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What do I need to know about Bitcoin Cash?

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Written by   7
9 months ago

The following information is for educational purposes only and does not constitute an endorsement of this type of Cryptocurrency. Consider seeking tax and financial advice from licensed professionals.



Bitcoin Cash (BCH) was created to be an alternative to Bitcoin, something for everyday transactions if Crypto becomes widely accepted as a currency one day.
 
The number of transactions that can be processed every second is an important measuring stick. For example, Visa credit cards process around 2000 transactions per second, and can handle a lot more. Bitcoin maxes out at about 7 transactions per second. This rate is fine if Crypto is only ever going to be used infrequently to buy something like a Lamborghini, but not if it needs to be flexible enough to also pay for an Uber or purchase get groceries.
 
Bitcoin Cash, with the capacity to support more than 100 transactions per second, is helping to show that Crypto could one day be a viable option even at the checkout line.
 
Quick facts

  • Bitcoin Cash is a “hard fork”, or branching off, of Bitcoin that eventually became its own separate Crypto due to philosophical differences about the purpose of Bitcoin.

  • While Bitcoin can process about 7 transactions per second, Bitcoin Cash can support more than 100 transactions per second.

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Written by   7
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