Bitcoin is another digital currency that has made great progress since its initial launch and has become the top cryptocurrency. Therefore, various digital currencies are trying to follow this digital currency. Bitcoin Cash is one of these digital currencies that is inspired by Bitcoin and is actually a hard fork of this digital currency. But this digital currency has not made much progress compared to its mother Bitcoin. Bitcoin Cash mining is also done with mobile phones, which indicates the ease of mining this digital currency. If you want to learn more about this digital currency and find out the reasons for investing in this cryptocurrency, read the continuation of the article What is Bitcoin Cash to get answers to your questions.
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What is Bitcoin Cash?
BitcoinCash is a digital currency inspired by the Bitcoin cryptocurrency. This digital currency has more advantages than Bitcoin, but still the price of Bitcoin Cash is much lower than Bitcoin. On the other hand, the team behind this digital currency intended to eliminate the holes and problems that users had with Bitcoin in BitcoinCash. So that the speed of transactions in the Bitcoin Cash network is much higher than Bitcoin. Also, a much lower fee is charged from the owners and buyers when buying and selling this digital currency. The symbol of Bitcoin Cash is BCH, which is listed on most digital exchanges. You can buy this digital currency from the famous Binance exchange, but if you are not familiar with how to buy from Binance, read the article on how to trade in Binance.
This digital currency is not the only cryptocurrency derived from Bitcoin, but Bitcoin Cash can be considered the most successful. The initial supply of this digital currency, like Bitcoin, is equal to 21 million tokens. Bitcoin Cash can also be used for peer-to-peer transactions to pay lower fees. You probably found out by this part of the article What is Bitcoin Cash that this digital currency was created to make transactions on the Bitcoin network easier. Among the points that you must have a trading strategy before buying and selling digital currency.
The reasons for the formation of Bitcoin Cash
Bitcoin Cash is actually a fork of bicoin that is bought and sold in the digital currency market. A fork is a digital currency that is a branch of other digital currencies. In general, forks are divided into two categories: HardFork and SoftFork. Bitcoin Cash is actually a hard fork of Bitcoin that has a separate network from Bitcoin, but they work in parallel. Why did the developers of Bitcoin think that another currency was needed? Bitcoin Cash was created to solve the problems that arose in the Bitcoin system, such as scalability and high volume of transactions. On the other hand, the speed of transactions was greatly reduced due to the high volume of transactions, all of these things led to the creation of BitCoinCash.
As you know, the population and users of digital currencies are increasing day by day, and the Bitcoin network responds to 7 transactions per second, and the daily transaction limit is 250,000, which is very low for today’s society. Bitcoin Cash was created to solve these problems, the transaction limit of this cryptocurrency is 1 million and its block size is 32 times that of Bitcoin. (Bitcoin block size is 1 MB.)
Read more: Free digital currency training
History of Bitcoin Cash
Investors and celebrities believed they needed to solve Bitcoin’s scalability problem. But solving this problem requires the agreement of all members of the Bitcoin blockchain network, which is difficult and perhaps impossible. On the other hand, some others believed that by increasing the size of the Bitcoin blockchain blocks, the problem of scalability would be solved, but some others believed that it would cause the decentralization feature of the Bitcoin blockchain to be lost. These problems led to the creation of the hard fork of Bitcoin, the problem of the hard fork was approved by most people. These problems led to the creation of a Bitcoin hard fork called Bitcoin Cash in 2017.
The Bitcoin Cash project gives Bitcoin holders the ability to receive Bitcoin Cash digital currency as much as they own Bitcoin. If you want to know how the Bitcoin Cash network works and how to mine this digital currency, read the continuation of the article What is Bitcoin Cash.
How the Bitcoincash network works
Until this part of the Bitcoin Cash article, you are well acquainted with this digital currency, now let’s check how its network works. Bitcoin Cash digital currency has its own blockchain network, because it is a hard fork of bitcoin. Both digital currency Bitcoin and Bitcoin Cash have the same blockchain network, but Bitcoin Cash has a better and more efficient network. The possibility of mining Bitcoin Cash has also been implemented in the network of this digital currency. But unlike Bitcoin, this digital currency has a much easier and easier mining process. New blocks of this network are created within 10 minutes, just like Bitcoin.
How to mine Bitcoin Cash
The process of mining Bitcoin Cash is the same as mining Bitcoin. To mine this digital currency, you need to buy mining devices so that the mining process can be done easily and the more powerful your device is, the more coins you will mine. Mining Bitcoin Cash with mobile is also possible, but it is different from mining. By using fast platforms, you can get this digital currency for free.
Read more: How to mine Ethereum
What are the advantages and disadvantages of Bitcoin Cash?
Any digital asset you consider has pros and cons that will convince people to buy or not to buy that asset. On the other hand, knowing the advantages and disadvantages of each asset helps a lot in your decision to invest in that digital currency. What are the advantages and disadvantages of Bitcoin Cash? In this section, we will examine the features and disadvantages of this digital currency.
- The size of the blocks is 32 MB.
- The speed of transactions is high.
- Its blockchain network is not disrupted much.
- High scalability.
- Much lower fees than Bitcoin.
- Its extraction is a bit expensive.
- The volume of transactions is small compared to Bitcoin.
The difference between BitCoin and BitcoinCash
The future of Bitcoin Cash digital currency
Now that you are familiar with Bitcoin Cash digital currency and understand what Bitcoin digital currency is, we are going to check whether this digital currency is worth investing or not. This digital currency is on its way and may become as valuable as its mother. Therefore, if you intend to invest in this digital currency, you should be told that holding this digital currency does not seem so bad. Because it may be worth much higher in the long run, Bitcoin Cash price is currently $130.83. This digital currency has experienced the price of 3 thousand dollars in its early years, so there is a possibility that it will return to its former price.
But as you know, the game digital currency market is very volatile and predicting the future of digital currencies is almost impossible. Therefore, it is not possible to talk about the future of this digital currency for sure, but maybe with the analysis of Bitcoin Cash you will be more determined to buy or not to buy this digital currency for long or short term investment. Anyway, if you are not familiar with the concepts of digital currency analysis, read the digital currency technical analysis training article
Bitcoin Cash digital currency is one of the many cryptocurrencies available in the digital currency market, which has many fans. Bitcoin Cash digital currency is a branch of Bitcoin that has better and more advantages than Bitcoin. In its early years, this digital currency had a price equal to 3,000 thousand dollars, but after the years and the sharp drop of Bitcoin, its price has also changed. The price of Bitcoin Cash is currently equal to 130 dollars. In this article, we tried to introduce you to this digital currency and answer the question of what is the Bitcoin Cash digital currency. We hope that this article has helped you learn more about Bitcoin Cash and the digital currency market.