. One of the coins that have gained traction and reputation is the Bitcoin Cash. Bitcoin cash is rapidly becoming one of the most valuable coins in recent times. Here is why; On August 1, 2016, Bitcoin cash broke off from the original Bitcoin network in a bid to improve the efficiency of the transaction. In fact, the objective of Bitcoin cash is to give Bitcoin a run for its money in terms of reduced fees and transaction speed.
If you are a newbie in the cryptoecosystem and you are wondering what Bitcoin cash is about, this article was curated with you in mind. In this article, we talk about the hard fork case of Bitcoin, the differences between Bitcoin cash and the original Bitcoin, as well as how to get Bitcoin cash.
Without further ado, let’s get started;
So What is Bitcoin Cash?
Before we proceed with its definition, let’s quickly mention a few important information you need to know about Bitcoin cash:
● Symbol: BCH or BCC
● Initial release date: August 1st, 2017
● Maximum Supply: 21 Million BCH
● Algorithm Type: SHA-256
Now, back to its definition, Bitcoin Cash (BCH) is a cryptocurrency that was built upon the Bitcoin model. It can used to pay for services online and can also be used to shop across major e-commerce stores.
The following are the characteristics of Bitcoin cash:
● Decentralized: BCH’s network is not centralized in a particular domain. Instead, it is spread out all over the world across different computers.
● Peer-To-Peer: BCH can be transferred from one person to the other within seconds without using a financial institution like a bank
● Secure: In order to be safe from fraud, cyber-attacks or hacking, BCH uses strong encryption to protect users’ funds.
● Open: BCH’s network is open, meaning anybody can view and verify any transaction on the blockchain.
Why Do Some People Call Bitcoin Cash “Bcash”?
Wondering why some people call Bitcoin cash “Bcash”? Wonder no longer! The reason is simple. In a bid to confuse people and also mar the BCH adoption rate, some opponents of the coin decided to undermine the coin on various social media platforms. Instead of technically or economically criticizing the coin, they decided to tag Bitcoin cash with the acronym ” bcash”.
If your exchange or wallet uses the name “bcash,” it is obvious they are referring to Bitcoin cash, but it doesn’t mean that “bcash” is the proper name. It is therefore important to be very careful when dealing with exchanges still using “bcash,” instead of its actual name, Bitcoin Cash.
BCH – The Hard Fork Case Of BTC
In order to speed up Bitcoin’s transaction speed and bring down the fees payable on the Bitcoin network, some Bitcoin miners came together to form a group so that their voices can be heard. However, the group couldn’t get the support of the Bitcoin community. As a result, they split off (hard-forked) from the original Bitcoin network to form the Bitcoin cash we have today.
These miners started using BCH on the network of Bitcoin until August 1st, 2017, after which BCH was recorded on a new blockchain. Presently, both BCH and BTC have their separate blockchains.
Differences Between BCH And BTC
The following are the major differences between BCH and BTC:
● Block size: With the increase in the block size of Bitcoin from 1MB to 8MB, BCH can process more transaction using a single block. This is not the case with BTC. A larger block size also means lower fees and an increase in transaction speed.
● Mining: Another noticeable difference between BCH and BTC is their mining process. It is easier to mine BCH compared to BTC. As a result, so many miners have migrated from mining Bitcoin to Bitcoin cash, since it allows them to generate more profits within a short period of time.
How To Get Bitcoin Cash
The following are some of the ways you can get BCH:
● Buy From An Exchange: If you are passionate about owning BCH, you can buy the coin from an exchange. Some of the popular Exchanges are Bitfinex, Kraken, Coinbase, and Bittrex. Please note that some countries do not support the operations of these Exchanges. So, before you buy BCH, ensure you carry out due diligence in order not to lose your hard earned money.
● Mining: Another way to own BCH is to mine the coin. Mining Bitcoin cash is a good way to earn so much money.
What are your thoughts regarding the break-off of Bitcoin cash from the Bitcoin network? Share your thoughts with us using the comment box below.