BCH was created through a hard fork in blockchain technology. Its developers hoped that increasing block sizes on Bitcoin’s blockchain would reduce transaction processing times and fees.
BCH strives to become an alternative currency with low transaction fees and quick settlement times compared to traditional bank wires, creating an extremely secure network that supports ecosystem apps such as Cashscript.
What is Bitcoin Cash?
Bitcoin Cash was formed through a hard fork of Bitcoin in 2017, when different developers disagreed about how to improve its blockchain. One group wanted to increase block size while the other believed bigger blocks would slow down Bitcoin network.
BCH’s increased block size enabled more transactions to be processed within each block, thus decreasing transaction fees and processing times as well as speedier confirmation times, thus making BCH an appealing alternative to fiat currencies and other cryptocurrencies.
Like other cryptocurrencies, BCH is mined using a proof-of-work consensus mechanism. Miners compete to solve complex mathematical equations that validate transactions and release new coins; each block they mined earns them Bitcoin Cash tokens with an initial limit set at 21 million coins in circulation.
What is BCH?
Bitcoin Cash (BCH) is a peer-to-peer electronic cash cryptocurrency created in 2017 through a hard fork of the Bitcoin blockchain network. BCH aims to address perceived scalability issues associated with its predecessor by expanding block sizes on its blockchain and offering lower transaction fees.
A typical Bitcoin Cash (BCH) transaction costs less than one cent and almost instantly. It provides an ideal alternative to credit card payments, which can be expensive and take time. Furthermore, BCH provides higher levels of privacy than other cryptocurrencies through its CashShuffle protocol – this shuffles your coins with other holders before being sent directly to another user.
Like its cryptocurrency predecessors, BCH employs a proof-of-work consensus mechanism to validate transactions and release new coins. Miners use computing power to “mine” for BCH; those who successfully complete blocks receive rewards in form of BCH coins as rewards from mining operations. It has 21 million coin supply and similar transaction costs as other cryptocurrencies; however it tends to be pricier than meme-turned-crypto Dogecoin.
Can I Buy and Sell BCH?
Cryptocurrency investors tend to sell their tokens for various reasons: taking profits after reaching their predetermined goals; exchanging BCH for another cryptocurrency or even real-world fiat money; or simply cashing out their investment.
To sell Bitcoin Cash, first sign up with a crypto exchange that accepts it and follow their instructions on their website. In many instances, verification of identity will be necessary before depositing fiat currency into an account and selling off BCH.
Once your funds are in your account, selling Bitcoin Cash (BCH) can be accomplished by selecting a trading pair which reflects how much fiat currency you wish to sell and placing a buy or sell order for that amount. Depending on which method is selected, this process could take anywhere between minutes and several days.
Where Can I Buy BCH?
Cryptocurrency exchanges are one of the best places to purchase BCH. By joining an exchange and passing their Know Your Customer and Anti-Money Laundering verification processes, you’ll be able to buy or sell Bitcoin Cash against fiat currency like dollars or euros.
An exchange provides you with the ability to place limit orders when buying BCH, enabling you to buy cryptocurrency at prices lower than its market price. Limit orders can be especially useful when investing in smaller cryptocurrency such as BCH.
Once you own BCH, it can be used for global peer-to-peer transactions that are virtually undetectable. Merchants love this cryptocurrency because its transaction fees can compare favorably with credit card processing costs. BCH can also be stored securely within your wallet via private key or password protection and donated directly to charities who accept cryptocurrency donations.
