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BCH Background for Beginners

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Written by   44
1 year ago

Hello everyone! I'm still new to crypto world, I've done a lot of research to understand more about cryptos especially BCH, because when I tried to read the articles of @MarcDeMesel@molecular @ColinTalksCrypto @noise @TobiasRuck @Olad @Cain (his tweets on twitter) and other authors, I only understand the simplest word about cryptos and BCH.

So I start watching their vlogs, studying more about BCH, and reading reviews about it. Upon doing so, I came back to their (names mentioned above) articles and videos and I slowly understand it.

So, I thought of sharing it to all of new people in cryptocurrency. I hope that this will help you!


For your information, Bitcoin Cash (BCH) and Bitcoin (BTC) are not the same thing. They're not 100% different from each other, but they have a few key differences.

To get straight to the point, since the beginning, Bitcoin's block size was too small. And as more people started investing it, it became the reason why transaction speeds got even slower.

So, to solve this problem and complains, developers started looking for solutions. They found one by increasing Bitcoin size limit by doing so hard for occurred. And as a result, Bitcoin Cash was born.

Bitcoin Cash as the hard fork that rose in order to battle bitcoins limitations. It is currently the most popular hard park. It was created in 2017 and actually follows the same skeleton as Bitcoin.

It has a supply of 21 million. It's decentralized and is a reliable means of transaction as well as a low costing one than Bitcoin.

The main difference between the two is that when the hard work was executed, Bitcoin cash increased its block size from one megabyte to eight megabytes.

In theory, this may increase the amount of transactions that can be processed as a result of this modification in block size. The transaction speed of Bitcoin cash is much faster than Bitcoin. These are much lower and it served as a cryptocurrency that people could actually use as cash.

At this time, Bitcoin Cash is valued at $225 with a market cap of $4,159,190,949 making it cheaper than Bitcoin with market cap of $170,564,840,027.

Bitcoin Cash highest price was able to reached up to $4,300 per unit in December 2017. From its creation, it has split up from the Bitcoin camp and is now its own different thing. It has multiple independent teams of developers who provide software implementations. It has even upgraded this system more, once again, increasing the 32 megabyte blocks. The fourth continues to grow and we have to wait and see where it goes from here.

As per @MarcDeMesel prediction, BCH will still be one of the top 5 cryptocurrency after 4-5 years. There's also a possibility that BCH and ETH will slowly flip the BTC from its place.

If people get to know more about BCH as much as they've known BTC, BCH will be in good place after some time. As of now, the price of BCH, might be low than usual, but soon, it will rise again.

As of now, BCH is slowly entering the different sectors such as charities, NGO's, and even in hospital. Check out this article of mine for more information about BCH entering the Health sector.

https://read.cash/@Sayril/hospital-and-cryptos-df191cbd


Fun fact about Bitcoin Cash, since it's so heavily related to Bitcoin, experienced its all time high around the same time Bitcoin did.


I hope that, this brief background about BCH gave you a lot (or small) information about our beloved crypto. We should keep on reading and studying about this, because having a crypto knowledge is a new kind of learning wherein you'll be able to bring upto the future. Let's keep on digging and spreading facts and advantages of BITCOIN CASH.

Disclaimer: As what I've mentioned above, I'm still new to crypto world, if there's wrong about what I've written. Please do help me correct it.

Thank you, and may your God, bless you!

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Written by   44
1 year ago
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Comments

I enjoyed reading this.

$ 0.00
1 year ago

Thank youuu. I'm glad that you've enjoyed it.

$ 0.00
1 year ago

You're welcome! It's always great to see a well written article about Bitcoin Cash. I appreciate you learning about BCH and then writing about it for others. Keep up the good work.

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1 year ago

Will definitely continue to do that! Thanks again!

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1 year ago

I approved the post, but I'm really not sure about it. BCH is not "three hundred USD", but $223, it's market cap is $1.1 billion not "five point four million USD" (which in writing kind of looks like a way to avoid OC detection...)

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1 year ago

I'm sorry for that mistake. I must tell the truth that the information came from different vlogs in YouTube, but I do take down the notes about it. Thank you for the correction ♥

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1 year ago

Here's the actual information: https://www.coingecko.com/en You can always see the actual price, market cap, etc...

Oh, I was wrong too, $4.1 billion market cap, not $1.1b

$ 0.00
1 year ago

Thanks for that! As of now, I only rely on CoinEx. But I think, coingecko.com is much more informational than coinex. Thanks again.

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1 year ago