Bitcoin Cash (BCH) is a peer-to-peer electronic cash system that is the result of a hard fork from Bitcoin’s blockchain. Notably, Bitcoin Cash is by far the most successful hard fork of Bitcoin to date. This project entered the market under a cloud of controversy. However, after the smoke cleared, Bitcoin Cash emerged as one of the top ten cryptocurrencies in the world in terms of market cap.
Bitcoin Cash is the direct result of scalability issues encountered on Bitcoin’s blockchain. During the 2017 crypto craze, these issues took center stage as Bitcoin’s transaction time and fees reached new heights. This increase in fees and delays were the result of too much network congestion resulting from larger transaction sizes.
That year saw Bitcoin’s use and value skyrocket as more investors learned about this digital asset. Additionally, a flood of new investors entered the market eager to get in on the digital “gold rush.” These factors pushed Bitcoin’s network to its maximum capabilities.
Put simply, Bitcoin couldn’t handle the increase in usage. It’s one thing to cater to the programming and darknet communities but it’s an entirely different story to meet the demands of the general public. To accomplish this task Bitcoin would need to scale up considerably.
Features of Bitcoin Cash (BCH):
Bitcoin Cash’s larger block size did accomplish its task. Keenly, Bitcoin Cash is much faster than traditional Bitcoin. Interestingly, during a stress test conducted in Sep 2018 the platform registered 25,000 transactions per block. Comparingly, the average number of transactions per block for Bitcoin is between 1,000 and 1,500.
Also, it’s way cheaper to use Bitcoin Cash. BCH users only pay around $0.20 per transaction using the network. These fees are much higher using Bitcoin’s blockchain. Additionally, Bitcoin Cash is easier to mine than its predecessor thanks to the integration of some new protocols.
Bitcoin Cash has a healthy community following that is among the most vocal in the market. Although, as of recently, the coin has had some divisions regarding updates.
How to Get Bitcoin Cash (BCH):
At first, major exchanges such as Coinbase denied Bitcoin Cash entry on their platforms. It was an outcry from supporters that got this coin on nearly every major exchange globally. Today, Bitcoin Cash remains one of the top ten cryptocurrencies in the world.
Where to Store Bitcoin Cash (BCH):
There are plenty of ways to store your BCH safely. The easiest and most convenient method is to use a mobile wallet. Mobile wallets are free and allow you to access your BCH whenever you need it. They are easy to use and allow you to send and receive BCH in seconds.
If you are a serious investor, or just plan to HODL your BCH, a hardware wallet is the right choice. Companies such as Ledger produce pocket-sized devices that keep your crypto safely stored off-line. The only downside is that these wallets can cost around $100+. That’s a small price to pay for all the security you gain using a hardware wallet.
Bitcoin Cash – A Story of Perseverance:
For Bitcoinist in the market, it’s easy to dismiss Bitcoin Cash as just a rip-off of Bitcoin. However, this argument falls apart as you start to evaluate the changes, updates, and community growth the coin underwent since its creation. Today, Bitcoin Cash stands by itself as a staple in the crypto community.
