The first cryptocurrency, despite its popularity and high price, has a significant drawback - it's low transaction processing speed. The fact is that BTC blocks have a limit of 1 MB, which reduces the throughput of the system with a large number of one-time transactions.
Bitcoin Cash cryptocurrency has blocks with increased size (up to 8 MB), which in the long run guarantees a high speed of transaction processing. This is exactly what the #1 cryptocurrency lacks, the developers of BCH believe, assuring the entire cryptocurrency world that the hour will come and it will be their digital money system that will become the very real Bitcoin.
Bitcoin Cash cryptocurrency has blocks with increased size (up to 8 MB), which in the long run guarantees a high speed of transaction processing. This is exactly what the #1 cryptocurrency lacks, the developers of BCH believe, assuring the entire cryptocurrency world that the hour will come and it will be their digital money system that will become the very real Bitcoin.
What kind of cryptocurrency is Bitcoin Cash?
Bitcoin Cash is a fork of Bitcoin. The fork phenomenon in the crypto world has been around since the very beginning, when the first digital currency first appeared. In fact, most current cryptocurrencies are forks of the original Bitcoin, because the main coin has open source code, which means that any programmer versed in this area can create their own network of digital money based on this code.
This is what happened with Bitcoin - the creators of Bitcoin Cash were enterprising Chinese people who own mining farms in Hong Kong. The magic word Bitcoin in front of the prefix Cash had the effect of an exploding bomb. This was only possible because Bitcoin has no owner (it is decentralized) and is not a registered trademark, which means that any developers can call their cryptocurrency Bitcoin and add an attractive prefix. Therefore, in addition to Bitcoin Cash, a fork such as Bitcoin Gold appeared.
It is noteworthy that Bitcoin owners received the same amount of Bitcoin Cash coins on the day the new cryptocurrency network was launched. This was a kind of marketing move of the developers of BCH - the new cryptocurrency immediately went into circulation. Many exchanges accepted Bitcoin Cash, with some, for ideological reasons, initially refused to recognize the cryptocurrency. But at the moment, the cryptocurrency is present on all exchanges, in addition, Bitcoin cash wallet supports a huge number of multi-currency services.
This is what happened with Bitcoin - the creators of Bitcoin Cash were enterprising Chinese people who own mining farms in Hong Kong. The magic word Bitcoin in front of the prefix Cash had the effect of an exploding bomb. This was only possible because Bitcoin has no owner (it is decentralized) and is not a registered trademark, which means that any developers can call their cryptocurrency Bitcoin and add an attractive prefix. Therefore, in addition to Bitcoin Cash, a fork such as Bitcoin Gold appeared.
It is noteworthy that Bitcoin owners received the same amount of Bitcoin Cash coins on the day the new cryptocurrency network was launched. This was a kind of marketing move of the developers of BCH - the new cryptocurrency immediately went into circulation. Many exchanges accepted Bitcoin Cash, with some, for ideological reasons, initially refused to recognize the cryptocurrency. But at the moment, the cryptocurrency is present on all exchanges, in addition, Bitcoin cash wallet supports a huge number of multi-currency services.
How to get BCH ?
There are several ways to get Bitcoin Cash:
1 -Buying on a cryptocurrency exchange. You can buy Bitcoin Cash on many cryptocurrency exchanges such as Binance, Kraken, Coinbase, Bitfinex, etc. To do this, you need to register on the exchange of your choice, verify your account and buy BCH, using fiat money or other cryptocurrency.
2 -Mining. You can mine Bitcoin Cash using your computer's processing power or specialized equipment such as ASIC-mainers. But this requires expertise in mining and the appropriate equipment.
3 -Receiving BCH as payment. If you offer goods or services, you can accept Bitcoin Cash as payment. To do this, you need to provide your BCH address, which will allow customers to transfer Bitcoin Cash to you.
4 -Receiving as a gift or incentive. Bitcoin Cash can be sent to you as a gift from friends or colleagues, or you can receive BCH as a reward for participating in activities or completing tasks.
Once you receive Bitcoin Cash, you can store it in a cryptocurrency wallet that supports BCH.
1 -Buying on a cryptocurrency exchange. You can buy Bitcoin Cash on many cryptocurrency exchanges such as Binance, Kraken, Coinbase, Bitfinex, etc. To do this, you need to register on the exchange of your choice, verify your account and buy BCH, using fiat money or other cryptocurrency.
2 -Mining. You can mine Bitcoin Cash using your computer's processing power or specialized equipment such as ASIC-mainers. But this requires expertise in mining and the appropriate equipment.
3 -Receiving BCH as payment. If you offer goods or services, you can accept Bitcoin Cash as payment. To do this, you need to provide your BCH address, which will allow customers to transfer Bitcoin Cash to you.
4 -Receiving as a gift or incentive. Bitcoin Cash can be sent to you as a gift from friends or colleagues, or you can receive BCH as a reward for participating in activities or completing tasks.
Once you receive Bitcoin Cash, you can store it in a cryptocurrency wallet that supports BCH.
Prospects for Bitcoin cash
As mentioned above, Bitcoin Cash was initially greeted negatively by the cryptocurrency community. After the appearance of the fork, most Bitcoin owners, who received free coins, immediately poured the "gifts". However, the Bitcoin cash development team managed to bring their brainchild to the top, and the cryptocurrency holds a strong position there.
Many experts agree that the change of Bitcoin cash exchange rate is caused by their own developers. Having most of the coins in their hands, they are able to arrange a rush at the right moments and take the cream in the form of huge monetary profits. At the same time, the cryptocurrency stays in sight, having corrected to comfortable marks, and, waiting for the next occasion for growth.
To give a prediction of the Bitcoin cash rate, just look at the chart of the original bitcoin. BTC curve moves by the principle "rise -> correction -> rise" and so on. The fork essentially duplicates that movement. A number of predictions suggest that the original Bitcoin will continue to rise, which means there will be a correction. Hence, one can give a positive outlook for Bitcoin cash for 2020. If we talk about the prospects of Bitcoin cash in general, at the moment this cryptocurrency is more of a speculative tool than a truly valuable class of digital money.
Many experts agree that the change of Bitcoin cash exchange rate is caused by their own developers. Having most of the coins in their hands, they are able to arrange a rush at the right moments and take the cream in the form of huge monetary profits. At the same time, the cryptocurrency stays in sight, having corrected to comfortable marks, and, waiting for the next occasion for growth.
To give a prediction of the Bitcoin cash rate, just look at the chart of the original bitcoin. BTC curve moves by the principle "rise -> correction -> rise" and so on. The fork essentially duplicates that movement. A number of predictions suggest that the original Bitcoin will continue to rise, which means there will be a correction. Hence, one can give a positive outlook for Bitcoin cash for 2020. If we talk about the prospects of Bitcoin cash in general, at the moment this cryptocurrency is more of a speculative tool than a truly valuable class of digital money.