Bitcoin Cash

$301.71

BCH -0.43%

Bitcoin Cash

Peer-to-Peer Electronic Cash

Bitcoin Cash is a permissionless, decentralized cryptocurrency, offering peer-to-peer cash transactions. Bitcoin Cash uses no middlemen and no central bank. 

How is Bitcoin Cash different from Bitcoin? 

To make sure transactions are accurate, so called “miners” run their computers to verify blocks of code with increasing difficulty and reward. The time it takes for miners to verify transactions on the Bitcoin network is the time it will take to send an amount of Bitcoin to another person/wallet. 

With more and more transactions on the Bitcoin network, the time to make an transaction has gone up. This conflicts with the purpose of Bitcoin being used as a payment method, as you would have to wait up to nine minutes for your transaction to go through (as of June 2020). 

Bitcoin Cash was created by Bitcoin miners that saw this problem. The miners saw Bitcoins potential as a global currency, but decided that the high transaction times and fees would not help Bitcoin develop into its full potential. 

Bitcoin Cash is build upon the original Bitcoin whitepaper, but solves the issues of slow transaction times and high fees by decreasing the difficulty for verifying transactions, as well as handeling more data pr. transaction.

Uses

Trade and money transfers

Bitcoin Cash lets you send money to anyone in the world without the need of middlemen such as banks and financial institutions. The Bitcoin Cash network verifies transactions in seconds and has fees as low as a few pennies. 

Control your own money

Bitcoin Cash lets you be in control of your own money. Traditional banks can make mistakes, freeze you accounts and hold your funds. Furthermore banks can increase their fees as the please, gain control of your account and in other ways block your accessibility to your own money. 

With Bitcoin Cash you are your own bank. No one can interfere with your funds, and you can transfer them as you please. 

Fixed supply

Bitcoin Cash has a fixed supply, meaning there will never exist more than 21 million coins. This prevents anyone from continually  printing new money, thous inflating and devaluing your funds. 

 

Pros and Cons

Pros

    • Very low fees
    • Fast transaction times
    • Greater anonymity than traditional currencies
    • Proved and testet crypto currency 

Cons

    • Not widely accepted as payment method
    • Not fully anonymous transactions

Where to buy Bitcoin Cash

Bitcoin Cash can be bought and sold on many different websites. When choosing where to buy your Bitcoin Cash, you should always consider the security of the company you choose to deal with.

With more than 35 million users, Coinbase is a proven and trusted place to invest in cryptocurrencies.

 

Risk Disclaimer

Trading involves substantial risk and there is always the potential for loss. All content on this website is for educational and informational purposes only and is not trading, investment, or medical advice. You should be aware of the risks associated with trading and seek advice from an independent certified financial adviser if you have any doubts. 

Affiliate Link Disclaimer

Some links on this page might be affiliate links, where we get a small commission if you purchase through the link. It doesn’t cost you anything extra. 

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