Bitcoin Cash (BCH)
- Category: Cryptocurrency
- Coin Launched: August, 2017
- Official Website: Bitcoin Cash
- Reddit: Bitcoin Cash
BITCOIN CASH History / Information / Buying / Staking
BITCOIN CASH HISTORY
Bitcoin Cash broke off from the main Bitcoin blockchain in August 2017, when Bitcoin Cash wallets began to reject Bitcoin (BTC) transactions and blocks. It is the most successful hard fork in cryptocurrency history, partly due to the fact that it is backed by many notable figures in the crypto community, as well as successful exchanges.
HOW BITCOIN CASH WORKS
Bitcoin Cash works exactly the same as Bitcoin. Both Bitcoin Cash and Bitcoin have a hard cap of 21 million assets, use nodes to validate transactions, and use a PoW consensus algorithm. PoW means that miners validate transactions utilizing computer power and are rewarded in BCH for their contributions. However, BCH operates faster and has lower transaction fees than its predecessor, thanks to the larger block size. It’s much better suited for smaller transactions, such as buying a cup of coffee with cryptocurrency. Otherwise, Bitcoin Cash supports smart contracts and apps such as CashShuffle and CashFusion.
BENEFITS OF USING BITCOIN CASH
Some of the benefits of using Bitcoin Cash are:
Since it uses larger-sized blocks, miners can process a higher number of transactions enabling fast and reliable transaction processing and verification for users.
STABLE AND SECURE Compared to other highly volatile cryptocurrencies, BCH is relatively stable and offers highly secure blockchain technology, which prevents any data breaches or loss of funds.
DECENTRALIZED Just like Bitcoin and Ethereum, it is also based on a decentralised peer-to-peer network, which means no single powerful entity has an unreasonable amount of control over the digital currency.
ROBUST PAYMENT INFRASTRUCTURE Being a payment focused digital currency, it has built robust payment features for both the consumers and merchants to ensure quick, convenient and affordable payments.
CAN YOU STAKE BITCOIN CASH
Bitcoin Cash is a proof of work coin, so it doesn't have staking.
COINS SIMILAR TO BITCOIN CASH
Direct competition for Bitcoin Cash which are considered similar coins are: