Hi there! Thank you for opening this article. I assume you have an interest in what Bitcoin cash is, at least. Or, you were encouraged by me to join this platform that lets you earn money (bitcoin cash in particular) through writing random articles. Well, I am writing this to spread awareness and to explain the nature of Bitcoin Cash. This article is mainly intended for the newbies (you) in the cryptocurrency world.
For the record, I have already invited 6 people to join the BCH community, specifically in read.cash. Not that much, but at least I have contributed a little. I gave them $2 each after letting them install Bitcoin Wallet to prove that it's real money. However, it seemed like it was not still convincing as I have thought.
And so, I have made up my mind to make you understand what Bitcoin Cash is through writing this article so I can explain everything in one go. I will explain it in the easiest, most generic way so that you can visualize what I'm trying to say.
Here we gooooo!
So what is Bitcoin Cash?
Have you heard about Bitcoin? If so, your initial impression about it would be "Oh! bitcoin? That's a scam!" Relax buddy, it's not. That's totally a misconception. It only becomes a scam if you invest an amount and you never get it back.
So, Bitcoin is a cryptocurrency (a digital currency that works like our local money: PHP, USD, RUPEES, etc. stored in an online wallet) that lets you do various transactions online.
The next question would be,
Are Bitcoin and Bitcoin Cash the same?
The answer is NO. Bitcoin was launched in January 2009 by Satoshi Nakamoto. It was doing well from the start but as the number of users keeps growing, the transactions were too many to handle and so Bitcoin cash was created and developed by Roger Ver (my highest respect to this man) and his team in August 2017 to accommodate a larger block size of transactions compared to Bitcoin.
Too much information? That just means to say that the transactions in buying (converting our local money to bitcoin cash) selling (converting bitcoin cash to our local money) and sending out bitcoin cash are way too faster than the capabilities of Bitcoin.
Here's a detailed explanation of Bitcoin Cash:
Now let's talk about how awesome and God-like Bitcoin cash is. I will compare its advantages to Bitcoin and to our local currency as well.
A. Cheap fees
Since we talking about money here, one must need a wallet to store your cash online. So here's Bitcoin wallet that comes in handy in storing and holding your money.
I know, many cryptocurrencies are hanging around the blockchain but Bitcoin cash is something you should watch out for. However, when selling and buying bitcoin cash, you are going to pay an equivalent transfer fee for that.
It's like, you are paying for a fare to the blockchain (passageway) to be able to transmit your message to its destination. But you are not going to worry about that. Bitcoin cash transfer fees range only from $0.00 to $0.20 per transaction, depending on how heavy the transaction would be (a big amount of money).
On the other hand, Bitcoin's minimum transfer fee starts with $1, if I'm not mistaken. It even went up to $25 per transaction previously! Can you believe that? So, everybody say, "No thanks!".
Meanwhile, with our local currency (Philippine money), to my fellow Noypis out there, I'm not going to mention how expensive our transfer fees here whenever we cash in and cash out our money from our online wallets. You would also need Coins.ph wallet for that.
One must go to a remittance center to send and receive money from the sender which consumes a lot of time to fill out forms and wait for the cashier to process your request.
b. Instant, Peer-to-peer, hassle-free
With bitcoin cash, using bitcoin wallet, sending and receiving money is as easy as 1,2,3. You are just "one slide away" from sending money to a close friend anywhere in the world. Yup. You read that right. Distance is certainly not an issue.
You can take advantage of bitcoin wallet's shareable links which allows you to receive bitcoin cash by tapping that link. Guess what? Bitcoin wallet prefers no age of creating a wallet.
With PHP, our local online wallet features have adapted instant transfers but one must have a verified account to do these transactions. What makes your account verified? Well, you need a Government ID and not everyone has one of those. The minors, for one.
If sending out money abroad or to another country, it takes days for it to be processed and the fees are killing you.
C. Opening an account
Bitcoin cash is for everyone. Everyone can have it as long as you have internet and a smartphone. Let's say, you're a businessman and you need to deposit funds into your account.
With bitcoin cash, using bitcoin wallet, you are your own bank with a smartphone and an internet. You don't need IDs for verification. You just have to secure your 12-word seed phrase and you're good to go. You can travel anywhere without having to worry about your bank. It stays with you.
With Php, one is required to fill out forms and provide 2 government IDs for verification. Plus, it takes hours to be accommodated by the person in charge from the bank because you have to wait for long queues of line.
In case the bank gets robbed, you will lose your money. There are threats with credit cards as well such as fraud and other malicious activities.
D. Exchange Rate
This has its good side and bad side.
With bitcoin cash, your money could increase its value up to the highest amount you could ever imagine and could also decrease its value to the lowest.
What does this mean?
It basically means that the price of bitcoin cash (cryptocurrency in general) depends on its supply and demand. In a simpler explanation, the higher number of transactions Bitcoin cash gets, the higher its price climbs. The fewer transactions bitcoin cash gets, the lower its price and drops.
What are these transactions again?
Answer: Sending and receiving bitcoin cash.
@MarcDeMeselpredicted that bitcoin cash could raise its price to $30,000 before 2021 ends! Imagine if that happens, every one of us will be millionaires now!
So can we make this possible?
Of course, we can! That is through spreading awareness and promoting bitcoin cash in our own ways. That way, many transactions will double so the demand for bitcoin cash will also be doubled or even tripled!
I can't contain my excitement! I am definitely looking forward to that.
So those are the 4 major points you need to consider about using Bitcoin Cash.
Earn BCH through writing and interacting on these links:
Now since I got you, #Club1bch invites you to be a member of the club. Don't worry, it does not ask you for a membership fee or anything. Its main goal is to reach 1 BCH or even higher before the year ends. That's it.
You should join us! It's not yet late. If you are reading this by now (January 30) then you still have 11 months to grow your portfolio.
Bitcoin cash is still young and the community has little to no knowledge about it yet. Let's keep promoting it and tell the whole universe how great bitcoin cash's potential to be our future.
I mean, just imagine a scenario where everybody uses bitcoin cash. The transactions would be more efficient, faster, and easier!
So that's a simple overview about Bitcoin Cash. I'm glad if you have reached to this point in reading.
I hope I made myself clear with my simple explanations if you find it so. š
By the way, my doors are open for corrections. If there's a part of the article that happens to be misinformed, don't mind leaving a comment below.
Need a thorough explanation? Check it here.
Aside from writing, I also like music. Please help me grow the house I have created a month ago. Tap me ā¤
Before, my eyes was fixed in bitcoin but after joining here in readcash and reading posts like this, i realized i have anotherbet. ā¤ļø