What Is Bitcoin Cash (BCH) And Why Do I Need it?
Have You Ever Asked Yourself That Question?
So, let's say again what Bitcoin Cash is. It is a steadily working system of electronic payments, performing very fast and inexpensive transfers in cryptocurrency. The advantages of Bitcoin Cash over Bitcoin:
High transaction processing speed. Bitcoin Cash pools process 100 transactions per second, while pools on the Bitcoin network process no more than three.
Protection mechanism against erasure and re-execution of transfers. A separate digital signature can be placed under the transaction amount to increase the security of the transaction.
In addition, the principle of Bitcoin Cache allows you to adjust the mining complexity every 6 blocks, rather than 2016 like Bitcoin.
The Reason For The Coin's Creation, Why Did The Fork Happen?
Bitcoin Cash was Launched by a group of bitcoin miners and developers concerned about the future of the first cryptocurrency. They believed that the adoption of Segregated Witness technology did not fully solve the fundamental scalability problem. In addition, the implementation process of SegWit2 was not entirely transparent, with members of some communities believing that it undermined the fundamentals of decentralization of the network.
Bitcoin Cash is primarily a payment instrument. Conducted in the spring of 2019, the hardforge introduced Schnorr signatures to increase privacy and further speed up transaction processing, bring back the Segwit protocol, and increase block size to a record 32MB.
Bitcoin Cash allows peer-to-peer payments between individuals, just like cash, but in digital form. The fee for sending Bitcoin Cash is typically a few tenths of a cent, while settlement is almost instantaneous regardless of the physical location of the counterparties. These features make Bitcoin Cash convenient for everyday transactions and even microtransactions.
What Is Bitcoin Cash Secured With?
Miners mining virtual Bitcoin Cash create new blocks and validate transactions. Thus, the network of decentralized payments lives and grows.
The security of the system also depends on the number of working miners, the more of them, the more evenly distributed income and increased decentralization. In peer-to-peer networks, in principle, there cannot be a single control center, as in a bank. The blockchain project depends solely on the miners, coin holders and programmers.
The value of a Cryptocurrency is determined by the combined supply and demand on exchanges. The more people are willing to use BCH as a means of payment, the higher the value of the coin.
The difficulty of solving a block changes on average in an hour. This principle of Bitcoin Cache, allows you to maintain functionality even with minimal hashray. Even if there are only 20-30 miners left in the network, transactions will still be processed.
What Can I Buy with Bitcoin Cash?
Not only is BCH citocurrency easy to convert to fiat money. BCH coins are accepted by 1,649 stores, cafes and restaurants across the globe. You can find the full list 👇
Take advantage!!! The link works!!!!🤗
How To Buy Coins?
You can buy or Exchange Bitcoin Cash on crypto trading platforms on the internet. You will need a bitcoin client or a multi-currency wallet to place the coins you buy. The creators of BCH didn't bother to develop their own wallet, but decided to use Bitcoin.com as the main storage option. This solution allows to place BTC and BCH in one wallet, which is very convenient for traders and miners.
Available Exchanges.
If you can't do Bitcoin Cash mining, you can buy the cryptocurrency for fiat:
At online exchanges -
On exchanges-
From individuals on a P2P trading platform-
Wallets, Ow To Store Coins Properly?
How To check A Bitcoin Cash Transaction
Let's consider how you can track the number of transaction confirmations or other transaction parameters in the Bitcoin Cash network. It is convenient to use the resource
https://blockchair.com/bitcoin-cash
for this purpose. The service is translated into nine languages and searches for information on seventeen blockchains at once. As the developers themselves have positioned it, it is a "google for blockchains".
Going to the Bitcoin Cash page, you immediately get visually and affordably presented information about the current state of the distributed network, as well as graphs and charts of its recent changes. There is an opportunity to find out such information as the complexity of the network, the volume of coins in circulation, the value and capitalization of BCH and many others.
Search for transactions is done through the top line, where you need to insert the txid (Hash of transaction). To find it out you will help the purse or exchange, from which the funds were transferred.
Blockchair on request provides the following information about payments:
The sender and recipient.
Transfer amount. Using the switch you can view it in BCH or dollars.
The number of network confirmations of the transaction.
The commission (total and per byte).
The number of inputs and outputs.
The sending time.
Lock time.
API documentation for developers is provided. Also, anyone can download a PDF file with full information about the transfer. The received cheque will contain a QR-code, by which it can be checked for authenticity.
The website is user-friendly and intuitive, with all the important information in plain sight. In addition to the blockchair, Blockchair also provides other services.
I Hope This Article Was Useful For You, If Ues, Write Me About It In The Comments.
Peaceful skies overhead! 🕊🇺🇦
Regards @Belozoriana.
28.04.2022
Did you mean that “Cache”? Or was just a typo instead of Cash?