Bitcoin cash is a cryptocurrency that is considered as a fork of bitcoin. BCH has been created to develop a peer-to-peer electronic cash system. Transaction of bitcoin relies on block chain technology that has a major problem of transaction verification speed. Moreover, there is a heavy fee on transaction, that has increased the distance between small investors and bitcoin. To overcome these problems, researchers and miners have developed aa solution to boost the transaction speed in the form of Bitcoin cash. BCH has developed its own block chain with a increase block size of 8 Mb for the speedy transaction. After this, the transaction through BCH becomes more quicker than bitcoin. It is capable enough to handle more transactions per second than bitcoin. It has been proven a good investment cryptocurrency as now it is ranking 18th in the world in terms of market capitalization.
Core features of BCH
BCH follows the peer-to-peer cash system that is not dependent on any financial system. It has reduced the transaction time and fees, increasing the opportunities of investors from all forms of life to invest and earn profit. Basic purpose of Bitcoin cash is to eliminate the delays and hurdles present in bitcoin network. To gain the confidence and trust of investors, BCH has updated the timely management of resources. Core features of BCH are:
Safe and secure
Bitcoin cash is open to everyone. All the transactions through Bitcoin cash are safe and secure by the process names as proof of work. It is very difficult and expensive to attack a network that is secured by the game-theory driven principles. There is no requirement of permissions from any CEO or financial organization, making it the easiest and most reliable form of digital currency.
Lesser transaction fees
Bitcoin network has higher transactions fees, that is major setback for small investors. They are having a current transaction fee of $4.4 that has been reduced from $60. On the other hand, BCH transaction fee is of less than $1.
Success of any financial system is totally dependent on the number of participants and transaction fees. Bitcoin cash has addressed both the problems in first go, making it a outrageous opportunity for small and young investors.
Efficient medium of exchange
Peer-to-peer payment system has enabled the Bitcoin cash to process the transactions to individuals as well as online purchases in a lower cost of penny per transaction and reduced timeline. It has enabled the individuals to proceed with international trade as well as buying household utensils. BCH is also used by many online websites like read.cash to proceed their payments to content creators and article writers.
Transparent and pseudonymous
To reduce the scams and frauds, Bitcoin cash has maintained the ledger named as block chain. It has been updated regularly and anyone can see the transaction history as well as ownership. All users are free to use Bitcoin cash without any permission or censorship.
Digitalized form of money
Bitcoin cash enables its investors and users to buy and sell their goods in the form of BCH. It provides economic freedom to its users where they are independent to trade, invest, buy goods, and store their resources. Moreover, it provides security to your resources from scams, frauds. and devaluation due to inflation like other paper currencies.
Closing remarks
The future of digitalized cryptocurrencies is totally dependent on easiness, safe, secure and timely transactions like Bitcoin cash. These currencies will stay here, and their future is totally dependent on the level of benefit they bring for mankind. To gain the trust of investors, blockchain platform is increasing the safety protocols, proof of working, proof of activity and enhancement of knowledge management system. A lot of people have shifted their business towards these cryptocurrencies, making them the future of all paper currencies.