What is Bitcoincash (BCH)?
Future of BCH Cryptocurrency and know how to buy BCH

What is BitcoinCash (BCH)?

#1 - What is Bitcoin Cash (BCH)?

Bitcoin may be the world’s biggest cryptocurrency, but it hasn’t retained that position without its share of controversies. Long disagreements on its low transaction speeds, issues, high fees and more ultimately culminated in many of its developers breaking away to, as they claim, keep Bitcoin the way it was meant to be.

Bitcoin Cash: The Basics

  1. To improve Bitcoin’s processing speed, a hard fork was proposed in the Bitcoin blockchain. A hard fork is a permanent change which changes certain important aspects of the blockchain. But since not everyone in the Bitcoin community agreed with this hard fork, we ended up with two different blockchains after they branched out from the main Bitcoin blockchain. Thus, Bitcoin Cash was created.
  1. The Bitcoin Cash chain had changes made in its protocol to allow for faster and cheaper transactions. This solved the problems being faced for a long period of time, by the Bitcoin community. The fork involved changing the transaction speed resulted in a quicker method of peer-to-peer transactions, with lower transaction fees.
  2. Bitcoin Cash was launched in August 2017. Initially, the transaction history of Bitcoin was integrated with Bitcoin Cash, but later, it was separated.


(How Bitcoin Cash promotes its advantages)

 

#2 - What are the Benefits of Bitcoin Cash?

  1. While Bitcoin Cash is modelled on Bitcoin, it is a separate entity because of the hardfork, which was introduced to ensure faster transactions with lower transaction fees.
  2. The block size of Bitcoin was increased from 1 MB to 8 MB in Bitcoin Cash. This increase in size allowed a lot of transactions to be processed fast.
  3. Another difference is the BCH mining process. As opposed to Bitcoin, Bitcoin Cash offers larger rewards in smaller periods of time.

Transactional Process

  1. Bitcoin Cash was created mainly for ease of transactional purposes. If people want to pay or get paid, they can do so using Bitcoin Cash, which will allow for large transactions in smaller amounts of time.  
  2. Transactions using Bitcoin Cash cost less as compared to Bitcoin and other cryptocurrencies.

Corporate Usage

  1. As Bitcoin Cash is a decentralized network, all transactions made will be in public domain. Corporates can use this to their advantage, as the transactions made using Bitcoin Cash will not be stored in any one single server and can be verified anytime.
  2. Larger transactions can be done quickly. Corporates do not need to worry whether the money transfer will be done on time; the transaction fees of BCH is also much less as compared to BTC, which charges to get transactions done faster.

Value Proposition

  1. The Bitcoin Cash cryptocurrency offers lower transaction fees as compared to Bitcoin, and in general as well.
  2. It is a quicker way to transfer value as well, with transactions taking far lesser time to execute than on the Bitcoin chain.
  3. It is relatively new, so even while the number of BCH cryptocurrency units are capped at 21 million, much more coins are still available to be mined.

 

#3 - How to Buy and Store Bitcoin Cash?

How to buy BCH

  1. Like in Bitcoin, Bitcoin Cash mining is required to secure the network and create rewards. This too is done using a Proof-of-Work model. However, Bitcoin Cash yields quicker rewards in less amount of time.
  2. Bitcoin Cash can be bought using fiat currency from major exchanges like Binance, Bittrex, OKEx and more. It can also be exchanged with other digital currencies like Bitcoin and Ether.
  3. CoinSwitch is the best cryptocurrency trading platform to exchange virtual currencies. It compares various exchange rates, allowing the user to choose the best possible option. It allows storage of the cryptocurrencies in one’s own wallet, thus allowing access to them even if the site isn’t functional

Storing Bitcoin Cash

  1. All wallets which store Bitcoin can be used to store Bitcoin Cash. A Bitcoin Cash wallet (or BCH wallet)- such as Trezor, Ledger, Exodus, etc. can all be used to keep your Bitcoin Cash tokens safe.
  2. When BCH was first introduced, those who had a certain amount of BTC tokens were given the same amount of BCH tokens in their wallets.



#4 - What is the future of Bitcoin Cash?

Also Read: Complete Analysis of Bitcoincash | Live Bitcoincash (BCH) Price Charts And Predictions
  1. Bitcoin Cash certainly has seen spikes in its usage often. It tends to be a popular currency, as it fulfils its primary purpose, i.e., quicker transactions, fairly well. As seen by the recent past trends, Bitcoin Cash has not dropped too low and seems to indicate more stability in the future.
  2. With trading beginning at around $555 when it was listed on exchanges, it only took about 6 months for Bitcoin Cash to triple in value.
  3. It currently trades around the $900-1000 range as of June 2018.
  4. Bitcoin Cash certainly is quite accepted by financial institutions. According to Bitcoin[DOT]com Athena Bitcoin, an American ATM network, now offers trading of Bitcash using fiat currencies. As stated by Trustnodes, Bank Frick offers trading and storage of five cryptos including Bitcoin Cash.

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

995.66

1,010.34

979.83

1,002.92

538,528,000

17,084,100,000

Apr 01, 2018

688.01

699.05

629.93

643.03

318,440,000

11,729,600,000

Feb 01, 2018

1,491.12

1,503.30

1,214.88

1,274.35

678,020,000

25,263,200,000

Dec 01, 2017

1,381.81

1,482.68

1,300.46

1,462.68

965,151,000

23,257,100,000

Oct 01, 2017

433.38

436.94

415.15

415.15

164,290,000

7,207,770,000

Aug 01, 2017

294.60

426.11

210.39

380.01

65,988,800

-

Jul 23, 2017

555.89

578.97

411.78

413.06

85,013

-

 

#5 - How is Bitcoin Cash different from other cryptocurrencies?

  1. Bitcoin Cash is designed fairly similar to Bitcoin, with one important caveat - the significantly larger block size.
  2. It offers quicker, cheaper, and safer transactions, as compared to Bitcoin; this is due to its larger block size.

 

#6 - Should you invest in BCH?

  1. Bitcoin Cash is a newer altcoin, but has already grown in usage. According to NewsBTC, it might be worth more than $900.
  2. Organizations such as Freedom of Press Foundation accept donations in cryptocurrencies, including Bitcoin Cash, as reported by BCFocus. This indicates that Bitcoin Cash is well on its way to be accepted as a fail-safe mode of transactions.
  3. Investing in Bitcoin Cash now would lead to good results in the future. It has the potential to be developed and customized to suit the needs of its users.
  4. It has remained stable over time, so it will not lead to any losses. As the demand for quick and cheap transactions, which are impervious to hacking grows, Bitcoin Cash will only grow in popularity.
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