Bitcoin Cash (BCH) is another cryptocurrency that came into existence in the year 2017. It was a fork of bitcoin. Bitcoin cash led to the increase in the size of blocks which eventually allowed more transactions to be processed and also improved the scalability.
This cryptocurrency underwent another fork in 2018 and separated into Bitcoin Cash SV (Satoshi Vision) and Bitcoin Cash ABC. This cryptocurrency utilizes the original Bitcoin cash client, thus the name Bitcoin Cash.
Although there are many philosophical differences between Bitcoin (BTC) and Bitcoin Cash (BCH), the cryptocurrencies do share a lot of similarities from a technical aspect. The same consensus mechanism is used by both and the supply is capped at 21 million.
Basics of Bitcoin Cash
The difference between Bitcoin Cash and Bitcoin is philosophical. Bitcoin was developed for peer-to-peer transactions. It gained a lot of mainstream traction in recent years which led to a rise in its value. This turned Bitcoin into a currency rather than an investment vehicle. There were scalability issues with the blockchain technology used behind Bitcoin since it could not handle an increased number of transactions. This led to a surge in fees and time required for a Bitcoin transaction. Transactions would often queue up, due to the inability of the blocks to handle increased traction size.
The remedy to this issue was proposed by Bitcoin Cash (BCH). It increased the block size from 8 MB to 32 MB. This enabled the processing of more transactions per block. Earlier each block could handle an average of 1500 transactions. However, the number of transactions on Bitcoin Cash’s blockchain surged to 25000 per block.
Why buy Bitcoin Cash
Before an investment is done in any cryptocurrency it is significant to understand the value it stores. The value stored in any cryptocurrency decides the future value. The cryptocurrency receives its value from several factors such as scalability, utility, and liquidity. Here is Why Bitcoin Cash (BCH) should be bought.
Transaction rate Bitcoin Cash can process transactions at a faster rate than Bitcoin.
Liquidity & Usability: Although Bitcoin is the world’s largest cryptocurrency in terms of market capitalization Bitcoin Cash also has good liquidity and real-world usability.
3 Random facts about Bitcoin Cash
-Bitcoin Cash was founded by Bitcoin miners.
-Bitcoin Cash blocks have space up to 32 MB.
-The transaction fee is consistently below $0.01
Bitcoin Cash price trends
|Bitcoin Cash (Year closing price)||$2,442.08||$209.44||$563.07|
|Bitcoin Cash (ATL)||$439||$116.86||$388.9|
How to buy Bitcoin Cash (BCH) on CoinDCX
Three steps to Buy Bitcoin Cash (BCH) on CoinDCX platform
- Sign up to the CoinDCX account
Enter a valid email id and username while signing up for the account. Once the email is verified enter a strong password to secure the account.
- KYC verification
CoinDCX ensures the authenticity of its users with KYC verification. This ensures access to all the cryptocurrencies listed on the platform. The first step is to submit the required documents. The entire verification is done in less than 15 minutes.
- Buy Bitcoin Cash
After all the documents are verified, a certain amount of fiat currency is required to buy the BCH coins. The transaction is completed within minutes.