Have you heard of Bitcoin Cash? As much as there is a certain connection between them, we are talking about a currency that is not Bitcoin. The fact is that cryptocurrencies have grown so much that there is more space for the creation of alternatives within a world called the underground economy.
This crypto is still a relatively new currency. While Bitcoin was created over 10 years ago, Bitcoin Cash has only been around for over 2 years, but it is long enough to cause a revolution in this market.
In this article, you will learn about:
- What is Bitcoin Cash?
- How it was created
- What are the differences between Bitcoin Cash and Bitcoin?
- How to mine it?
- What is it value ?
- How to buy it?
- WHAT IS BITCOIN CASH?
Bitcoin Cash (BCH) is a cryptocurrency that emerged in 2017 after a fork process in the Bitcoin network. This means that BCH was created based on the world’s most famous cryptocurrency. Despite having this foundation, today, this crypto has taken a different turn when compared to Bitcoin. We will discuss that later on in this blog post.
- HOW BITCOIN CASH WAS CREATED
The birth of BCH was motivated by a discussion on the Bitcoin network. At this point, network participants simply wanted to change the operation of the cryptocurrency, in view of the need to increase their processing speed in their transactions. In addition, there was a proposal to bring security enhancements to make transactions free from the possibility of suffering from any attempts of fraud and intrusion by malicious users.
Unfortunately, there was no consensus in the community and users in favor of the changes decided to proceed with the process of creating Bitcoin Cash – which is called a fork. In this case, a hard fork took place: there was a separation and a change of rules in the Blockchain protocol for those who agreed to follow the path of BCH.
We can start by saying that their acronyms are different: Bitcoin Cash uses BCH and Bitcoin uses BTC. In addition, we have prepared a list of other points that should be known by any crypto trader. See below.
COST PER TRANSACTION
Let’s start with the cost per transaction, which is lower in BCH. This is because the transaction validation speed is much higher. To give you an idea, BCH transaction validation rates are about 100 times lower than BTC’s.
Another difference is the performance of each coin, which can be described in the ability to perform transactions per second. BCH has a performance that is also different, processing about 3 times more transactions than Bitcoin.
NUMBER OF CRYPTOCURRENCIES IN THE MARKET
Finally, the amount of cryptocurrencies on the market is also something that differentiates Bitcoin Cash from Bitcoin. Today it is estimated that there are only 17,742,425 Bitcoins in the world already mined in circulation, as the currency is finite and the total to be mined is 21 million. Already the BCH has 17,821,575 in circulation out of a total of 21 million. It may seem like a little, but it helps strengthen BCH’s market potential.
- HOW TO MINE BITCOIN CASH
The Bitcoin Cash mining process has no mystery; it is very similar to the Bitcoin process. In this case, the miner could enter a mining pool, which is the way many users can come together to mine, creating a scenario of resource enhancement and processing capacity.
There are also other alternatives to this function which are not very conventional, such as using Cloud Mining, which is a way of mining using cloud resources, in other words, without the need for a local physical processor. Mining BCH requires very powerful machines that can consume a lot of energy. Therefore, thinking about mining at home is not worth it.
- WHAT IS THE VALUE OF BITCOIN CASH
At the time this post is being written, the value of BCH is $ 397. Nevertheless, it’s always good to follow it daily as the value of this cryptocurrency has fluctuated greatly since its creation.
- HOW TO BUY BITCOIN CASH?
Buying Bitcoin Cash is not difficult, just look for exchanges – the platforms that act as online brokerages, which act as brokers for buying and selling BCH. Remember to look for a platform that offers quality service to all your customers.
You noticed that this crypto is really worth trading, isn’t it? As well as being a new cryptocurrency, it has plenty of market potential,room for growth and has the best prospects for its future.
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