What is Bitcoin Cash?
Bitcoin Cash is the cutting-edge blockchain network and cryptocurrency which came as a result of a hard fork of the bitcoin blockchain network. Although its roots lie in its predecessor, this state-of-the-art technology has gained massive popularity in the international blockchain and cryptocurrency community because of its unique features. Bitcoin cash (BCH) is able to solve the long-standing and continuous issues which can not be solved by its former.
Features of Bitcoin Cash:
A decentralized currency
Backed by a Blockchain
Safe & Secure
Immune to inflation as it is finite
Fixed supply
Minimal transaction fee
Unique Features of Bitcoin Cash:
Scalable
Fast transaction than bitcoin
A Brief Historical Background
The genesis of Bitcoin Cash can be traced back to 2017 when it emerged as the best alternative solution to Bitcoin as the crypto community suffered scalability issues and longer transactions times.
Bitcoin Cash captured the international crypto market after it split from the Bitcoin network as a result of a hard fork. This fork was decided on by different miners and developers who want to eliminate the limitations of Bitcoin and unleash the new potentials in this cutting-edge technology. The advocates of bitcoin cash contributed together to develop a platform that has larger blocks and possesses a complex mining process that aids in decentralizing the currency.
Working:
Technically, the working of Bitcoin Cash is almost the same as its proponent, the Bitcoin. Similar features include the fixed market cap of 21 million assets, use of nodes to validate transactions, and utilizing a PoW (Proof of Work) consensus algorithm.
The larger block size of Bitcoin cash makes the operation faster, and suitable for small transactions.
Bitcoin Cash also supports smart contracts and applications. Two famous applications are CashShuffle and CashFusion. It has also opened the doors for the advancements of new protocols and projects to increase its accessibility to developing countries.
Buying, Selling & Trade:
Like any other cryptocurrency, Bitcoin Cash is also listed in popular exchanges around the world, where anyone can buy, sell and trade it.
Registering in exchange requires:
User details
Personal Verification (either Photo ID/ Address/ Income verification)
It is also available in specific cryptocurrency ATMs, depending upon the legal status of cryptocurrency in different geographical locations.
After the purchase, the crypto assets can be stored in a crypto wallet that has a dedicated address. The wallet is capable of transferring and receiving crypto payments to any other wallet around the world.
Future Prospects:
Cryptocurrency is the next oil. With its unique features of maximum block size, smart contract support, low transaction fee, NFT support, and difficulty adjustment algorithm, bitcoin cash always tops the list than its competitors.
The developer community of bitcoin cash is continuously improving it and hence it would be a fruitful and rewarding asset for the future.