Bitcoin Cash: What Is It, History and How to Buy
Bitcoin Cash is an extension of Bitcoin, one of the most popular cryptocurrencies. It’s considered an “altcoin,” and was created in 2017. More specifically, Bitcoin Cash is a peer-to-peer electronic cash system that can process far more trades than normal Bitcoin. It has low fees and reliable trading systems, while still being a part of the Bitcoin network. It has quickly become an attractive option as a medium of exchange in the cryptocurrency market. If you’re thinking about investing in any type of cryptocurrency, it may be helpful to first talk with a financial advisor.
What Is Bitcoin Cash?
Bitcoin Cash was created in 2017 as a “fork” of Bitcoin. The fork that created it increased the size of its blocks, which are pieces of Bitcoin data that cannot be altered once recorded. This change allowed more transactions to be completed using Bitcoin Cash, which also makes it easier to scale. In 2018, it forked once again, into Bitcoin Cash ABC and Bitcoin Cash SV, which stands for Satoshi Vision.
Bitcoin Cash and Bitcoin still operate on the same blockchain network and consensus mechanism. The supply of Bitcoin Cash is capped at 21 million tokens, which is the same as Bitcoin. As a fork of Bitcoin, it shares a common founder in Satoshi Nakamoto.
How to Buy Bitcoin Cash
Buying Bitcoin Cash isn’t significantly different from buying any other cryptocurrency. In fact, you can actually buy Bitcoin Cash or a crypto wallet directly from Bitcoin. No matter where you get a wallet from, you’ll need to make sure that it supports Bitcoin Cash. Remember that if you use a wallet, don’t forget your password or you may run the risk of losing access to your cryptocurrencies.
When it comes to actually purchasing Bitcoin Cash, you have some other options as well. You can use a traditional cryptocurrency exchange like Kraken or Coinbase, which allows you to buy Bitcoin Cash using a fiat currency like USD. If you own cryptocurrency already and want to exchange it for Bitcoin Cash, you can use platforms like Binance, Poloniex or Bittrex, among others. You also have the option to buy fractional shares of Bitcoin Cash if you don’t have the ability to get a whole token.
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Bitcoin Cash History
Bitcoin Cash: What Is It, History and How to Buy
As noted before, Bitcoin Cash was created as a fork of Bitcoin back in 2017. After that, it further forked itself into Bitcoin Cash ABC and Bitcoin Cash SV. Bitcoin Cash ABC is what’s currently known as Bitcoin Cash. The first fork’s purpose was to increase the size of blocks from 1MB to anywhere up to 32MB. This move was designed to allow quicker and easier transactions since more could fit onto a single block and blocks would be less likely to stack up in a queue.
Bitcoin Cash is designed to be easier to scale, and proponents believe that it could be used as a medium for daily transactions. That was actually the original idea behind Bitcoin before it became what it is today. The proposed average for transactions per block with Bitcoin was up to 1,500, but that number grew almost 25x with Bitcoin Cash