Bitcoin Cash Price in India - BCH INR Live Chart | BCH Price in INR 2020

Anisa Batabyal
| 29 June, 2020 | 2 min

The price of Bitcoin Cash today stands at $237.36 (₹18029.47)in relation to a twenty-four-hour trading value of $1,964,795,675. The bitcoin cash price in India has gone down by 1.2% in the last twenty-four hours. Currently, around 18 million coins are in circulation while there is a maximum supply of 21 million coins.

Bitcoin Cash or BCH, as it is more commonly knows, is a type of cryptocurrency just like Bitcoin. It came about as a result of a chain split among Bitcoin developers due to the dissatisfaction over the scalability direction of Bitcoin. The developers of BCH believe that Segregated Witness or SegWit is a compromise when it comes to the decentralization of Bitcoin. According to these developers, it would have been better to increase the block size and allowed Bitcoin to as a currency. This led to a split resulted in the formation of BCH with an 8 MB block capacity limit. While Bitcoin went onto implement SegWit, Bitcoin Cash went on to increase the block size limit from 8 MB to 32 MB.

Investors who owned 1 bitcoin before the split ended up owning 1 Bitcoin and 1 Bitcoin Cash after the split. Both the coins could be signed using the same private keys. However, this did not make BTC and BCH interoperable. Both the cryptocurrencies exist on two different Blockchain sets. While BCH has bigger blocks and lower usage, it is relatively cheaper to send it using the network compared to Bitcoin. However, it is wise to use a reliable wallet to store your Bitcoin Cash.

How To Buy Bitcoin Cash In India?

The process of buying Bitcoin Cash or BCH is relatively simple.

  • Sign up with a firm that offers trading in cryptocurrencies by entering details like name, email id, and phone number and create a new account.
  • You will need to submit ID proofs, including PAN card, Aadhar Card, and bank account details of the background verification process. (Residents of the state of Assam can submit their Driving license photocopy as ID proof). Once the documents have been uploaded successfully, you will get an email about account activation. The whole process will take around thirty minutes.
  • You can then transfer funds to your account using RTGS, NEFT, UPI, or IMPS and start trading.

You also have the option of transferring Bitcoin Cash between other cryptocurrency exchange accounts. Most investors and traders invest in different cryptocurrencies to reduce their risk potential.

The Bitcoin community has been divided over deciding how to improve the flow of transactions. The community was looking for ways to increase the flow of transactions that had already reached a critical point. While some prefer to allow the Blockchain to record more by increasing the maximum size of transaction blocks, others thought that this would cause the system to become centralized. Bitcoin Cash or BCH was created in order to help absorb the growth. While Bitcoin Cash is almost similar to Bitcoin, it is non-retro-compatible. They dealt with the problems of scalability by increasing the size of the transaction blocks to 8 MB. This led to the creation of two different currencies, namely the classic Bitcoin (which used SegWit) and Bitcoin Cash (which expanded its blocks).

Cryptocurrency trading firms have gained a foot in the Indian crypto market by allowing investors and traders to buy Bitcoin, BCH, and other cryptocurrencies easily. The recent Supreme Court judgment in March 2020 that removed the ban put in place by RBI that prevented crypto trading in the company. This judgment has encouraged more investors to dip their feet in cryptocurrencies. Many experts in the industry predict the growth of startups that will offer trading opportunities in the crypto market.

With cryptocurrencies gaining popularity, it will soon increase its user base in India. The RBI ban had put the country behind other countries that embraced digital currencies. Hopefully, the overturning of this ban will help India get back on track and dive into the deep end of the pool. However, it is wise to use reliable wallets to avoid falling victim to scams. 

Currently, there are over 18 million Bitcoin Cash coins in circulation, while there is a maximum supply of over 21 million Bitcoin Cash coins. As of today, the price of Bitcoin Cash stands at ₹ 18029.47 ($237.36). Although the prices have dipped by 1.2% in the last twenty-four hours, the experts predict that it will go up in no time.

About CoinSwitch

CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!