How to get started with Bitcoin Cash BCH? Where and how to buy the currency, is it worth considering forum reviews? Exchange rates.
12 years after creation of Bitcoin, in the era of never stopping progress in cryptography and constantly growing popularity of peer-to-peer (P2P) sharing networks, there are more and more cryptocurrencies and their variations ending up in the hands and wallets of clients. Cryptocurrencies can make a good addition to investment portfolios, and their advantages include anonymity, speed of transactions, convenience of use and eliminating the need for middlemen. One of the more popular new cryptocurrencies is Bitcoin Cash.
Description and information about Crypto Currency Bitcoin Cash
Bitcoin Cash BCH is a cryptocurrency that was created after a fork in the main Bitcoin chain. The fork took place in August 2017, and it was caused by divisions within the community of the currency’s miners. The disagreement was about changing the protocol, the further development and scaling of the Bitcoin project. The discussions on the currency’s future had two fractions involved, where the majority of the first were miners, and of the second – Bitcoin users.
The first group opted for increasing the number of blocks, thus making it possible to fit in a bigger amount of data (transactions). The other side insisted on implementing transaction data compression (Segregated Witness – SegWit), which was also meant to increase the amount of data in individual blocks. The parties didn’t reach an agreement, which resulted in a fork of the chain (hard fork). The mining fraction currently works with Bitcoin Cash, whereas the other group – users and programmers – supports the original Bitcoin. Upon the fork, the resources of the new cryptocurrency were transferred to all the Bitcoin addresses in the network in the ratio of 1:1.
Bitcoin Cash, which in a way is a “descendant” of Bitcoin, is based on the blockchain technology and the same SHA-256 algorithm as its older relative. The parameter that sets the cryptocurrencies apart is the block size. The initial changes were related to the increase from 1 MB to 8 MB, then halfway through 2018 to 32 MB, with possibilities of further expansions. These changes make it possible to not only reduce the transaction costs, but above all to have more transactions per second. The increase in block size made Bitcoin Cash a currency of fast and inexpensive transactions, with the median of transaction fees below $0.01.
Where and how to start investing in Bitcoin Cash Crypto Currency?
Investing in Bitcoin Cash starts in a way similar to other cryptocurrencies. First download and install the Bitcoincash wallet. With the wallet you can send and receive BTC. The wallet makes it possible to follow the balance of all your Bitcoins Cash, as well as keeps the history of all transactions. Different platforms have different wallets available that, besides the basic main features, may differ in additional options available to users. The next step after installing the wallet is buying the cryptocurrency, which is possible directly from the wallet’s mobile app, through the Bitcoin website or Bitcoin Exchange. You can pay for BCH with a bank transfer, buying stablecoins available on Binance, then exchanging stablecoins for BCH, as well as pay for Bitcoin Cash with a credit card.
An important step is creating an offline backup of the wallet key and the authentication data. The particular emphasis on offline backups arises from the necessity to secure the access to the wallet in the event of losing the device where the wallet was installed.
With a cryptocurrency wallet installed and with Bitcoin Cash on your account, you can easily operate the cryptocurrency. The BCH in itself is accepted by thousands of entities, both among brick&mortar companies and online businesses.
Reviews for Bitcoin Cash Crypto Currency. What do they write in the forum and in the press?
The opinions of users and experts in the cryptocurrency industry include those pointing to high security of BCH transactions compared to other solutions. Bitcoin Cash, called Bcash by its opponents (in order to avoid the word Bitcoin in the name), is a currency of high liquidity, which is particularly valuable in short and medium term investments. Due to the changes that continue taking place (another fork, split of the chain into Bitcoin ABC and Bitcoin SV) long term investments might come with increased investment risk.
Bitcoin Cash has an active, constantly growing following and, as a trustworthy cryptocurrency, it also deserves the attention of the beginning users. Just like other cryptocurrencies, it forms a part of a market that is characterized by a high risk level and large quote fluctuations, which is why investment decisions should be made carefully.
Where and how to buy Bitcoin Cash? What Stock Exchange will be the best?
Just like with other cryptocurrencies, the users interested in Bitcoin Cash have different exchanges available for making transactions. The most famous ones include such services as the above mentioned Binance (the biggest cryptocurrency exchange), BitBay, 24/7 Crypto Currencies, eToro, Coinbase, Kriptomat.io and Changelly. Depending on the personal preferences and the scope of operation, different exchanges present specifications adequate to their clients’ needs.
The differences arise from such things as the transaction speed, the number of cryptocurrencies accepted, the fees for using credit cards for payments, the transaction limits or the advancement level of a platform. In the dynamic reality of the cryptocurrency market, the best exchange is possibly Binance, which on top of BCH offers more than 150 other cryptographic currencies, the highest trading volume in the world, convenient payments, efficient customer support, as well as full anonymity.
Buying Bitcoin Cash differs slightly depending on which exchange you’re planning to use. In the simplest terms, the cryptocurrency purchasing process can be boiled down to the basic steps: creating an account, logging in, verification, making a payment. In case of each of the exchanges this process might slightly differ in the duration time or a requirement to install a dedicated wallet or app.
Where to look up the Bitcoin Cash exchange rate? Reliable sources
The exchange rates of cryptocurrencies, including Bitcoin Cash, can be looked up around the clock online on websites of exchanges and web portals related to virtual currencies. The most visited services include, among others, Tokeneo, Coinbase, Coindesk, Goldprice or CoinGecko. Visiting tested and reliable websites allows to obtain information from safe sources. This makes it possible for users to better respond to the changes taking place in cryptocurrencies and to manage their resources in an efficient manner.