Ever heard of a ‘Hard Fork’?
A hard fork is a branching of the blockchain of a cryptocurrency that divides a single crypto into two separate cryptocurrencies. That’s exactly what Bitcoin Cash is. It is the result of a hard fork in blockchain technology that happened in 2017.
Let’s learn more about Bitcoin Cash.
What Is Bitcoin Cash (BCH)?
Bitcoin Cash, abbreviated as BCH, is an alternative cryptocurrency to the more popular crypto, ‘Bitcoin.’ A hard fork occurred in blockchain technology, which led to the creation of Bitcoin Cash.
In the past, transaction delays were caused by Bitcoin's limitation of 1 megabyte (MB). Therefore Bitcoin Cash expanded the potential block size to permit a more significant number of transactions and assist the cryptocurrency in scaling as it evolved and competed with more established cryptocurrency platforms.
After it was first introduced, Bitcoin Cash shot up the ranks to become the third most valuable cryptocurrency, placing it behind only Bitcoin and Ethereum.
Bitcoin Cash has a better transaction rate than Bitcoin or Ethereum, but the currency is not accepted in as many places. As a result of differences among the developer community, Bitcoin Cash is being promoted more as an investment tool than a transactional currency.
What Is a BCH Coin?
Bitcoin Cash has precisely the same number of coins as Bitcoin. There are 21 million BCH coins in total. It has just over 19.39 million coins in circulation right now, which is about 89% of the total amount.
Just like with Bitcoin, the miners act as validators and are paid for their computer power.
Currently, it is trading at $116.89. The total market cap of BCH is around $2.39 billion.
History of Bitcoin Cash (BCH)
A hard fork in the Bitcoin network occurred in August of 2017, which led to the creation of Bitcoin Cash.
Bitcoin Cash was developed so that more transactions may be processed in a single block, which should, in theory, result in lower fees and quicker processing times.
Bitcoin Cash and Bitcoin, despite the fundamental differences between them, share significant technical similarities, including the following:
They employ the same technique for reaching consensus and have set the maximum number of coins that can ever be produced at 21 million.
Features of Bitcoin Cash (BCH)
Fast Transfers
You can send money to anyone, anywhere globally, 24 hours a day, provided that they have a Bitcoin Cash address. The network, much like the Internet itself, is always operational. It is fast and reliable for both big and small transactions.
Complete Control Over Your Funds
Bank savings are contingent on the decisions made by political authorities. Banks can make mistakes even in the best of circumstances, resulting in them withholding funds, freezing accounts, or otherwise preventing customers from accessing their money.
Your transactions could be blocked, you could be charged fees, or your bank could even terminate your account without giving you advance notice. Bitcoin Cash grants you complete autonomy and control over your financial resources, making them accessible to you no matter where you are.
Protect Your Privacy
Because it is typically impossible to determine who controls a Bitcoin address, Bitcoin Cash provides users with privacy and anonymity superior to that of conventional payment methods such as bank transfers and credit card payments.
Bitcoin Cash can provide users with varying degrees of privacy depending on how it is utilized. Before you use Bitcoin Cash for reasons relating to your privacy, you should educate yourself as much as possible.
Special Discounts
As a result of the elimination of credit card fees and the contribution it makes to the growth of this new payment system, some retailers provide discounts for making payments in Bitcoin Cash.
Token Ecosystem
Compared to more conventional asset accounting and trading methods, using a blockchain to store and manage tokens offers increased transparency and integrity. Bitcoin Cash facilitates token protocols, which are the driving force behind various initiatives. It is also simple to develop your token-backed enterprises using Bitcoin Cash.
BCH News and Update
On Monday, Bitcoin Cash released an upgrade for its network that enabled CashTokens. It allows developers to make tokens with the same characteristics as BCH. Anyone using the network can issue the new "CashTokens."
The network successfully upgraded the blockchain at the block height of 792,772, which was reached. According to BCH creator Jason Dreyzehner, the newest patch will feature support for CashTokens, which the developer considers a "tool for expanding financial access."
After this upgrade was announced, The price jumped from $113 to $116.85.
BCH Value
The mechanism that governs Bitcoin Cash ensures that the total number of coins in circulation will never exceed 21 million. Because governments consistently create new money out of thin air, the supply is perpetually increased, devaluing everyone's savings. Bitcoin Cash is a reliable kind of currency since its supply is predetermined and cannot be altered.
The future is safe because many different teams of developers are working on software applications. Bitcoin Cash resists attacks on protocol growth from the government and society. A single group of people or project can't control it. Multiple methods also give the network redundancy to ensure it stays up 100% of the time.
How and where to buy BCH coins?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including BCH, users can now trade easily and seamlessly.
Here’s how to buy via CoinEx:
Go to the website and sign up for CoinEx using your email. You can also download the CoinEx app for both Android and IOS. Once you log in, follow the below steps.
If you already have a CoinEx account or registered new, this is how you can purchase and sell BCH on CoinEx:
- To access your CoinEx account, visit the website or launch the app and enter your email and password.
- Next, put funds in your account to buy BCH coins. You can deposit the funds via credit card, etc.
- Once you have funds in your account, you may buy BCH by going to the BCH trading page and choosing the trading pair you wish to use.
- Tokens (USDT, BTC, ETH, and CET, etc.) can be exchanged for BCH. Put in your order and the quantity you want to buy.
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