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