What is Bitcoin Cash?
In recent years, the Bitcoin network has been struggling to cope with an increasing number of transactions. The block size limit has created a bottleneck in Bitcoin, which caused an increase in transaction fees and delays in the processing of transactions. Bitcoin Cash is an updated version of Bitcoin, called to solve the backlog.
It was initially established to become a faster, cheaper, and more reliable version of digital money. Bitcoin Cash usually represents by the BCH symbol; its supporters consider BCH to be the legitimate continuation of the Bitcoin project as peer-to-peer digital cash.
How was Bitcoin Cash Created?
In August 2017, the Bitcoin project and its community diversified into different groups. The group, led by Roger Ver and other Bitcoin community members, created Bitcoin Cash. It became a fork (a copy in a way) of BTC with a bigger block size that allowed processing more transactions per second. At the moment of fork, every Bitcoin owner also became an owner of an equal number of Bitcoin Cash coins.
From the moment of its creation, Bitcoin Cash started from the price of about $240, while Bitcoin's value at that moment was about $2,700. At the moment of writing, the market capitalization of Bitcoin Cash ranks it as #4 of all cryptocurrencies, according to Coinmarketcap.
What Is the Difference Between Bitcoin Cash and Bitcoin?
Bitcoin Cash charges less for transactions (around $0.20 per one), so you potentially save a few bucks when choosing BTC. A BTC transfer can cost about $1 per transaction, although the price used to increase to $25 per transaction.
BCH offers faster transaction speed. This benefit has particular relevance to those who are not ready to wait up to 10 minutes before the Bitcoin transaction verifies.
Bitcoin Cash network can conduct more transactions per unit time. It means that Bitcoin Cash can be used by more people simultaneously then Bitcoin.
How To Buy Bitcoin Cash?
You can buy BCH on exchange services that accept fiat currencies. For instance, on CoinLoan Crypto Exchange. Exchanges connect you to online marketplaces, where you can exchange traditional currencies for digital ones.
To buy your coins, you should first sign up for a digital wallet; then, you can use traditional payment methods such as a bank card or a bank transfer to buy Bitcoin Cash on the marketplace. BCH will be transferred to your Bitcoin Cash wallet.
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