Bitcoin cash (BCH ticker symbol) is a cryptocurrency which is developed as a split or variation of the Bitcoins. The need to develop such fork was developed when it was identified that bitcoin has a low block size and the number of transactions processing in a given point of time were low. The other currencies launched offering more block size and thus, Bitcoin cash was launched to overcome several weaknesses in bitcoin.
Apart from block sizes, there are other aspects of Bitcoins which are covered up with Bitcoin cash. This new version of bitcoins has simply resolved many issues while making the Bitcoins very powerful.
What is Bitcoin cash?
Bitcoins had a block size which was not able to process transactions quickly and it took around 10 minutes for a transaction to get processed the other hand, Bitcoin cash was released with a block size of 8 MB which allows quick and speedy transactions. Current block time for it is 10 minutes.
A lot of changes were made in the code for improving the block size and promising scalability. It was launched in 2017 as a fork for bitcoins and in the beginning got a huge acceptance from exchanges.
Some important details of Bitcoin cash at the time of writing:
Market capital: $29,128,720,805
Current price: $1.742.62
Total coins: 21M
Bitcoin cash price changes during august
What is new with Bitcoin cash?
Bitcoin cash is developed as a new version of bitcoins which covers the issues in Bitcoins. This coin ensures new features like increased block size for speedy transactions, low transaction fees, wallet security with hashing functions, algorithms to promote easy and smooth migration from bitcoins to bitcoin cash. It is peer-to-peer electronic cash which is distributed among users and miners.
It is now empowered with better hashing functions, better algorithms which provide all the features missing in Bitcoins.
New improved features of Bitcoin Cash:
- It offers a block size of 8MB which allows more transactions to take place at a single point of time
- There are no scalability or performance issues
- The transaction fees which was a huge issue in bitcoin has been overcome with bitcoin cash
- Better wallet security and storage
- It is a very reliable and robust block chain technology
- Easy migration from bitcoin to bitcoin cash
What if you already own a bitcoin?
If you already have bitcoins, there are certain advantages for you. Previously, there were some debates and discussions made over the originality of bitcoin cash. First it was thought as a scam or unoriginal fork which can get diminished. However, it is a permanent for which is launched to enhance the features and improve the weaknesses of bitcoin.
Having a bitcoin is a benefit for you in 2 ways explained below:
- If you have a bitcoin it directly means that you also have bitcoin cash. This is an original fork and thus, whatever is in the ledger of bitcoins is in the ledger of the bitcoin cash. However, if you have your bitcoin cash stored with exchange firm, there are chances that they may not give you your bitcoin cash!
- Instead of exchanging the cryptocurrency, you can get low cost transactions and scalable transactions while migrating into bitcoin cash easily. Thus, bitcoin holders who have direct access to their private keys and had account in the exchanges which support bitcoin cash will be easily be able to get the same amount of bitcoin cash as bitcoins.
This way, the bitcoin holders will have doubled cryptocurrencies and the same balance which was before the split.
Who supports Bitcoin cash?
When it was declared that the some exchanges may not give bitcoin cash to the bitcoin holders and some exchanges will not support it, bitcoin holders were in a threat. However, there are some strong players in the market who decided to fully supported this split. Here are some of the supporters of bitcoin cash.
Winning points for bitcoin cash:
- If you already have bitcoins, it means you directly have bitcoin cash. This is a win win situation for all the similar users
- It has achieved the third rank in very little time. It ranks 4th after bitcoin, etherium and ripple which also makes it more reliable
- If you were looking for exchanging bitcoins for more block chain and low prices, it’s easy as easy migration is followed.
- It is a robust and secure crytocurrency which won’t allow wipe-outs
- If you already have a bitcoin, you get free coins so check your exchange
- Pool members can mine the currency and get complete rewards with no fees
- The exchanges where you have your bitcoins may not support bitcoin cash and refuse to give you the bitcoins
- There are obligations that it may get wipe-out
- Many of the exchanges are not supporting bitcoin cash
- Not growing at the speed of bitcoin
If you already have bitcoins, you just get the bitcoin cash without any purchases which is a great advantage. There are possibilities that it may develop opportunities for trading and business purposes where you get free cash to use. If you don’t have this cryptocurrency yet, we suggest analysing the growth and potential of it first and then investing in it.