ULTIMATE BITCOIN CASH (BCH) GUIDE

The bitcoin community has tackled an ever-increasing debate about its operations over the years. Some of the issues raised during these debates include transaction fees, as well as the speed of transactions. In order to improve the efficiency of transactions, Bitcoin Cash was introduced on August 1, 2017. It was introduced to tackle the perceived deficiencies in Bitcoin community.

PROMISE

The core potential of bitcoin cash is to build a peer-to-peer electronic cash system that is well distributed and does not require a trusted third party. It also aims to be used as a payment method. It allows on-chain scaling through increment in block size when required by the network.

Benefits of bitcoin cash

•       Bitcoin cash allows a high volume of transactions be carried out for a low transaction fee, due to the ability to increase block size when needed.
•       It is secured by large amounts of hash power via the leading mining pools.
•       Programmable money without side chains is enhanced through smart contract ability.
•       It is open and allows easy access to the history of all bitcoin cash transactions for individuals.
•       It allows individuals to transfer cash to one another without needing an intermediary.

CRITICISM

Bitcoin cash has faced criticism directed at the fact that only large miners have the advantage of profitable mining. This is based on a number of factors, which include:

1. The cost of storing and processing substantially more transaction data
2. It requires more bandwidth to propagate larger blocks from node to node and to successfully verify the transactions in the box within the 10-minute block interval. Nevertheless, this may not be an opposing issue in the coming years due to the global improvement in internet penetration, as well as the costs of data storage and processing becoming cheaper.

WHERE TO USE BITCOIN CASH AS PAYMENT

Many cryptocurrency traders have taken measures to integrate bitcoin cash. It is safe to say that merchants will start to accept it as the currency continues to grow. BCH is yet to be accepted as payment for goods and services by vendors, even those that do accept bitcoin. Nakit coins is a good place to buy or sell bitcoins with cash.

HOW TO GET BITCOIN CASH

If you are interested in getting into bitcoin cash, here are a few ways you can lay your hands on some.

• You might already have some. If you have been in the bitcoin community since before bitcoin cash was introduced, you will probably have some BCH. This is because any bitcoin you had prior to the split can also be claimed as bitcoin cash.
• Buy from an exchange. When BCH was first introduced, most prominent US exchanges were skeptical about it. However, the increase in value and demand has caused more exchanges to accept this new currency.
• Mine it. Many bitcoin miners have moved to mine BCH because of the opportunity to generate large amounts of BCH through mining.

WHAT TO CONSIDER BEFORE BUYING BITCOIN CASH

One major risk of cryptocurrencies is the unpredictability in prices. They are highly volatile, and it is hard to predict if the price will go up or down. It is important that a proper market BCH market survey is done before investing in it.

In conclusion, even though BCH has faced ups and downs since its inception, it has a good chance to succeed as the future currency if it continues on the right track.