What is bitcoin cash and do i have any

Pinky November 11, BCH is a lot more miner centralized. Sharing is caring 55 Shares. This has raised concerns about the security of bitcoin cash. Final Thoughts Bitcoin Cash is one of the newest cryptocurrency choices available to consumers. This works the same way as importing Bitcoin and other cryptocurrencies from one wallet to another. Otherwise, it would be more like gold than money!

Why Use Bitcoin Cash?

I am sure if you are reading this, you might know about the current Bitcoin scaling issue. This issue is not new, but it seems like it is about to reach its climax. Multiple users, miners, and developers are clinging to multiple solutions to solve shat overarching Bitcoin scaling debate. And everyone is deciding which side to join in the chaotic situation of this upcoming Bitcoin fork. So I thought of covering the latest on this Bitcoin drama without hve deep into these technical jargons for. Soon, I will publish a separate guide on all these jargons related to the BTC fork…. The new split of Bitcoin will be called Bitcoin Cash.

Find out where Bitcoin Cash came from and what makes it different than Bitcoin.

However, as use of the network has increased, the Bitcoin blockchain has started running into scaling issues. The main reason for these issues is the limited number of transactions that can fit into each 1 MB Bitcoin block. This has given rise to a lot of debates which are politically as well as ideologically motivated. Finally, Bitcoin went through a hard fork on August 1, , which gave birth to Bitcoin Cash. In this guide, I am not going to be telling you which side is right and which side is wrong, I will leave it to you to decide. What Bitcoin provided was a peer-to-peer decentralized, digital currency system, which did for money what email did for written communication. For their work, miners are rewarded with a new Bitcoin token.

What Is Bitcoin Cash?

As Bitcoin BTC has become more and more popular, the amount of time it takes to process a transaction has become slower and slower. It has also made the cost of each transaction more expensive for the sender. And they seem to be doing an excellent job so far — although it was only released in AugustBitcoin Cash has already become a top 5 cryptocurrency! This guide will tell you everything you need to know about the what is Bitcoin Cash question, why it was created and what it actually does.

Once you have understood the basics, we will then explain how you can buy Bitcoin Cash. However, for those feeling really adventurous, we will also show you how to mine it! You see, one of the problems with Bitcoin is — as more people use it, the networks take longer and longer to process a transaction. It also means that transaction fees become more expensive! Bitcoin vs. Bitcoin Cash Source: vastava. Bitcoin lovers understood that this was becoming a big problem, especially now that the cryptocurrency was getting so popular.

To help find a solution, developers suggested two different ideas. First, you would need to write the wallet addresses of both the sender and receiver. Then, you need to write the individual signatures for each transaction.

So, one group of developers suggested separating the one sheet of paper in to two. One sheet of paper would have the addresses of the sender and receiver, while the other sheet would contain the signatures.

Another group of developers thought that this was a bad idea. So, when the Bitcoin network becomes even more popular, it would require another upgrade.

Using the same real-world example as above: Now, imagine the original sheet of paper was 10mm long. That is the size of the block. In Bitcoin, this amounted to 1MB. It was suggested that by increasing the block size, more transactions could be processed.

So, they thought to increase the sheet of paper by 2 times, or to 20mm long! What this idea also allowed is the maximum block size to be increased by 8 times, if this was needed in the future. The main argument was that for Bitcoin to become an everyday payment system, it needed larger block sizes.

Otherwise, it would be more like gold than money! Well, in the case of Bitcoin, nobody can make changes to the system unless most people agree. So, to decide which option was chosen, it went to a vote!

What is bitcoin cash and do i have any you guess which idea won? Idea 1! However, for the Bitcoin blockchain to make this change, the system needed to perform a soft fork. So, they decided to perform a hard fork that created Bitcoin Cash! Bitcoin Cash was officially released in August Its technology is very similar to Bitcoin, and there is also the same amount of coins — 21 million.

Anyone that held Bitcoin on the day that Bitcoin Cash was created automatically received free Bitcoin Cash! The fortunate people who were holding Bitcoin received Bitcoin Cash at a ration of If you were holding 1 Bitcoin at the time Bitcoin Cash was formed, you would have instantly received 1 Bitcoin Cash. The main purpose of Bitcoin Cash is to be used as a payment.

This means that just like the original Bitcoin client, people can send and receive funds. Since it was released in AugustBitcoin Cash has performed very. It is currently a top 5 cryptocurrency and is also listed on Coinbase. Being listed on Coinbase is a huge deal as they are the most popular and well-known exchanges in the world!

Coinbase only lists 4 different cryptocurrencies, so the fact that they have listed Bitcoin Cash improves credibility and awareness around the project.

Because the cryptocurrency is still in its early days, there are not many merchants that accept it yet, especially in comparison to Bitcoin. However, as Bitcoin Cash becomes more and more popular, new merchants are starting to accept it as a payment method.

There is a cool website called AcceptBitcoinCash which lists all the different merchants that allow you to use Bitcoin Cash. They include things like accommodation, music, casinos, perfume, fitness products, clothes and much more! Guess what? If you live in South Africa, you can even pay for legal advice with Bitcoin Cash! The easiest way to do this is with a broker exchange.

To make things even easier for you, we are going to give you a step-by-step guide on buying Bitcoin Cash with Coinbase! First, you will need to open a Coinbase account. Your identity has now been verified. However, before you can buy Bitcoin Cash, you will need to add your payment details. Now you can buy Bitcoin Cash! Once you click on Buy Bitcoin Cash InstantlyCoinbase will ask you to confirm your payment details.

Click Confirm. You have just made your first Bitcoin Cash purchase. There are many other brokers that you can buy Bitcoin Cash from — some of them offer more coins, lower fees and better security.

If you want to check out some other exchanges, check out our guide: Alternatives to Coinbase. It is also possible to buy Bitcoin Cash from a crypto-for-crypto exchange. This is where you deposit using a different cryptocurrency such as Bitcoin and exchange it for Bitcoin Cash. Most major exchanges will list Bitcoin Cash as it is one of the most popular coins on the market. Next, I will explain Bitcoin Cash mining! Well, read on friends! Like most cryptocurrencies, Bitcoin Cash is decentralized.

This means that no single person or authority has control over the network. However, for a decentralized system to operate, it requires nodes computers to verify transactions. So, how are transactions verified? People known as miners use computing power to solve mathematical equations on the blockchain. Once a node on the network solves the mathematical equation, it verifies a transaction block. It then receives a reward for verifying the transaction.

This reward, in the case of Bitcoin Cash mining, is a Bitcoin Cash coin. In the current day, though, it is becoming harder and harder to earn money from mining.

There is so much competition that only those who can generate huge amounts of computing power are rewarded. To generate enough computing power to become a successful miner, you must invest a LOT of money! However, there are other options for all you beginners out there! Together, you combine your computing power to try and solve the mathematical equations to earn the Bitcoin Cash reward. If your mining pool successfully verifies a Bitcoin Cash transaction, the reward is split equally between your mining pool!

Bitcoin Cash mining is a great way to earn Bitcoin Cash if you have the right software and hardware to do so. However, if not, then investing in the Bitcoin Cash coin might be the better option for you! Instead, you should have a good understanding of why it was created and how it works!

Not only that, but we have shown you how to what is bitcoin cash and do i have any your first Bitcoin Cash investment! There are a few other methods of buying Bitcoin Cash other than Coinbase, but for beginners, we feel that Coinbase is the most favored choice! You should also have a good understanding of the importance of mining, and how you can become a miner.

Do you think the developers made the right decision to create Bitcoin Cash? Or, do you prefer the good old Bitcoin? Save my name, email, and website in this browser for the next time I comment. Error, failed to subscribe. If problem persists contact site administrator. Read. All courses Interactive courses Sign up Free. Note: When we talk about a fork, it means that changes are made to the design of a blockchain. When a soft fork happens, it means certain rules are changed, but the new blocks are still recognized by the original software.

However, in a hard fork, the new blocks operate on a separate blockchain — just like Bitcoin Cash! BCH is the currency code for Bitcoin Cash. Just like real-world money, where USD is U. Note: If a network is controlled by somebody, that means it is a centralized network. Think about Yahoo.

Tutorial: How To Accept Bitcoin Cash In Your Store With The Bitcoin Cash Register (BCH)

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Bitcoim Name. As you can see, Bitcoin consistently has a much higher hashrate than Bitcoin Cash, and so is more resistant to certain types of attacks. What is bitcoin cash and do i have any Cash aims to continue whatt vision of bringing sound money to the world. The Best Money in the World. Buy, sell and trade a range of digital currencies on this high-liquidity exchange — suitable for beginners right through to advanced traders. The page above shows you where bitcin how you can obtain Bitcoin Cash. Andrew Munro. The Bitcoin Cash Roadmap To become a solid base for application development and innovation, Bitcoin Cash must continuously improve and compete. The Telegraph. Even Andreas suggested this to both communities. Anyone holding the original coin at the time it was forked will automatically get the forked version of the coin they were holding. So, a small group of these developers forked Bitcoin to create a new version of the same code with a few modifications. Bitcoin Cash Source: vastava. Now that you know the differences between these two coins, you can better cahs how you want to invest in them and how you will use .