Bitcoin Cash was officially released in August 2017. Its technology is very similar to Bitcoin, and there is also the same amount of coins — 21 million.
Anyone that held Bitcoin on the day that Bitcoin Cash was created automatically received free Bitcoin Cash! The fortunate people who were holding Bitcoin received Bitcoin Cash at a ration of 1:1. Yes, that’s right! If you were holding 1 Bitcoin at the time Bitcoin Cash was formed, you would have instantly received 1 Bitcoin Cash.
Bitcoin Cash’s technology allows for much faster transaction times, and lower transaction fees!Since it was released in August 2017, Bitcoin Cash has performed very well. It is currently a top 5 cryptocurrency and is also listed on Coinbase. Coinbase only lists 4 different cryptocurrencies, so the fact that they have listed Bitcoin Cash improves the credibility and awareness around the project.
However, as Bitcoin Cash becomes more and more popular, new merchants are starting to accept it as a payment method.There is a cool website called AcceptBitcoinCash which lists all the different merchants that allow you to use Bitcoin Cash.
How do I buy Bitcoin Cash?
The easiest way to do this is with a broker exchange. The most popular of these is Coinbase, as it’s great for beginners. You can buy Bitcoin Cash using your fiat currency via credit/debit card or with your bank account.
How is Bitcoin Cash Mined?
Like most cryptocurrencies, Bitcoin Cash is decentralized. This means that no single person or authority has control over the network.However, for a decentralized system to operate, it requires nodes (computers) to verify transactions.
So, how are transactions verified? People known as miners use computing power to solve mathematical equations on the blockchain. Once a node on the network solves the mathematical equation, it verifies a transaction block. It then receives a reward for verifying the transaction.
In the current day, though, it is becoming harder and harder to earn money from mining. There is so much competition that only those who can generate huge amounts of computing power are rewarded. To generate enough computing power to become a successful miner, you must invest a LOT of money and I’m talking about 10s of thousands of USD!
However, there are other options for all you beginners out there! There’s something called a “mining pool”. This is where you join a network of other miners. Together, you combine your computing power to try and solve the mathematical equations to earn the Bitcoin Cash reward. If your mining pool successfully verifies a Bitcoin Cash transaction, the reward is split equally between your mining pool!
Well, to join a mining pool is simple - you can learn more by visiting one of these sites:
BTC.com
F2Pool
ViaBTC
Bitcoin.com
Bitcoin Cash mining is a great way to earn Bitcoin Cash if you have the right software and hardware to do so.