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Things you should know about Bitcoin Cash (BCH)

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Avatar for DavidKomolafe
Written by   102
1 year ago
Topics: Bitcoin Cash

If you've been using Bitcoin Cash for a while and didn't know how it works then you are in the right article.

Hi guys! Welcome to a new episode of "Things you should know" where I give a comprehensive article teaching you what cryptocurrency is all about. In this episode, we would be talking about Bitcoin Cash. By the time you've finished reading this article, you would have a lot of knowledge and understand how Bitcoin Cash Works, so let's begin!

Before I start this article, let's begin with the table of contents.

Content of Table

  • What is Bitcoin Cash?

  • What SHA256?

  • When was Bitcoin Cash created?

  • What is the difference between Bitcoin and Bitcoin Cash?

  • How can I get a Bitcoin Cash wallet?

  • Can Bitcoin Cash be mined?

  • How to buy and sell Bitcoin Cash (BCH)?

What is Bitcoin Cash?

Bitcoin Cash was created after Bitcoin, it is a fork of Bitcoin that was created in 2017. The Bitcoin Cash was created to become a better version of Bitcoin.

Bitcoin Cash was created to meet the demand of the Blockchain by having better transaction fees and speed. I recommend you watch the video below this paragraph and read on to have a better understanding of how Bitcoin Cash Works.

In 2017 the Bitcoin fees increased drastically and the transaction speed also decreased, the Bitcoin community needed an upgrade and this led to the creating of Bitcoin Cash a faster and cheaper cryptocurrency of its kind. After the creation of Bitcoin, they are also many Fork: Bitcoin Diamonds (BCD), Bitcoin Gold (BCD), Bitcoin ABC, Bitcoin SV, and many more.

What is the SHA 256 algorithm?

The SHA256 is a crypto Hash function that is used by many cryptocurrencies, this is used to verify blockchain transactions. Cryptocurrency like Bitcoin, Bitcoin Cash, Bitcoin Diamond, and more uses the SHA256.

When was Bitcoin Cash created?

In 2017 bitcoin became very demanding and the transaction fee became not friendly to users around the world. The average Bitcoin went very high up to $50 the Bitcoin community needed an upgrade to decrease transaction fees and increase transactions speed, this is why Bitcoin Cash was created to reach the demand of users and give users the best users experience. Bitcoin confirmation time can last up to 3 days at 0 confirmation, many experts suggest that this is due to a result of a high transaction at the time and low fee paid to the blockchain to quickly process transactions.

What is the difference between Bitcoin and Bitcoin Cash?

Bitcoin and Bitcoin Cash are 2 different cryptocurrencies, sending Bitcoin Cash to a Bitcoin address might make you lose your funds. It is important to understand that both cryptocurrencies run on the same algorithm, but most wallets might not support the ability to do that.

Bitcoin Cash is more scalable than Bitcoin, it has a better transaction fee and also speeds.

The Bitcoin block size is about 1 MB, comparing that with Bitcoin Cash that has 32 times the size which is 32 mb.

How can I get a Bitcoin Cash wallet?

Before you would be able to receive a cryptocurrency token like Bitcoin Cash, you would need a Bitcoin Cash wallet. One of the best wallets to use to store your Bitcoin Cash is the Blockchain Wallet.

Or you can either search "Bitcoin Cash wallet" on your browser or AppStore you should see good results.

Can Bitcoin Cash be mined?

Bitcoin Cash is also one of the minable cryptocurrencies available it can be mined using ASIC technology and also using a computer. Remember the more powerful the processing power of your device is the more hashes you can get.

How to Buy/Sell Bitcoin Cash?

One of the Best ways to Bitcoin Cash is using Local Bitcoin, first, you would need to create an account with localbitcoins.com, buy some bitcoin, withdraw it and exchange it on a site like Binance.

Conclusion

Bitcoin was created in 2009, it made its name to be the best and most popular cryptocurrency in the world. Bitcoin Cash is a fork of Bitcoin, it has the same maximum supply of Bitcoin which is 21 million.

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Avatar for DavidKomolafe
Written by   102
1 year ago
Topics: Bitcoin Cash
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Comments

Mostly correct David, just a small correction:

comparing that with Bitcoin Cash that has 8 times the size which is 8mb

That was in 2017 when Bitcoin Cash came out.

Soon afterwards, they raised the block size limit to 32MB which is where it is today.

Hopefully Bitcoin Cash can get many more users, then that limit will be raised much more.

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User's avatar btcfork
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1 year ago

Hi, thanks, i wrote the article before the fork i think it needs an update.

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1 year ago

This upgrade to 32MB happened in May 2018

Unfortunately there are a lot of articles on the internet today still claiming BCH only has 8MB blocks.

Some of these are on purpose, others are accidents.

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User's avatar btcfork
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1 year ago

Excellent article

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1 year ago

Bitcoincash is best cryptocurrency...

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1 year ago