What Is Bitcoin Cash

What is Bitcoin Cash?

When Satoshi Nakamoto published the idea of Bitcoin in 2008, it was the first of its kind of digital money that was powered by the community, had low fees, and almost real-time transfer from one account to other. However, when Bitcoin became popular in 2017, and the number of Bitcoin nodes increased, the network became congested, and transactions took a lot more time than anticipated. The fees of the transfer also increased significantly; it was because the block size was 1 MB. That is when Bitcoin Cash was born. On August 1, 2017, the developers initiated a hard fork, which resulted in a new blockchain, which has a block size of 8B. Since its inception, blockchain cash has increased the size to 32 MB.

Bitcoin Cash is a fork of Bitcoin code and everyone who owned Bitcoin at that time automatically also received Bitcoin Cash (BCH).

The key features of Bitcoin Cash are:

  1. Fast
    Transact in seconds. Get confirmed in minutes.
  2. Reliable
    A network that runs without congestion.
  3. Low Fees
    Send money globally for pennies.
  4. Simple
    Easy to use. No hassles.
  5. Stable
    A payment system that's a proven store of value.
  6. Secure
    World's most robust blockchain technology.

Facts about Bitcoin Cash

  1. Ledger started on 3 January 2009
  2. Uses Proof-of-Work with SHA256 hash functions
  3. Block is created every 10 minutes with a block reward of 6.25 BCH
  4. Supply limit is 21,000,000 BCH
  5. Symbol of Bitcoin Cash is BCH
  6. In 2018, another hard fork split Bitcoin Cash into Bitcoin Cash and Bitcoin SV(Santoshi Version).

Bitcoin Cash Node

Bitcoin Cash Node is the blockchain project that powers Bitcoin Cash's digital currency. It is open source and is released under the terms of the MIT license. Bitcoin Cash Node's mission is to produce sound money that can be used by anybody in the world. The project seeks to achieve this goal by developing a series of improvements and protocol changes that will allow peer-to-peer digital currency to expand well beyond its existing constraints. You can read more about it here.

Bitcoin Cash Cryptocurrency

Similar to Bitcoin (BTC) and Ethereum (ETH), Bitcoin Cash (BCH) is a cryptocurrency that is traded on almost every popular crypto exchange.

Is it smart to buy Bitcoin Cash?

Yes, it is smart to buy Bitcoin Cash because of the following reasons:

Send Money Anywhere In The World, Almost for Free

You may transfer money to anyone, anywhere in the globe, 24 hours a day, 365 days a year using Bitcoin Cash. The network is constantly on, much like the Internet. There is no such thing as a little or large transaction. And you don't need anyone's permission or approval to do anything.

Be Your Own Bank and Have Full Control Over Your Money

Banks can make mistakes, hold assets, freeze accounts, and otherwise prohibit you from accessing your own money even in the best of circumstances. Banks can also choose to stop processing your transactions, charge you fees, or cancel your account without notice. Bitcoin Cash offers you complete control over your cash, which you can access from any location on the planet.

A Scarce Digital Currency with a Known, Fixed Supply

The Bitcoin Cash protocol guarantees that no more than 21 million coins will ever exist. Governments create money out of thin air regularly, increasing the supply and depreciating everyone's savings. Because Bitcoin Cash has a limited quantity, it is considered sound money.

Increase Your Privacy and Operate Anonymously

Because it's difficult to identify who holds a Bitcoin address, Bitcoin Cash offers more privacy and anonymity than traditional payment systems like bank transfers and credit card payments. Depending on how Bitcoin Cash is utilized, it provides varying amounts of anonymity. Before utilizing BCH for privacy, it's critical to educate oneself properly.

Enjoy Exclusive Discounts

Because Bitcoin Cash removes credit card costs and aids in the adoption of this new payment system, many retailers give discounts for using it.

Token Ecosystem

Using a blockchain to store and manage tokens gives more transparency and integrity than traditional asset accounting and trade. Token protocols that power a range of applications are supported by Bitcoin Cash, and it is simple to establish your own token-backed projects.

Support Freedom Worldwide

Bitcoin Cash is a decentralized, permissionless network. It gives you the freedom to interact with your fellow humans without being bothered. It's non-aggressive, decentralized, and optional. Old power structures will dissolve as consumption rises, while new ideas will flourish. It has the potential to bring in the world's biggest nonviolent revolution.

Why merchants/startups should use BCH for transactions?

Ultra-Low Fees

A typical Bitcoin Cash transaction has a network charge of less than one cent. If you wish to exchange your BCH for fiat currency, like US dollars, you may do so through merchant processors at a significantly cheaper cost than credit card processing.

No Chargebacks

There are no automatic voids, refunds, chargebacks, or any unforeseen penalties like there are with credit cards. The solution includes fraud prevention at no cost to the merchant.

New Customers

An increasing number of customers are opting for Bitcoin Cash as their preferred way of payment. They actively seek out merchants who accept this kind of payment.

Free Marketing and Press

Merchants may earn free listings in online and app directories by taking Bitcoin Cash, bringing in even more consumers. They may also benefit from this new trend by generating press for their company.

Is Bitcoin Cash different from 'Bitcoin'?

Yes. Bitcoin Cash is the continuation of the Bitcoin project as peer-to-peer digital cash. It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale.

Bitcoin cash, unlike bitcoin, has its own hash algorithm. The prospect of a replay between the two blockchains is therefore eliminated. If bitcoin cash divides in the future, there is a replay and wipeout safety mechanism in place. Both chains are thought to be able to coexist with little interruption to all parties involved if a fork occurs.

Some of the differences are as follows:

  1. The transaction fees of Bitcoin Cash are lower than those of Bitcoin.
  2. BCH is faster in transferring data. Then you won't have to wait for a Bitcoin transaction to be confirmed for 10 minutes!
  3. BCH has a greater per-second transaction rate. This means that more people may use BCH at the same time than BTC.
  4. Consumer confidence in Bitcoin Cash is not as high as it is in Bitcoin. BCH has considerably fewer trading pairs than BTC, which makes it less tradeable than Bitcoin.

If I own Bitcoin, do I automatically own Bitcoin Cash too?

Yes. Because Bitcoin Cash is a fork of the ledger, that means you own the same amount of Bitcoin Cash as you did Bitcoin at the time of the forking block. However, if your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your cash.

Why was a fork necessary to create Bitcoin Cash?

The legacy Bitcoin code had a maximum limit of 1MB of data per block, or about 3 transactions per second. Although technically simple to raise this limit, the community could not reach a consensus, even after years of debate.’

Which Development Team is In Charge of Bitcoin Cash?

Unlike the previous situation in Bitcoin, there is no single development team for Bitcoin Cash. There are now multiple independent teams of developers.

How can I contribute to BCH?

The bitcoincashresearch.org website is an excellent place to post suggestions for modifications that need collaboration across development teams. It is suggested that people seeking to make improvements to the Bitcoin Cash protocol seek early peer-review and collaborate with other developers.

From where I can buy BCH?

You can buy bitcoin cash from any of the exchanges like Binance, WazirX, etc. You may buy BCH using your local fiat money or trade it for other cryptocurrencies like bitcoin and ethereum.

Some of the exchanges from which you can buy and sell BCH are:

What is Bitcoin cash used for?

It is a cryptocurrency that can be used to buy, sell and trade. It can be used as an alternative to physical currency. You can use to buy products from

  1. Microsoft
  2. Overstock
  3. Dish Network
  4. Subway
  5. All SHOPIFY sites

What are BCH nodes?

A Bitcoin full node is a software that enables sophisticated users and companies to validate transactions and blocks on their preferred blockchain. Read-only access to the blockchain is provided by running a complete node. It does not grant you control over the network; rather, it allows you to observe it.

Given below are the Bitcoin Cash Full Nodes

Where to store Bitcoin Cash?

A blockchain wallet is a type of digital wallet that stores and manages bitcoin and ether. A blockchain wallet lets users send and receive cryptocurrencies, as well as convert them back into their home currency.

Bitcoin cash can be stored in any cold or hot wallets. Some of the Bitcoin Cash Wallets are as follows:

References

https://bitcoincash.org/