What is Bitcoin Cash?
Bitcoin Cash is a cryptocurrency created in August 2017, as a result from a Bitcoin fork. Bitcoin Cash increased the size of blocks, allowing more transactions to be processed and improving scalability.
What is the difference between Bitcoin and Bitcoin Cash?
The difference between Bitcoin Cash and Bitcoin is philosophical. Bitcoin was meant to be a peer-to-peer cryptocurrency that was used for daily transactions. Over the years, as it gained mainstream traction and its price surged, Bitcoin became an investment vehicle instead of a currency. This led to a rapid increase in the number of transactions and users had to wait for hours to confirm them. Bitcoin Cash suggests a way to improve the situation by increasing the size of blocks to anywhere between 8 MB and 32 MB, thereby enabling the processing of more transactions per block.
Despite their philosophical differences, Bitcoin Cash and Bitcoin share several technical similarities. They use the same consensus mechanism and have capped their supply at 21 million.
How does Bitcoin Cash work?
Bitcoin Cash was settled on a larger block size in order to process transactions more quickly than Bitcoin. These transactions help you to make a quick and small purchase with BCH, but if you want to make a large purchase, you have to trade with a more secure cryptocurrency like BTC.
How to buy Bitcoin Cash?
- Create an account
- Verify your identity
- Fund your account and start trading Bitcoin Cash on X1
What to do after buying Bitcoin Cash?
You can hold on to your BCH with the expectation of it increasing in value, you can also store your BCH safely on your account or in your crypto wallet.
You can trade Bitcoin Cash for other cryptocurrencies.
You can send it to anyone and anywhere with their BCH address.