If you are an avid cryptocurrency follower, then Bitcoin cash is not a new term for you. This cryptocurrency came to limelight back in 2017 as a hard fork to Bitcoin. Bitcoin cash is an altcoin or spin-off from Bitcoin that was necessitated for many reasons. As you may know, Bitcoin and any other cryptocurrency have rigid blocksize. This is probably the reason why the value of these cryptocurrencies increased uncontrollably yet reasonably. Well, the rising fees on the Bitcoin network caused the first and a major factor that contributed to the inception of Bitcoin cash.
The rising cost of Bitcoin made some members of the community push for an increase in its block size. The force intensified, and in 2017, some members of the Bitcoin community felt that increasing the block size of Bitcoin will favor investors who wanted to use Bitcoin as a digital investment more than those who wanted to use it for transactional purposes. The push met some resistance, more-so because, since inception, Bitcoin users had established a common set of rules.
Eventually, a group of investors, entrepreneurs, activists, and developers, mainly China-based Bitcoin miners, became unhappy with the planned improvements and capacity increment and sought for alternative plans. The alternative plan was a split, which resulted in Bitcoin cash. To put this into context, Bitcoin cash is more like a new version of a Windows Operating System, which opens files that could not be opened by a previous version.
Bitcoin Cash and Bitcoin share a lot of similarities, only that Bitcoin cash doesn’t have scalability problems, has affordable transaction fees, and can handle a huge amount of transactions per second. All these were a problem to the initial cryptocurrency. The cryptocoin remains a peer-to-peer currency, meaning that transactions can be done between individuals, between businesses, and independently from banking operations. Bitcoin cash also comes with incredibly secure encryption, which eliminates possibilities of fraud, hacking, and cyber-attacks.
Despite being the new kid in the block, Bitcoin Cash has been adopted and is being bought and sold by several global exchange companies. This not only shows the level of trust that cryptocurrency enthusiasts have on Bitcoin Cash, but also its reliability. Like other cryptocoins, the first step when trading Bitcoin cash is creating a wallet. With the wallet, you can safely participate in the Bitcoin economy. Most crypto wallets are free to download and easy to use. They also have common and easily understandable features such as receiving, sending, transaction lookups, and storing funds securely.
If you are new to this and are looking to buy Bitcoin cash, note that there are different types of wallets. Understanding them is key, especially when making a choice on which to use. Below are the types.
Once your wallet of choice is ready, you can then proceed to trade – which is buying and selling Bitcoin Cash. The easiest way to get Bitcoin Cash is either by buying or working for it. Of the two, buying Bitcoin Cash is the commonly used and convenient way. All you need to do is sign up for Bitcoin exchange, deposit funds and convert it to Bitcoin Cash. The exchange automatically sends Bitcoin Cash after the trade has been made. The other option of acquiring Bitcoin Cash is working for it. For such a case, you have to find a job on a job board that pays in Bitcoin Cash. You can as well offer services and accept Bitcoin Cash as payment.
Bitcoin cash trading requires that you make a good choice of a trading platform. Well, there are several trading platforms, and choosing one can be challenging, especially for beginners who are yet to grasp the basics. That aside, below are the reasons why you should buy Bitcoin cash and trade with us.
Like other cryptocurrencies, it is important for traders to understand the various factors that affect Bitcoin Cash mining and processing. Note that these factors have a significant impact on the coins’ price. The cryptocurrency market is overly volatile, and prices can increase or decrease significantly in minutes. This is caused by factors such as the emergence of new techs, market sentiments, regulations, and competition. This makes it challenging to predict the price of Bitcoin Cash and any other cryptocurrency.
Regardless, there are other predictions given by crypto enthusiasts and traders and cryptocoins forecasting websites. Bitcoin Cash is currently the most successful Bitcoin fork. This is because of its popularity among miners and the new technology used. However, will it keep improving or depreciate?
According to reviews and predictions from cryptocoin enthusiasts, Bitcoin Cash trading will likely continue its flourish. Roger Ver, the Bitcoin Jesus, for instance, predicts that Bitcoin Cash will be two times more valuable after one year. Trading Beasts, on the other hand, predict an improvement in the price of Bitcoin Cash over the next year.
Both Bitcoin and Bitcoin Cash are similar with slight differences in their features and functionalities. However, since the spin-off, more traders are leaning towards Bitcoin Cash. Below are the reasons.
Any person can invest and enjoy the benefits of Bitcoin Cash and any other cryptocurrency. However, there are some basic rules that beginners should know. They include;
Bitcoin Cash is a new cryptocurrency that though still in its beginner steps, has a bright future. This is probably because of its high speed, ability to work with a large number of merchants, and blocksize.
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