Like many other cryptocurrencies, Bitcoin Cash is also electronic cash for the internet. “Bitcoin Cash is a peer – to – peer (P2P) electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate“.
- Decentralized– By saying Bitcoin cash to be decentralized means that this currency is not backed by any government bank; the transaction takes place between users directly i.e. without any mediator. And these transactions are recorded by public distributed ledgers (account book) called “Blockchain”.
- Peer – to – peer (p2p) Network– Peer – to – peer transaction means that, a Bitcoin Cash owner can send Bitcoin Cash directly to another person anywhere, anytime without the need of an intermediary.
- Secure – Bitcoin cash is a ‘cryptocurrency’. And a cryptocurrency uses encryption technique (converting data from a readable form into an encoded version which can be decoded by an authority that has the decryption key). Hence, Bitcoin cash is a secured currency to invest in as it has strong encryption to prevent hacking, fraud, and cyber attacks.
- Unbolted – Bitcoin cash is an open currency. Anyone can login to a blockchain and can view the details of it.
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How Bitcoin Cash did Come Into Being
Bitcoin was first launched in 2009 and gradually the use of it was increased, and the Bitcoin blockchain started running into scaling issues. And the main reason behind this issue is the limited number of transactions that can fit into each 1 MB Bitcoin block. And that’s how Bitcoin Cash came into being.
Benefits and Features of Bitcoin Cash
Bitcoin cash is a fork of the original Bitcoin. If we put some light on to it
Let’s discuss some of the features of Bitcoin Cash, which are as follows:
- The name of Bitcoin fork i.e. Bitcoin Cash attracts more people as the word ‘cash’appears to people as a liquid cash which is more easy to exchange with minimal or no fees.
- Bitcoin cash has a bigger block size limit i.e. 8 MB which is more remunerative for the users, developers and miners.
- It provides ‘Replay and Wipe out Protection’, so in case BCH splits, everyone involved will face minimum disruptions and both the chains can peacefully coexist from there.
- It also offers an additional benefit such as input value signing for improved hardware wallet security, and elimination of the quadratic hashing problem.
Differences Between Bitcoin and Bitcoin Cash
Bitcoin Cash (BCH) has a lot of similarity with original Bitcoin, in fact, they are almost identical. However, there are some clear differences which are as follows:
- Bitcoin Cash (BCH) has a block size of 8 MB, which will be able to keep record of many more transactions in one block
- Bitcoin Cash does not support the application of ‘SegWit’ (SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions).
- It also does not have the “replace by fee” feature
- Bitcoin Cash (BCH) consist of an emergency difficulty adjustment algorithm (EDA)
- It also comprises of “Replay and Wipeout Protection”
- It is also an electronic cash , which enables fast, cost – effective and direct payments between two parties over the internet
Propulsion Behind the Significance of Bitcoin Cash (BCH)
Bitcoin is witnessing quite a rise in the number of consumers and that’s why more people are agreeing to take up Bitcoin Cash (BCH). However, at the beginning of its launch many notable exchanges were hesitant to support Bitcoin Cash.
Take a note of the notable exchanges that are in support of Bitcoin Cash (BCH):
- MERCADO BITCOIN
- Bitcoin ABC
- ELECTRON CASH
Also, Bitcoin miners are migrating from mining Bitcoin to mining Bitcoin Cash. And at present, it is also very lucrative for miners and that’s why more people are coming in and giving their hashing power which in turn increases its value. At one and the same time, by increasing block size from Bitcoin’s 1 MB up to 8 MB, Bitcoin Cash allows many more transactions to be processed in one block, which will generate more transactions fees for the miners.
How to Get Bitcoin Cash
There are various ways to own a Bitcoin Cash (BCH), which are as follows:
- In case you possess Bitcoin before the August 1st fork, you might already have Bitcoin Cash. If you hold Bitcoins, preceding the split, unless they were kept on an exchange, can also be claimed as Bitcoin Cash
- Or you can also buy them from an exchange. Earlier, the prominent exchanges refused to support Bitcoin Cash (BCH). However, with its increasing demand exchanges are opening up with this new currency
- Like many other Cryptocurrencies, Bitcoin Cash also offers mining option to earn more money. In fact, many miners from original Bitcoin have migrated to Bitcoin Cash (BCH) mining.
Nevertheless, the value of Bitcoin Cash has increased to a great extent. However, it still is facing a lot of challenges and uncertainties. The experts in the field say that it would be interesting to see how this currency develops into the future.