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What is Bitcoin Cash?

Bitcoin is the father of the cryptocurrency world, and many individuals believe in it. It does, however, have many drawbacks to consider. The development team can resolve them, but only under one condition: disregard certain system principles.

What is Bitcoin Cash? iBase Trading.
iBase Trading Crypto News

Bitcoin is the father of the cryptocurrency world, and many individuals believe in it. It does, however, have many drawbacks to consider. The development team can resolve them, but only under one condition: disregard certain system principles.

Due to their aversion to doing so, several parties organized a strong opposition and began working on the BTC hard fork. As a result, BCH became available. Throughout its development, cryptocurrency forums flooded with inquiries such as “What is Bitcoin Cash?” “What benefits may it provide?” and “Will it dethrone Bitcoin?”

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Today, BCH has been around for 2.5 years, and many cryptocurrency users are familiar with it. However, if you’re new to the cryptocurrency sector, you may have no idea what it is.

Bitcoin vs. Bitcoin Cash

Bitcoin Cash, like Bitcoin, is a decentralized peer-to-peer payment network. There is one significant distinction: Bitcoin was established from the ground up, whereas BCH is a hard fork. It means that significant changes were made to Bitcoin’s code, preventing the old and new blockchain versions from coexisting in the same system. It is why Bitcoin Cash emerged on the Bitcoin platform.

While forks are typical in cryptocurrencies, barely 90% of the community approved this development. Bitcoin Cash emerged as a result of a disagreement between two groups of developers on how to improve Bitcoin.

Eight Bitcoin splits occurred. The most successful of them all is BCH.

At the time, the Bitcoin community was large, and the notion that everyone would abandon the old network in favor of the new was simply untenable. Due to several conflicts among the bitcoin industry, BTC and BCH exist concurrently.

Amaury Setchet is the primary developer of Bitcoin Cash. However, he did not propose the hard fork. He obtained the concept from a Bitmain team member. He began his research after receiving funding from the Bitcoin Development team. Amaury was a part of the Facebook development team before entering the cryptocurrency realm but well-versed in digital currency.

On August 1, 2017, Bitcoin Cash was introduced. However, work began well in advance of the launch in Spring 2017, as Bitcoin encountered an increasing number of challenges. SegWit’s soft fork occurred. However, it did not resolve the issue.

When BCH was introduced, the block size was limited to 8 MB; however, developers enabled it to increase. Why? Because of BTC’s tiny block size, transactions become slower and more expensive. If you use bitcoin, the block size is always 1 MB. If you use BCH, the block size is 32 MB.

BCH’s Total Supply

The total supply of BCH is 21 million coins. Mining, which employs the SHA-256 algorithm and the Proof-of-Work protocol, generates new currencies. The block is ten minutes long.

Exchanges provide the simplest method of purchasing BCH. The most secure way of buying BCH is through exchange platforms. Additionally, you may use an exchange as a wallet, making this method quite convenient. Select a reputable forum (e.g., Kraken, Coinbase, or StormGain), create an account, and follow the on-screen instructions.

Direct purchase of BCH is the least prevalent method of acquisition. You must locate sellers on forums (e.g., Bitcointalk), verify their reliability, and agree on the transaction terms.

On the other hand, if your friend owns BCH, you can ask them to sell you some coins. Direct buying is the best option in this circumstance.

To trade BCH, you must first register an account on an exchange such as StormGain and fund it. Following that, you must make a trade. Select the desired cryptocurrency combination and click ‘Buy’ or ‘Sell’ as appropriate.

“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”

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Sophia Vasquez is a journalist and writer for iBaseTrading. She has over 10 years of experience writing about Business news and has been covering the blockchain and cryptocurrency space since 2011.