First of all, I probably should explain what Bitcoin is. Bitcoin was first mentioned by a man who called himself Satoshi Nakamoto in 2008. He described the operation of this system in a white paper. He thus opened a phenomenon that today, more than a decade later, is incredibly popular worldwide.
Bitcoin is a P2P electronic cash system that does not depend on any central bodies, including the government. The system provides Bitcoin users with reliable transactions that are recorded on a Bitcoin blockchain or a special global public ledger.
Why Bitcoin?
Decentralized development
No individual, company, or authority controls or owns Bitcoin. No one has the right to change transactions or censor them. With the multiple independent teams of developers providing software implementations, the future of Bitcoin is secured.
Low transaction fees
One of the basic tenets of Bitcoin is to provide investors with more affordable, reliable, and faster transaction speeds, and low fees are a very important part of it.
Fixed Supply
The number of all Bitcoin, including existing and future ones, is limited to twenty-one million units. Bitcoin is going to defeat the inflationary problems that plague all fiat currencies.
Open For Everyone
A Bitcoin software project is open for everyone who wants to review or change the code. To maintain a healthy ecosystem in the field of Bitcoin, proposals for changing the code are constantly being discussed among the users.
Difficulties
Today, Bitcoin is a global phenomenon that is used by people who are trading digital currency all around the world. As Bitcoin gained in popularity, the main problem of the Bitcoin community has come to light – the problem of scaling.
In other words, the maximum block size in the Bitcoin blockchain is one MB, and with the increase in the number of new users of the network, this place began to fill up rapidly. As a result, transaction capacity drops, transactions become less reliable, and transaction fees increase. Altogether, this complicates the entire operation of the Bitcoin system and makes it less attractive to investors.
Possible Solutions
Because of this issue, the Bitcoin community was divided into two groups, and each of them had its own point of view on solving the scaling problem of Bitcoin.
The first group, which included developers from the Blockstream Company, advocated maintaining the existing block size limit of the blockchain and develop off-chain settlement layers. Their plan was to shift Bitcoin away from virtual money into a collectible settlement layer. The same group censored any statements and comments that contradicted their opinion within the main channels for discussing Bitcoin.
The second group offered to implement an increased block size to allow people to make more transactions per block. This solution could solve the problem of filled blocks and keep fees low and transactions reliable. However, the opinion of the second group was subjected to mass censorship, which threatened the very existence of Bitcoin as a digital currency.
Hard Fork
In August 2017, Bitcoin ABC created Bitcoin Cash – a new cryptocurrency. Its creation was a direct result of a Bitcoin hard fork that was aimed at creating a new chain with new blocks and increasing the block size from one MB to eight MB.
What Was the Result?
Bitcoin Cash allowed Bitcoin to be used as cash again while maintaining ultra-low fees for transactions and high transaction speed. Besides, the Bitcoin Cash community helped to recreate the original vision of Bitcoin as virtual cash for millions of people all over the world.
Factually, Bitcoin Cash (BCH) and Bitcoin (BTC) groups were separated. However, the debates between the representatives of these groups are still ongoing.
Bitcoin Cash Network VS Bitcoin
Today, most exchanges and media continue to say that Bitcoin controls all major Bitcoin discussion channels. However, the Bitcoin Cash network is in no way inferior to bitcoin and also translates the idea of the development of digital money to people around the world.
In order to draw your own conclusions and understand the points of view of both sides, you should research this issue in more detail. But what we can say for sure is that Bitcoin Cash is a useful tool for working with P2P electronic money and achieving personal economic freedom.
Bitcoin Cash Perspectives
Apparently, the future of Bitcoin Cash is going to be successful and bright. The main confirmation of this is that the developers are constantly working to make Bitcoin Cash the best money among all types of virtual cryptocurrency. Also, thanks to the decentralized development, Bitcoin Cash does not risk being subjected to political and social attacks on the protocol development, which ensures reliable personal data protection.
Speaking of innovations, Bitcoin Cash has already expanded the block size from eight to thirty-two MB since its creation. Bitcoin Cash does not stand still, and today, there are many interesting projects using this cryptocurrency, which confirms the reliability and success of bitcoin cash.
Our Recommendations
As you may have already realized, Bitcoin Cash is a precious and interesting system, and we advise you to study it in more detail, and of course, try Bitcoin Cash transactions yourself!
We want to provide you with a list of useful resources to explore Bitcoin Cash further and gain a deeper understanding of how to buy Bitcoin Cash and how to use it.
- Bitcoincashers.org is a nice source for those who are looking for general information about Bitcoin Cash and BCH trading.
- Buy Bitcoin Cash is a useful software for buying BCH cryptocurrency with your credit card without any difficulties or time-wasting.
- Bitcoin Cash Projects is a list of all the Bitcoin Cash projects and apps that you also might find useful.
- Bitcoin Markets helps to compare historical data of Bitcoin and Bitcoin Cash in detail.
- BCH.info includes a lot of essential data that will help you find where to buy Bitcoin Cash and find merchants accepting Bitcoin Cash.
- The Great Bitcoin Scaling Debate is where you can find everything about the scaling debate.
- Bitcoin Cash on Purse.io explains how to use BCH and get 20% discounts on Amazon.
How to Spend Bitcoin Cash?
Bitcoin Cash is developing, and there are more and more places in the world where you can spend your BCH. We recommend you try this useful map containing information about merchants who accept Bitcoin Cash in the area.
Bitcoin Cash Accepting
Accepting Bitcoin Cash in your business is a straightforward process that brings a number of undoubted advantages:
- No chargebacks – there are no automatic voids, fraudulent charges, refunds, or chargebacks, unlike credit cards. Meanwhile, banks can freeze accounts, make mistakes, and block your transitions.
- Ultra-low fees – the network fee for a typical Bitcoin Cash transaction is extremely small and even cheaper than 1 penny.
- Free marketing – merchants who accept Bitcoin Cash can gain free listings and app directories for their websites.
If you want to start accepting Bitcoin Cash payments, there are two solutions you have:
- Download a virtual wallet and start using it to work with BCH.
- Use a third-party application to take advantage of additional features (for example, BCH to fiat exchanges, debit cards, etc.). For this purpose, we recommend you Bitpay.
To get more details, you should visit our Merchant Solutions page. Note that these apps use cookies and similar technologies and process data based on your consent to store or access information on your device, display personalized ads, and for content measurement, audience insights, and product development.
BCH News
If you want to know all the latest BCH news, find new friends, and learn about Bitcoin Cash price, we suggest you subscribe to the Bitcoin Cash Telegram Channel.
FAQs
Is Bitcoin cash a good investment?
Bitcoin Cash has a market cap of more than 27 billion dollars and a circulating supply of more than 18 B BCH coins. That is why it is one of the best-traded cryptocurrencies in the world. So, yes, BCH is a very good investment if you know how to use it.
Can you cash out Bitcoin for real money?
The most common way to cash out Bitcoin is to use third-party exchanges like Kraken, Coinbase, or Bitstamp. Please create your account in the exchange, verify it, then buy or deposit BTC into your account. After that, you will be able to cash it out to fiat. Also, you can use P2P exchange platforms like Paxful or LocalBitcoins.
Why did bitcoin cash go up?
The Bitcoin Cash price goes up because the currency is becoming more and more valuable for traders all around the world. It’s reliable, secured, and developing very fast.
