Bitcoin Cash, officially born as an alternative to the traditional Bitcoin. This cryptocurrency shares the block history of its base cryptocurrency, but like all fork, it uses a different blockchain or crypto broker. This way developers of different cryptocurrencies had to fix the errors proper of the oldest currencies or to propose to implement improvements which had no add it to them.
All about bitcoin cash, from start to date.
Bitcoin Cash also is known as BCH in the financial industry. BCH Shares several similarities with the original bitcoin. BCH came out on August 1, 2017; it was then when Bitcoin cash got bifurcated from Bitcoin. Such an effect represents a strong bifurcation which constitutes a separation in the blockchain. Therefore, bitcoin cash and bitcoin share the same transactional history as of August 1, 2017, but currently are two wholly separated cryptos. Such a hard bifurcation which created bitcoin cash is the result of a long and hard discussion inside the cryptocurrency big players community. About the issue of scalability. The problem that scalability represented lies on the Bitcoin's effort to process a large number of transactions within the Bitcoin network.When looking for a long-term sustainable solution, the bitcoin community got divided into two opinions. Not being able to reach an agreement, a hard bifurcation took place:
BCH might represent the solving of blocks transaction scalability. The more transactions ger into a block, such transactions will run the processed faster. Based on its algorithm the size of a bitcoin block is 1024kbs (1MB), initially, BCH increased the volume for a block to 8MB. But after May 15, of 2018, this BCH block size got even more significant. The actual size of a block is a fantastic 32MB. With no doubt, it is the most significant and the most fundamental difference between the regular Bitcoin and new Bitcoin Cash. About Bitcoin, the crypto considers the method SegWit as a solution. SegWit represents a technique which separates information from the signature of the transaction block. As a result, the size of the transaction blocks is distributed thru the network more efficiently, therefore much more transactions can be executed in one single block. SegWit also opens the road to applications such as Lightning Network and Atomic Swaps.
How to buy bitcoin cash
Now you have the necessary information about bitcoin. But where to get bitcoin cash?
First, you need to create a wallet; After creating a wallet in which you can control your bitcoin cash, there are several ways to get or buy BCH:
- You can buy BCH through a broker or exchange
- Accept BCH as a form of payment for goods or services
- Receive your salary or part of it in BCH
- Start doing your BCH mining
Buy BCH
As bitcoin, you can also send and receive bitcoin cash without an intermediary. However, if you want to exchange euros or any other currency than American dollars for BCH, you can use a cryptocurrency broker. Such as BTC Direct. You can pay using wire transfer or credit card payment; then the BCH reach your wallet.
Accept bitcoin cash
BCH, designed initially as a payment method. Meaning that it is possible to accept bitcoin cash when you are paying for goods or services. Only when the provider/receiver states it. The speed of the transaction brings about a significant advantage: if someone pays in bitcoin cash, they will receive it in their digital wallet instantly.
Working on bitcoin cash mining
A more technical way to put your "hands" on BCH, is by mining it. If you execute BCH mining, your computer will check new transactions and collect them as a block of transactions. This way, it helps to maintain the blockchain of BCH, and as a reward, they pay it in BCH. Performing bitcoin cash mining takes time and effort. It requires extensive knowledge about how the network works, and the miner shall invest in the appropriate technical equipment.
Author: Richard Perry
I have been trading forex for a long time for myself.
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