In this article, we will introduce the Digital currency Bitcoin Cash (BCH). In August 2017, one of the developers and creators of Bitcoin Cash named Roger Keith Ver introduced new cryptography to the cryptocurrency world. A digital blockchain-based digital currency is a kind of Bitcoin branch. Bitcoin Cash transaction fees have always been discussed Because, in the case of Bitcoin, no more than seven transactions can be processed per second. By increasing the size of the blocks, Bitcoin Cash made it possible to process more transactions and improve scalability. You can Buy VPS servers available in NeuronVM for trading.
What is the Digital currency Bitcoin Cash (BCH)?
Bitcoin Cash is a type of digital currency known as “peer-to-peer electronic cash” and is a hard fork of Bitcoin. The acronym for this currency is BCH. Bitcoin Cash seeks to popularize cash as it offers more speed than Bitcoin. This digital currency is a fork or a branch of Bitcoin. The birth of Bitcoin Cash goes back to the creation of the 478,559 Bitcoin blockchain. In fact, the problem of scalability or slowness of transactions and the rising trend of commissions in the Bitcoin network led to this.
Bitcoin Cash Advantages and Disadvantages
Bitcoin Cash was created as a result of a hard fork of Bitcoin. This means that Bitcoin Cash is a peer-to-peer, decentralized network that no organization controls and does not need a third party. In addition to the similarities, there are fundamental differences between the two currency codes.
1. Block size
One of the most popular cryptocurrency issues was that transactions were processed at a slow pace. This resulted in a 1MB limit for the size of each block. The SegWit2x protocol was intended to increase the block size limit to 2MB. Bitcoin Cash does not have SegWit and initially had an 8MB block size limit in 2017, which allows it to process transactions much faster. This limit was increased to 32MB in 2018.
2. Transaction fee
Bitcoin Cash has a cheaper transaction fee (about $0.2 per transaction), so doing transactions at BCH saves your money over using BTC.
3. Transaction speed
BCH is much faster than Bitcoin. Therefore, you do not have to wait 10 minutes to confirm any transaction such as Bitcoin. Of course, the volume of Bitcoin Cash transfers is not as large as Bitcoin, and it is not clear whether if Bitcoin Cash has such a high volume, it can still have a high speed in confirming the transaction or not.
Bitcoin Cash has a different hashing algorithm than Bitcoin. This means that communication between the two blockchains is no longer possible.
Bitcoin Cash does not have as much investor confidence as Bitcoin. Also, its acceptance and penetration are much lower than Bitcoin.
6. Number of Miners
Mining Bitcoin Cash is relatively similar to Bitcoin mining. This means that the person who mines Bitcoin Cash earns much less profit than the person who mines Bitcoin with the same equipment. Because of this, Bitcoin has many miners and is a completely decentralized network. But Bitcoin Cash does not have many miners, so it has a more centralized network.
How to Buy and Sell Bitcoin Cash
You can buy Bitcoin Cash using one of the following methods:
1) Direct purchase from online digital currency exchange
2) Buy from a trusted person
3) Shopping through the P2P platform
You can use one of the following methods to sell Bitcoin Cash:
1) Direct sales through an exchange
2) Direct sales to individuals
3) Sales to individuals through the P2P platform
How to create a Bitcoin Cash wallet
The two main ways to create a Bitcoin Cash wallet are:
1- Install an app on your desktop or mobile device
2- Create an account with a cryptocurrency exchange
There are a wide variety of Bitcoin Cash wallets to choose from. However, not all are created equal. In some cases, the wallet provider actually controls your Bitcoin Cash and restricts your financial freedom.
The following wallets support Bitcoin Cash digital currency along with other cryptocurrencies:
1) Trust Software wallet
2) Coinomi Software wallet
3) Trezor Hardware wallet
4) Ledger Hardware wallet
This article introduced the Digital currency Bitcoin Cash (BCH). Also with this tutorial, you learned the advantages and disadvantages of Bitcoin Cash compared to Bitcoin, how to buy and sell it, and how to create a Bitcoin Cash wallet.