Bitcoin Cash (BCH) is a cryptocurrency that was created through a hard fork of the Bitcoin blockchain in August of 2017. The maximum block size of a Bitcoin Cash block is 32 megabytes, compared to one megabyte for a Bitcoin block. Bitcoin Cash is one of the largest cryptocurrencies by market capitalization. BCH is listed by virtually all major cryptocurrency exchanges and is supported by several cryptocurrency wallets. On CoinCodex, you can stay up to date with the latest information regarding the Bitcoin Cash price, market cap, and news.
What is Bitcoin Cash?
Bitcoin Cash (BCH) is a cryptocurrency that was created through a hard fork of the Bitcoin blockchain in August of 2017. The maximum block size of a Bitcoin Cash block is 32 megabytes, compared to one megabyte for a Bitcoin block. Bitcoin Cash is one of the largest cryptocurrencies by market capitalization. BCH is listed by virtually all major cryptocurrency exchanges and is supported by several cryptocurrency wallets. As the alternative to Bitcoin (BTC) and the number 2 cryptocurrency by market capitalization, BCH is currently the most popular digital currency with the most value per coin. However, its popularity has waned in recent weeks, particularly after the hard fork that created BCH in August of 2017. After the fork, miners of BTC abandoned BCH and moved over to BTC.
What are the benefits of Bitcoin Cash?
Pros Lower fees. Fees are about two-thirds lower for Bitcoin Cash than with Bitcoin. Fees can be as high as 0.005 or 0.005 BTC. These fees can include buying and selling Bitcoins, transacting on the Bitcoin network, and transacting over exchanges. The average fee on the Bitcoin Cash chain is only 0.0001 BTC. This is a stark contrast to the much higher transaction fees on the Bitcoin chain. Lower fees. According to CoinMarketCap.com, fees are about two-thirds lower for Bitcoin Cash than with Bitcoin. Fees can be as high as 0.005 or 0.005 BTC. These fees can include buying and selling Bitcoins, transacting on the Bitcoin network, and transacting over exchanges. The average fee on the Bitcoin Cash chain is only 0.0001 BTC.
Who created Bitcoin Cash?
The original Bitcoin was created in 2009 by Satoshi Nakamoto, the pseudonym of an anonymous person or persons (referred to as the “Worms”) who released the first version of the blockchain. Bitcoin was the first blockchain, or public ledger, to ever be released. Nakamoto was a South Korean-based programmer. In 2011, Nakamoto released Bitcoin 1.0. Bitcoin 1.0 is referred to as “Genesis Block,” and is one of the fundamental building blocks for the new cryptocurrency. After the release of Bitcoin 1.0, other developers created other offshoots or forks, or alternative versions of the Bitcoin blockchain, such as Bitcoin XT and Bitcoin Cash.
How is Bitcoin Cash different from Bitcoin?
Bitcoin Cash allows for much more flexibility with transaction costs. With the Bitcoin blockchain, transaction fees are kept as low as possible through transaction shuffling. Once a transaction is successfully confirmed, the recipient does not know if the transaction was included in the block in the first place or was shuffled out by miners to make room for others. This could make it prohibitively expensive for users to pay for transactions. The high fees can make it difficult or impossible for users to pay in a low-value currency. To avoid this issue, users who wish to send their funds to a BCH address must pay a higher fee. This has the advantage of being transparent.
How can I buy Bitcoins from Bitcoin Cash?
If you have a Bitcoin wallet with separate addresses, you can buy Bitcoins from Bitcoin Cash by spending your existing Bitcoin balance, just like you do with normal Bitcoin transactions. Alternatively, you can trade Bitcoin Cash for Bitcoin with most exchange websites. Using an exchange with an option to buy Bitcoin Cash may require you to exchange funds from another cryptocurrency to Bitcoin in your wallet. Are there any limitations to buying or trading Bitcoin Cash? Because Bitcoin Cash is a new currency, some bitcoin exchanges do not yet accept it as payment for Bitcoin. Some exchanges only accept deposits of Bitcoin (BTC) and no longer allow Bitcoin Cash deposits. If you trade Bitcoin Cash, the Bitcoin exchange you are trading with might not accept Bitcoin Cash deposits.
Conclusion
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