Bitcoin Cash - The True Bitcoin Satoshi Nakamoto Dreamed Of
Introduction
Bitcoin cash (BCH) is one of the most popular cryptocurrencies in the world at the moment, but it remains somewhat of an enigma to many people. Although there are plenty of companies now accepting BCH as payment, it’s still not entirely clear what makes it so special or why it’s taken off this way while other cryptocurrencies have not. In this article, we will explore why bitcoin cash really is the true form of cryptocurrency that Satoshi Nakamoto had envisioned and also explore some of its potential applications and future potential.
What is Bitcoin Cash?
The idea of bitcoin cash is to have a cryptocurrency that is not just a store of value, but also one which can be used as a currency. One of the main points of bitcoin cash proponents is that it has lower fees and faster transactions than bitcoin. They also believe that with time, bitcoin cash will have the capability to handle transactions at speeds comparable to credit cards or PayPal. It's not just about being able to buy things, though; even if you only earn $5 USD in a day, you can still afford the cost of sending $2 USD home to your family in another country. This allows for people living in poverty who are paid hourly wages and don't always get paid on time to reliably send money home without having large amounts of their paycheck deducted by transaction fees.
Is BCH similar to BTC?
Bitcoin cash is truly the Bitcoin that Satoshi Nakamoto dreamed of. There is no amount of it no matter how little or big that is not transferable. It is definitely the currency that can be used for regular transactions and can be acceptable to all. This means that in comparison, there's always a chance for a fraction of bitcoin to go missing because it has been sent to an address with insufficient funds.
Transaction Times and Fees
Transaction fees depend on the type of transaction. For many transactions, such as those involving low amounts of bitcoin or Ethereum and made at a time of relatively low network usage, it is often the case that no transaction fee is required. However, high-volume transactions or those which use an abnormal amount of data may require a transaction fee in order to be processed by the network.
It is easy to calculate how much you will need to pay as a transaction fee for your bitcoin cash transfer.
Advantages over BTC
-No fractional amounts. No matter how little or big the amount is, it can be transferred. This means that a small business will not have to waste time dealing with fractions of coins in change and that you can pay for any sized cup of coffee with one coin instead of paying pennies on the dollar.
-Faster transactions. Transactions made via Bitcoin Cash happen quicker than those made via other currencies, which means that less time is wasted waiting for your transactions to process and you are able to make more transactions per hour as a result.
How does BCH compete with BTC?
The only thing that Bitcoin and Bitcoin Cash have in common is the name, but there are some key differences between the two. First, BCH has 8x more coins and blocks than BTC does. Second, BCH has a transaction time of 10 minutes whereas it takes BTC 20 minutes to process a transaction. Third, there will only be 21 million BCH whereas BTC will have 21 million coins eventually. Lastly, because of the way transactions are processed in BCH (more decentralized), transaction fees are much lower than in BTC (which requires more third-party validation). All these reasons make it clear that for now at least Bitcoin Cash is truly the Bitcoin that Satoshi Nakamoto dreamed of.
Why do we have another cryptocurrency?
Bitcoin, the first-ever cryptocurrency, was a great invention that revolutionized the way people think about money and introduced a new era of electronic financial transactions. However, over time it became apparent that bitcoin had some shortcomings that prevented it from becoming a reliable currency for everyday use. One of those issues is the limited number of transactions per second. This could be solved by splitting bitcoin into two separate currencies: bitcoin and bitcoin cash. This will allow for faster transaction times and lower fees as well as instant payments.