Bitcoin Cash Is Lightyears Ahead Of Its Peers

Introduction

Bitcoin Cash has been surging in popularity, especially over the past year. But what makes it so different from other cryptocurrencies? There are many reasons that Bitcoin Cash stands out, and here are just a few of them...

What is a Hard Fork?

A hard fork refers to a permanent divergence in the blockchain, commonly occurring when non-upgraded nodes can’t validate blocks created by upgraded nodes that follow newer consensus rules. When a hard fork occurs, two blockchains are created—one branch retains the old consensus rules, and another branch adheres to new consensus rules. Generally, after a short time, those using old software will upgrade since they see their version as obsolete. This creates a domino effect that spreads throughout adjacent networks over time. If Bitcoin were to ever hard fork again as it did back in 2017 when it went through a contentious scaling debate resulting in BitcoinCash’s creation, each would have separate prices for some time.

When Does This Occur?

Bitcoin cash was created on August 1, 2017. Its market value has grown exponentially since then and now it can be considered a global currency. With transactions that are easy to verify, low fees, and security, not many coins can compare to Bitcoin cash when talking about practicality. The community only gets larger with each passing day and people believe in what they represent. Many major companies are accepting crypto as payment for products or services (Microsoft for example). Bitcoin cash is also often being compared with Ethereum or Litecoin among others but Bitcoin cash seems to have an edge over them because of other features mentioned above

How Does this Impact Investors?

Having a larger block size means that Bitcoin Cash can process more transactions in a single second. This will help to encourage adoption and it will open doors to use cases that were previously impractical with Bitcoin. At present, BTC has a 1MB block size and one transaction can take up to 10 minutes to be verified by miners. With an 8MB limit, BCH could verify eight transactions per second, and other virtual currencies, such as Ethereum (20 tps) and Litecoin (56 tps), are able to achieve faster rates while still being considered decentralized. In general, smaller blocks lead to more centralization because fewer people are verifying each transaction on behalf of thousands or millions of users.

BCH as an Investment Tool

Considering both on and off-exchange prices, investors can exchange USD for Bitcoin Cash at a rate that’s up to 40% lower than BTC. This makes BCH an easy-to-prove investment option for those looking to bolster their holdings without incurring additional fees. While digital assets with market caps in excess of $10 billion have historically traded at a premium, BCH is no longer trading at one today. In fact, it's possible that—due to low fees and high network security—the currency will not trade at a premium in the future. For now, however, Bitcoin cash offers investors a cheaper way to obtain crypto-assets than any other alternative listed on CoinMarketCap.

Why Invest in BCH?

There has been a lot of talk about Bitcoin Cash lately, and many think it will take over from ‘original’ Bitcoin. It is true that with quick transactions and low fees, businesses are increasingly accepting payments in BCH rather than BTC as fees continue to rise. However, there are a number of fundamental problems with Bitcoin Cash that have not been addressed by those in favor of it. Furthermore, while there may be some short-term success, long term I think we can see why these qualities only highlight the problem. As Satoshi Nakamoto said back in 2010: I’m sure that in 20 years there will either be a very large transaction volume or no volume.

How Can I Buy BCH?

This can be one of the most frustrating things when it comes to buying BCH, as there are so many options available. If you want to use fiat currency to buy BCH, then you’re going to need to use an exchange that allows you to purchase with a bank account or credit card. Coinbase and Gemini are two good options in terms of reputable exchanges that offer purchasing power in fiat currency. (In case you’re wondering, BCH cannot be purchased directly with fiat currency.

What Should I Know About BCH Storage?

Bitcoin’s lightning-fast transactions, low fees, and decentralized system make it an ideal currency for making small purchases. However, there are a few things you should know about storing your BCH before you start off.

The Future Of Bitcoin Cash

Bitcoin has some problems. It’s not very scalable, fees are high, transactions take a long time, and it has to compete with other cryptocurrencies for market share. Enter Bitcoin Cash: created in August 2017 by way of a hard fork from Bitcoin itself, BCH offers up numerous improvements over its predecessor—and could easily become one of Bitcoin’s most formidable competitors in years to come.