Bitcoin Cash for beginners

Avatar for Cain
Written by
4 years ago

Wednesday, July 15th, 2020

Recently I keep seeing people commenting on articles saying they're new to Bitcoin Cash and want to learn more. If you're one of those people, this article is for you.

In order to really understand what Bitcoin Cash (BCH) is all about, let's briefly talk about money in general. For as long as any of us have been alive, none of us have really had a choice when it comes to the money we use. Whether it's the US Dollar, the Euro, the Yen, or whatever government issued currency is used in the country you live in. The reason we didn't have a choice is because we previously lacked the technology to come up with a better option.

You might argue that centuries ago gold and silver coins once served as a better option, but it's easy to see there are many drawbacks in using precious metals as money. For example, carrying around a bunch of gold or silver coins every time you need to buy something is rather inconvenient, as is trying to precisely cut a piece of metal on your own should a purchase be worth only a fraction of a coin.

Due to such limiting factors, using precious metals as money was eventually replaced by paper money. Paper money is much easier to carry around, and since you can have different denominations of paper money, you now had a way to conveniently pay the exact price of a good without having to cut pieces of metal to make a payment.

But as I've come to learn these last few years of being involved in the BCH community, there are always trade offs. Though paper money made it much more convenient to transact with one another, now we were forced to rely on our governments to print our money and make sure the market wasn't flooded with counterfeits.

But what happens when a government decides that it needs more money than what they've already taken from its citizens in taxes? They simply print more of it, of course, devaluing the money already in circulation, which can ultimately lead to hyperinflation and cause everyone's money to become almost worthless. Sometimes a government might even decide to just take the money directly from people's bank accounts as was the case for the people of Cyprus back in 2012-2013.

Clearly neither of those scenarios is desirable, and with the world moving closer and closer to becoming a cashless society, we are becoming increasingly reliant on our governments and banks to not screw up the global economy. This is because as our money becomes more digital, governments don't even have to bother with printing it anymore since all they have to do is type a few keys on the computer and trillions of dollars can be magically created out of thin air. Money printer go brrr, as they say.

Fortunately, for the first time in history we have a new technology that can potentially free us from this authoritarian system. This new technology is called Bitcoin Cash.

Bitcoin Cash is a new kind of digital currency that isn't controlled by any bank or government. This currency is run by a network of hundreds of thousands of computers all around the world that work to insure Bitcoin Cash transactions are processed quickly and accurately at virtually no cost to its users. The reason these computers are able to provide this service is because they are incentivized to do so in the form of a coinbase reward that is awarded roughly every ten minutes to the "miner" who finds the next block in the chain. (If you're interested in learning some of the more technical aspects of how Bitcoin Cash works, I highly recommend starting with Satoshi Nakamoto's original whitepaper.)

Until now, we've never really had any other choice than to use the banks and credit card companies that make up the traditional financial system. In exchange for providing the convenience and safety of using a credit card, they typically charge anywhere from 2%-4% in transaction fees for their services.

But with the advent of Bitcoin Cash, we are now able to send money to one another, no matter how much or how little, without the need to use a trusted money transfer service. You can send your money instantly to someone on the other side of the planet, for less than a penny, and they can send it right back to you for the same tiny fee. The best part is now you don't have to ask for anyone's permission to pay for any good and service. And since you don't need your bank or credit card to authorize your transaction, this means your money is no longer restricted by any national borders. You can send it to anyone, anywhere, instantly, and practically for free. Just scan and swipe. This is what they mean when they say Bitcoin Cash is censorship resistant.

And because Bitcoin Cash isn't meant to be controlled by a central authority, the hope is that it will eventually allow us to have a truly free market. An economy where everyone is allowed to participate, regardless of where you live, what you look like, or how much money you have. BCH is a form of money that can simultaneously be a medium of exchange, a store of value, and not be under the control of a central authority. BCH can create new businesses and industries, potentially leading us to the kind of world only thought possible in science fiction.

Having said all that, it's still early in the game. There is a lot of work that needs to be done before the BCH network will be able to handle as many transactions as Visa and beyond. In order to increase the transaction capacity of BCH, various improvements must be made at the protocol level to speed up propagation times and other existing bottlenecks. And because BCH is decentralized and open source, this is why there are constant debates and arguments within the community to see what improvements need to be prioritized and how to make those improvements happen.

It remains to be seen if the BCH community will ultimately succeed in resolving the technological and governance issues that must be overcome before it can become a global reserve currency. We are still very much in the experimental phase of this endeavor, as is every other cryptocurrency project out there.

Still, I remain a firm believer that BCH has the best chance to become the best version of peer-to-peer electronic cash that anyone can use for fast, cheap, reliable transactions.

Bitcoin Cash. Just use it.

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Comments

You have some mistakes in the article.

$ 0.00
4 years ago

Can u tell me. I will revise it

$ 0.00
4 years ago

This was really helpfull specially to those new in crypto. I also have similar content which is the history and future of bitcoin cash you might wanna check it out πŸ‘

https://read.cash/@CrazyInsane/the-history-and-future-of-bitcoin-cash-eb857934

$ 0.00
4 years ago

Glad to be of help.

$ 0.00
4 years ago

Informative article sir. I'm also beginner in Bitcoin Cash(BCH). It's very useful and also helpful for me. Thanks sir for share this article with us.

$ 0.00
4 years ago

Thanks for reading =)

$ 0.00
4 years ago

It's my pleasure that you are replying my comment. 😊

$ 0.00
4 years ago

Great article πŸ‘Œ

$ 0.00
4 years ago

Thanks for reading =)

$ 0.00
4 years ago

Thanks for this information

$ 0.00
4 years ago

This is very informative Cain. Makes me want to save more BCH and not convert it to my currency. Thanks for this.q

$ 0.00
4 years ago

Bookmarked. I really appriciate this! I need this. Thank you Cain!

$ 0.00
4 years ago

I'm a fan of BCH. If you are a beginner in crypto. it is hard to understand it, but because of your article we lot a learnπŸ’žπŸ’ž

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4 years ago

Great article thanks for sharing πŸ‘πŸ˜Š

$ 0.00
4 years ago

Bch is way better than ang cyptocurrencies

$ 0.00
4 years ago

I dreamt of having a bitcoin cash because it is said that every bitcoin worth a lot of money. But after joining here in RC, i think i really now understand that bitcoin is beyond that reason. Bitcoin cash will be convinient when it will be adopt by the countries world wide. All transactions in the digital world will become easy and were all free to become part of every transaction circulating online. I learned more about bitcoin cash today. It's all thanks to you. I hope to read more about this.

$ 0.00
4 years ago

Glad to be of service!

$ 0.00
4 years ago

This is very helpful for a beginner like me, like this article

$ 0.00
4 years ago

Thanks for reading!

$ 0.00
4 years ago

Thanks for this information! I really need this right now. ❀️

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4 years ago

I've been here for one month and I really want to learn about crypto esp. BCH. Already bookmarked this one. Thanks..

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4 years ago

I am also new to bitcoin cash glad i saw this articleπŸ˜€ thumbs upπŸ‘

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4 years ago

Thank you. The details are clear and easy to understand. Looking forward to a BCH-world future. ❀

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4 years ago

Thank you for sharing! A big help for newbies!

$ 0.00
4 years ago

Thank you very much my friend for your information. It will help many people.

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4 years ago

Thanks for the information but still many are skiptical. Many are used to the old method. Cashless/digital currency is something could not be comprehend by the olds.

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4 years ago

Thankyou for this info

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4 years ago

Thanks for this valuable info, its very clear to understand it.. πŸ‘

$ 0.00
4 years ago

Very informative. As a newbie in this site, it somehow enlightened me. It also answered some of the questions I have in mind about this bch currencies. Thank you for sharing this article with us.

$ 0.25
4 years ago

Let me know if there's anything you don't understand. Maybe I can write another article about those things.

$ 0.00
4 years ago

Whoah! So nice of you. Will surely do. Thanks for shating the gift of knowledge ypu have. More power! Jia you! πŸ˜‡

$ 0.00
4 years ago

Keep sharinjg

$ 0.10
4 years ago

I will =)

$ 0.00
4 years ago

Very good information this is a big help for the other members and for newbie here

$ 0.00
4 years ago

This is such a good way to introduce BCH to starters especially to those who wants to dive into crypto! Thank you so much @Cain for always sharing information about BCH and why it has always been the real thing! Looking forward to more of your articles!

$ 0.10
4 years ago

This information is not only useful for beginners but also the experienced crypto users. Thanks for the information.

$ 0.00
4 years ago

Before all I know about bitcoin is that its a online money. I haven't took it seriously but now that BCH is developing I am more into it.

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4 years ago

Sir @Cain your generosity, ideas and initiatives here at RC is what inspires us in our project. This article of yours is truly informative and we will look out for more of this from you, it helps guide us with our project. Thanks to you.

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4 years ago

Sir @Cain I am a big fan since my last month of joining here in read.cash and I am getting real good information about your articles. You're one of the big names that I look up to, you provide good content, firm ideas and valuable experience, especially about BCH. I hope to learn a lot more from you, and as a return I am willing to share it amongst my peers in the Philippines. I am very motivated by you and your kind heart. Thank you so much for this! Include me in those "firm believer that BCH has the best chance to become the best version of peer-to-peer electronic cash that anyone can use for fast, cheap, reliable transactions" because I totally agree with you about this! And all together we will achieve that!

$ 0.25
4 years ago

I'm curious, is it normal in the Philppines to call people sir? I noticed a lot of people here have been calling me Sir Cain and I'm wondering if it's a Philippines thing. In any case, welcome to BCH and hope you learn something.

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4 years ago

Yes, it's normal for us since we want to express our dearest admiration or to show respect to someone, just like you, it'll make us uncomfortable to call you without adding "Sir" before your name. We just do it to show our respect since you are of different level than us. That's surely a Filipino thing Sir 😊 Thank you so much again for inspiring a lot of people including me.

$ 0.25
4 years ago

I am not a different level than you. We are all just different and yet the same. Thanks for sharing some of your culture with me =)

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4 years ago

Yes, as always I admire you, and for being humble. You're welcome and thanks a lot 😊

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4 years ago

S

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4 years ago

Thanks for sharing this article I never had much idea about BCH, but thru this info.it helps me understood in a different perspective and degree. God bless. Thanks again.

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4 years ago

Really nice.

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4 years ago

This sure is a very informative article sir! I'm glad that I've come to realize the importance of BCH because of this platform. I just recently joined here and as I dig dipper, there's so much more we can do and we can also spread awareness of using paperless and coinless transactions. Keep writing sir! I would love to learn more from you! Sending regards from the Philippines!πŸ’•

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4 years ago

Thank you for the information

$ 0.00
4 years ago

U are weldone sir I av been gaining much from u

$ 0.00
4 years ago

I am new about BCH and dont have any idea about it. But this article of yours really help me to understand and know more about BCH. Thank you so much!

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4 years ago

Wow! I am searching on the internet about bch before but couldn't understand it wholy. This article is very informative.

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4 years ago

πŸƒπŸŒΈYes Sir, this will be very helpful to every people around the world, for those who have nothing,. we are all free and can easilly participate and earn some cash that could help support our family needs. This was very helpful for all of us in the near future. Its very convenient to used as way of our day to day transactions because of its fast and very convenient. We can also save some money and time, because were not going to pay for services fee of the banks etc.. Thank you so much for sharing these very nice information to all of us... πŸ˜‡πŸ˜‡πŸ˜‡πŸ˜‡ πŸŒΈπŸƒ

$ 0.00
4 years ago

Thank you @Cain for this useful and informative article.

Right at the end of your article you say, "Just use it'.

Most of us are not developers, programmers, etc.; just ordinary interested people watching mainly from the sidelines.

So, is 'just using it' the best and/or only way that the everyday user can help in BCH's development and acceptance, or is there more that we can do in easy and straightforward ways?

All the best,

$ 0.00
4 years ago

I say just use it because I believe that's the best way to experience it for yourself. Do you have a wallet that you've downloaded onto your phone or computer that accepts BCH? Let me know if you have or haven't. I'm curious how much or how little people know about using BCH at this point.

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4 years ago

Hi @Cain, yes I have the Exodus mobile wallet and the Atomic on my desktop.

While I have been aware of cryptocurrency for a number of years now, my real knowledge is not that good.

I even have several application ideas for using them but I remain unsure whether to focus one particular coin or to make it possible to accept a number of coins, or even to see if a new dedicated coin is the best way forward. This is one of reason I a keen to learn more about BCH and it potential development and adoption.

Thank you for your answer and question.

$ 0.00
4 years ago

Hi, Sir Cain. Thank you again for this. Now that I have time to read what's in this article, because when you publish it. I was busy and exhausted. I wanted to write just like this. But I cant start. I don't know where to begin. Your articles are truly helpful for me. Now if you may, can I try to translate this and publish again, So that my fellow Filipino friends and the online sellers that I want to interview will understand it? If you don't mind? I want them to see how and why they have to adopt it. I can't say that they can't understand English but I guess if you add some words they don't know they will just get bored and let it go. Or I can translate and you can add the translation in here. Let me know what works? Please? πŸ™‡

$ 0.25
4 years ago

Please feel free to use my article in whatever way you wish! I just want more people to learn about BCH and what it's for =)

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4 years ago

Yay. Thank you sir😍

$ 0.00
4 years ago

nice article 😍

$ 0.00
4 years ago

This platform helps me to know more about crypt I currencies.....am motivated

$ 0.00
4 years ago

This article have really motivated me alot as a newbie and crtpo enthusiast dude, one thing I so much love about readcash is the top users always post quality article that will definitely motive and inspire the newbies, I personally appropriate your relentless efforts toward the development of readcash platform community, God bless you beyond measure. readcash to the moon

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4 years ago

People who are new to BCH must read this one. You fully explained everything in a simple matter wherein everyone will be able to understand it upon reading. Kudos

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4 years ago