Bitcoin Cash an offshoot of Bitcoin and is a peer to peer digital currency for the internet which is fully decentralized, thus requiring no banks or third parties for them to function. The sole purpose of Bitcoin Cash is to increase the number of transactions which can take place in the Bitcoin Blockchain.
Bitcoin Cash also functions as a payment network too, and as such, it is very similar to how Bitcoin operates. With Bitcoin Cash, you will be able to send money to anyone, anywhere in the world for little to no transaction costs irrespective of the size of the transactions.
Bitcoin Cash is also fully decentralized and autonomous therefore you are the sole owner of your money, and thus you have full control of the funds and can access them anytime and anywhere you want. At its core Bitcoin Cash carries with it all the principles and values that Bitcoin posses but it has made it more scalable.
Bitcoin Cash was released in August 2017, and it spawned from the original Bitcoin which was introduced in 2009. As Bitcoin started gained popularity and momentum, the amount of time taken to complete a transaction became slower and slower, thus making the process of transaction significantly expensive.
To improve the technology behind Bitcoin, the idea of increasing the block size came into being and therefore this idea was adopted and came to be known as Bitcoin Cash.
The technology behind Bitcoin Cash is very similar to Bitcoin and it came with only 21 million coins as well. With developers, the main goal of Bitcoin Cash is for it to be used as a Payment system just as with Bitcoin.
Thus, just like Bitcoin, Bitcoin Cash also allows its users to send and receive money from anyone, anywhere around the world, without the need for third parties. What makes it different is that the transaction speeds are much faster and the transaction fees are also significantly lower too. Bitcoin Cash, though still in its initial stages, has performed well and has gained popularity amongst the masses.
To use Bitcoin Cash you need to possess Bitcoin Cash which should be stored in a Bitcoin Cash Wallet. Your Bitcoin Cash Wallet consists of two sets of numbers and letters in random form, with the first set being your Wallet's public address and the other set is your Private Key.
Your Wallet's Public Address will be used by others to send Bitcoin Cash to you, whereas your Private Keys gives you access to your Bitcoin Cash and is also used for signing off your transactions.
After you have stored your Bitcoin Cash in your Bitcoin Cash Wallet, you will be able to use them, by providing your wallet address to others for payment and your private key will be used for completing transactions from your end.
Bitcoin Cash being an offshoot of Bitcoin carries with it many features of Bitcoin while adding some additional features as well. As such the features of Bitcoin Cash are highlighted below:
These are some the best features of Bitcoin Cash, now let us look into the benefits that Bitcoin Cash offers.
Bitcoin Cash just like any other cryptocurrency can be bought from an exchange which accepts Bitcoin Cash. Before you start buying Bitcoin Cash, a Bitcoin Cash Wallet is a pre-requisite which will be used for storing your Bitcoin Cash. You can buy Bitcoin Cash using your credit and debit cards, and some of the most popular exchanges are Kraken, Bittrex, Cointree, Coinmama, Changelly and Coinbase.
Source: coinnounce - 3 hours ago
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Source: dailyhodl - 5 hours ago
Vitalik Buterin believes Bitcoin Cash could be the ideal existing blockchain to serve as a data layer for Ethereum. Ethereum, along with other blockchain platforms, has notoriously suffered from scalability problems, with a chain that can process about 15-20 transactions per second. In a blog post published on Friday, the Ethereum co-founder lays out the […]The post Ethereum’s Vitalik Buterin Explores Integration With Bitcoin Cash appeared first on The Daily Hodl.
Source: cryptoslate - 5 hours ago
The co-founder of Ethereum, Vitalik Buterin, proposed using Bitcoin Cash as a short-term solution for adding a data availability layer to Ethereum. However, Buterin’s proposal was quickly met with heavy criticism, with many pointing out how seriously flawed the idea was. Ethereum’s search for new scalability solutions The search for the ultimate scalability solution has […]The post Vitalik Buterin proposes using Bitcoin Cash as Ethereum’s data layer appeared first on CryptoSlate.
Source: bitcoin.com - 6 hours ago
Bitcoin.com wallet, the official wallet of Bitcoin.com, has joined the Foundation for Interwallet Operability (FIO) in a move that will assist the wave of new users who are expected to join cryptocurrency markets as a result of June’s recent coin and token price increase.The post PR: Bitcoin.com Wallet Joins Blockchain Consortium FIO appeared first on Bitcoin News.
Source: cryptoslate - 8 hours ago
Despite an initial difference in mining speed between the two Bitcoin forks, an increase in BTC’s hashpower has been steadily narrowing Bitcoin’s supply lead. If Bitcoin continues to outpace Bitcoin Cash, the two could halve at around the same time. Incredibly fast BCH mining leaves Bitcoin in the dust Ever since it forked back in […]The post Growing hashpower means Bitcoin and Bitcoin Cash could halve at the same time appeared first on CryptoSlate.
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