Bitcoin cash is a cryptocurrency created in August 2017, from a fork of Bitcoin. Unlike Bitcoin, Bitcoin cash has increased the block size, to increment the transactions to be processed and improve scalability.
After its creation, Bitcoin cash got a drastic growth which helped it to become the 3rd most successful cryptocurrency over a short period, following Bitcoin (1st place) and Ethereum (2nd place). Although Bitcoin cash has a higher rate of the transaction, the currency is not accepted in many places as other cryptocurrencies due to the disagreement in the developer community which caused Bitcoin Cash as an investment tool rather than a transactional currency.
In November 2018, Bitcoin Cash developers decided to add another fork and split it into two (Bitcoin ABC and Bitcoin SV). Forking usually happens when developers are unable to conclude with one solution. Especially in this fork, one group brought a solution that block size should be limited to 32MB. Whereas the second group wanted to increase the block size up to 128MB. These two Bitcoin Cash forks are known as Bitcoin Adjustable Block Size Cap (Bitcoin ABC) and Bitcoin Satoshi’s Vision (Bitcoin SV).
Features of bitcoin cash:
- As there is no CEO, it is open for all so there is no need to ask for permission to use it.
- With the use of blockchain, all transactions are recorded on a global public ledger which is updated at regular intervals. This helps in eliminating fraud as one can see the full history of ownership.
- The previous records of the global public ledger cannot be altered.
- This is a hard asset, like land and gold, as only 21 million coins are ever created.
- It is fast and affordable transactions of any value regardless of location.
How to buy bitcoin cash? – The Complete Process
This is a simple process, but doing so anonymously might not be good. You need to complete your KYC and Anti-Money Laundering verification in form of a passport-size photo ID, and in some cases, address and income verification.
- A person can purchase it directly from another individual in person or over the web.
- You can look at a nearby crypto ATM.
- You can buy it through digital asset exchanges, like Kraken and Binance.
How to keep bitcoin cash?
Once you complete buying Bitcoin Cash, you will need to look for a place to keep it safe. The best way to do so is to keep an online wallet. It helps to store your crypto and also allows you to spend it.
Bitcoin vs Bitcoin cash
The block size of Bitcoin is 1MB, whereas in the case of Bitcoin Cash is 32MB.