What is Bitcoin Cash? Bitcoin Cash is a blockchain that is basically similar to Bitcoin but with some key differences. In this article, you can access answers to frequently asked questions such as what is Bitcoin Cash, what it offers, what is BCH, what it does and how to get it. As Kriptokoin.com, we have prepared it for our curious readers. Let’s examine the project together.
How did Bitcoin Cash originate?
The leading cryptocurrency, Bitcoin, was designed in such a way that no group or individual could control it. In this decentralized network, BTC holders made the decisions. However, BTC holders do not always agree with the decisions they think are right for the platform. Because of such disagreements, over 100 forks have emerged in Bitcoin. Most of these forks did not result in the creation of new Blockchains. But Bitcoin Cash, a hard fork of Bitcoin, got its own Blockchain. Accordingly, Bitcoin Cash is a different blockchain that comes from the same root as Bitcoin. Additionally, it is currently among the most popular among BTC forks.
What is Bitcoin Cash?
Bitcoin Cash is a modified version of the leading cryptocurrency Bitcoin. It has its own blockchain. It also works almost the same as BTC. However, it has a few notable features that set it apart from the leading cryptocurrency. The biggest difference is related to the block size. That is, how much transaction information a single block in each chain can process. Accordingly, Bitcoin Cash processes 32 times more information than its predecessor Bitcoin. As a result, Bitcoin Cash transactions tend to be faster and have lower fees. Speed and efficiency are also reflected in mining power. In the network using the Proof-of-Work consensus mechanism, less power is required for mining than Bitcoin. Therefore, the network is considered to be less secure than BTC.
What does the ecosystem offer?
Bitcoin Cash shares many of the same features as Bitcoin. Accordingly, the network is decentralized, open source and transparent. Also like BTC, it uses the Proof-of-Work consensus mechanism. Proof-of-Work has been on the regulators’ radar lately due to its heavy power consumption. Therefore, it can be considered as a negative feature. Additionally, Bitcoin Cash is notable for offering higher speeds and lower fees than Bitcoin. Although BTC is more popular, there are not few people who believe that BCH fits better with the Bitcoin vision.
What is BCH? What does it do?
BCH is the native cryptocurrency of the Bitcoin Cash network. BCH can be used just like Bitcoin. Chief among these use cases is being a store of value. As it is known, BTC is defined as “digital gold” by experts. BCH can also be used as a value storage tool in this context. However, Bitcoin Cash is EVM (Ethereum Virtual Machine) compatible. In other words, smart contracts that can run on Ethereum can also work in the BCH ecosystem.
BCH is 32 times faster than BTC, but with lower fees for this speed. Therefore, it makes it easier to pay with cryptocurrencies. Thus, it can be said to be a better payment method than BTC. Finally, BCH is a minable cryptocurrency. Users can compete with other miners with their computers with high processing power. The hardware that processes the transaction first gets the BCH award.
What is Bitcoin Cash? How to buy BCH?
Investors interested in the Bitcoin Cash project should find exchanges where BCH is listed. Among these exchanges, Binance, OKX, Bitget, Bybit and MEXC are currently prominent. Investors who want to buy BCH coins should be a member of one of these exchanges. Then they must load an asset suitable for BCH parities in their wallet and place a purchase order for the cryptocurrency.
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