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Explaining Bitcoincash To Beginners

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Written by   51
2 months ago
  • Hello Guys Today's Topic Is About Bitcoincash ( BCH ).... After Making A lot Of Research I Have Come To Realize That The Story Of Bitcoincash Is More Deep And Interesting Than It Seems....

Alot of people crypto newbies do get confused when they see that there are two BITCOIN...

"BITCOIN ( BTC )" And "BITCOINCASH" (BCH )... Bitcoincash was being created on August 2017, and it was being created with an interesting price of $900..

How Was Bitcoincash Being Created??

So here is my explanation and I hope you guys understand every single thing...

Bitcoincash is being derived from Bitcoin, wasn't supposed to use derived so let's put it this way, "Bitcoincash is a FORK of BitCoin"...

What IS FORK??

A FORK can be described as an alternate version of a coin and based on my research there are actually two types of FORK...

  • SOFT FORK

  • HARD FORK

  • SOFT FORK

SOFT FORK are versions that will work well with both the original and the alternate version of the coin, and I think its just as Ethereum and Ethereum Classic...

Sorry I couldn't emphasize more on this part let's move on to the other one...

  • HARD FORK

So the HARD FORK is the opposite of the SOFT FORK, so it does mean that it doesn't play well with the original version of the coin so its either they update their software ( Generating A New Coin ) or stick to the original version of the coin...

And now this is where things get tricky, if the alternative version " HARD FORK" isn't accepted by the users it causes split to occur and new coin will emerge and be created, the new coin might look and sound similar to the original one but they are not identical....

So with that being said I believe we all know that Bitcoincash is a HARD FORK from Bitcoin..

BITCOIN ( BTC ) VS BITCOINCASH ( BCH )

  • NOTE: Am Not Trying To Trash Talk About Bitcoin, But Am Just Saying Some Interesting Facts Due To My Research And You Are The One To Judge...

  • BITCOIN

Its been about 13 years since Bitcoin was being created and I think it was actually the first decentralized and worlds popular crypto currency...

But for me the disadvantage of Bitcoin was its scalability, scalability is the size of the block of transaction...

Bitcoin scalability limit is 1MB and it limits the number of transaction that the network can process, so with this the transaction isn't that fast to rely on unlike that of Bitcoincash....

Bitcoin transaction fee is way more higher than that of Bitcoincash and it seems it will continue to be that way...

  • BITCOINCASH

For me I believe Bitcoincash was being created to fulfill the purpose of Bitcoin, apart from price difference Bitcoincash is Better than Bitcoin in many ways.....

I'd like to give some advantages of Bitcoincash and how it really works...

Advantages Of Bitcoincash

What Do I Mean By Fulfilling The Purpose Of Bitcoin??

The scalability of BitCoin is actually 1MB and Bitcoincash was totally a different thing and its block size is 8MB...

With this it increased the number of transaction the network can process... Bitcoin with the scalability of 1MB can process around 3-7 transaction per second and Bitcoincash with the scalability of 8MB can process about 60 transaction per second...

So the larger the block size the higher the amount of transaction it can receive per second...

Scalability Issues Of Bitcoin

As Bitcoin became popular the 1MB limit began to cause transaction to delay coz there are too many being sent at a time..

Back then a particular user complained that its has been over four days and he is still waiting for their confirmation, a lot of complain was being made and this was the reason why they had to update the Bitcoin software and then Bitcoincash was being created " FORKED from Bitcoin".

  • Bitcoincash Was Being Created To Fulfill The Original Purpose Of Bitcoin Which Are:

  • LOW TRANSACTION FEE

  • FAST TRANSACTION SPEED

  • EASY AND RELIABLE AND MORE...

With time Bitcoincash gained massive adoption all around the world and it was unlike any other coin that I have seen, stores, supermarket, cafe, eatery and more adopted BCH and the they did enjoy it due to its advantages..

Why Is Bitcoincash The Best Crypto For Merchants??

Now imagine yourself in a store where you don't have enough cash to pay for your purchased item and luckily they accept BCH as a mode of payment...

After scanning their barcode you make your transaction and it might not take up to 5mins for them to receive what you sent, that aside you don't have to bother about the transaction fee coz it might not even cost you up to $0.10...

Now imagine yourself using Bitcoin for such transaction, it might take up to an hour before the transaction has gone through all its confirmation, The receiver might even be worried due to the delay..

Most times you might end up getting discounts if your paying in Bitcoincash, I'd like to use my self as an example... Around last year when I got on board in Bitcoincash it didn't take long before I began to accept it as a mode of payment, am a graphics designer and I have done a lot of designs for people and I end up giving them about $3-5 discount if they are paying in Bitcoincash...

I was actually exited when I first got paid in BCH, the transaction speed was unbelievable coz it didn't take up to 3mins before I received what was being sent to me...

With all these being said I believe y'all have understood more about BCH, and I believe the newbies would understand alot coz I never knew how BCH was been created not until I made these research, at first it almost seem impossible for me to write this coz I just didn't know when to start from but am glad I could finish it...

Closing Thought

Want to be a good writer?? If yes then follow the procedures down below....

First get a topic to write about, after that don't just start writing... Make a lot of research so you'd be able to give more details in your article and with that yoir audience would understand you more...

  • Thanks For Reading You Can Also Visit My Previous Articles By Clicking The Links down Below...

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Written by   51
2 months ago
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Comments

thank you soo much it's really knowledgeable and informative for a novice like me

$ 0.00
2 months ago

BCH thanks for sharing I have also learnt about something link this " fork " on youtube where i was able to acquired more knowledge about BCH and thanks to you for explaining better on fork . You can check the video link out : https://youtu.be/ONhbb4YVRLM

$ 0.01
2 months ago

Thanks for also sharing the link coz I'd like to know more

$ 0.00
2 months ago

You are welcome and also thanks for analyzing more on the forks

$ 0.00
2 months ago

BCH is infact the world's best, safest and most fastest Cryptocurrency at the moment. Nice Explanation Here. Kudos

$ 0.01
2 months ago

Am glad I could emphasize more

$ 0.00
2 months ago

I like BCH because of the transaction fee. You can't compare it to others. At times, I buy things with BCH. It's even better than banks transaction

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2 months ago

Its way more better than banks d

$ 0.00
2 months ago