If you are into cryptocurrency, chances are that you have come across Bitcoin Cash (BCH). BCH was created from a hard fork of the original Bitcoin blockchain and boasts many of the same characteristics of decentralization and censorship resistance found within its predecessor network, while also boasting faster transaction speeds and lower fees than its original version.
Bitcoin Cash emerged out of a disagreement among developers regarding how best to address growing issues with the Bitcoin blockchain, most specifically processing capacity issues. This disagreement led to a fork in August 2017, whereby both Bitcoin and Bitcoin Cash networks split apart, with BCH coins distributed among BTC holders at that time of division.
Bitcoin Cash stands out from Bitcoin due to its larger block size limit of 32MB; Bitcoin itself has an initial block size limit of 1MB. As a result, BCH allows more transactions per timeframe compared with its counterpart.
While it’s too soon to know for certain, many believe larger blocks could pave the way for new applications that rely on fast confirmations and low fees – including social media websites where every post must be published on the blockchain and would therefore not be feasible to run on Bitcoin alone.
Bitcoin Cash also boasts increased capacity and privacy than its original blockchain, known as “coin mixing.” Coin mixing involves bundling transactions together to obscure where funds come from; this technique is popularly used against cybercrime.
To purchase Bitcoin Cash (BCH), first open an account at a reputable cryptocurrency exchange that supports trading of BCH. Next, deposit USD or another supported currency into your account so as to fund your purchase of BCH and store or trade for other cryptocurrencies with it in a wallet.
Some Bitcoin users remain faithful to the original blockchain and do not wish to move over to one with a smaller max block size, preferring instead solutions such as Lightning Network as an effective means of speeding transactions without changing to a different blockchain. Yet investors who see potential in Bitcoin Cash have already begun shifting their portfolios accordingly – driving its price up significantly and prompting speculation regarding it’s future value. It is crucial that you conduct thorough research before deciding if investing in it.
