Bitcoin Cash made easy. Easy Explain !
Let's be honest. We all have thought once "IF" we could have jumped into the crypto world a decade ago. Life would have changed upside down. But someone said it's never too late when you start. You have started in the right direction on Bitcoin Cash road.
Allow me to explain in layman's language. Being an Economist, I have studied the impact cryptocurrencies are making on the world economies, & it's huge. The adoption of cryptocurrencies is skyrocketing. But let us see; How Bitcoin Cash comes from? Well, if we say it's a branch of Bitcoin, it won't be wrong. As it is based on the same technology and be used the same way as Bitcoin, but it is different from the most famous cryptocurrency.
Briefly definition of Bitcoin Cash?
Bitcoin Cash was created in 2017 from a "fork" in the original Bitcoin blockchain. You can consider it as a branch on a family tree, which can then grow new branches of its own.
Core qualities, Bitcoin Cash, is:
Decentralized and not backed by a bank or government
Processed, validated, and logged on a blockchain
Finite and, therefore, unaffected by inflation.
Ok, So Bitcoin blockchain has significant problems that involved complicated steps like signature data, block size and a technology known as the segregated witness. And believe me, all of it is far beyond the scope of this article as I am trying to simplify the thing as possible.
So, in simple words, Bitcoin outgrew its blockchain. Blockchain is made from small blocks, and that got clogged as Bitcoin's popularity increases. With more people joining the crypto revolution, the system became harder to scale. Transaction times and transaction costs grew so high that Bitcoin's chief mining developer and producers worried about its foreseeability.
They ultimately responded by creating the Hard Fork. Hard Fork is a deviation from the original Bitcoin chain. This new chain is equipped with more giant blocks. It can easily be scaled to accommodate Bitcoin's ever-growing user base.
As a result, processing times significantly speed up and greatly reduced costs more enough to let Bitcoin be used just like cash, hence the name Bitcoin Cash created.
What is the current worth of Bitcoin Cash?
As of April 27, Bitcoin Cash is trading around $864.58. However, when it comes to value and price, it is volatile. If we see the graph from 1-Jan-2021 until today, Bitcoin Cash was trading at $341.99 by today, 27-April-2021 its trading at $864.58. However, ups and downs are there, but it shows an increasing trend, which will go even further.
Is it a good time to invest in Bitcoin Cash?
The short answer is "Absolutely YES," with an ever-growing community and market share. Bitcoin Cash is the future. I hope you liked my little effort to explain BCH. Kindly do share your information about BCH and as each of us is still in process of learning. Sharing is caring. Thanks for your time .