What is the difference between bitcoin and Bitcoin Cash?
Bitcoin (BTC) was created in January, 2009 while Bitcoin Cash (BCH) was launched in August, 2017 as an altcoin variant of BTC. The creation of BCH was necessitated by the hard fork in BTC blockchain technology which happened in August of 2017.
BCH was therefore developed with a much bigger block size (about eight times) in comparison to that of BTC. A single BCH block enables a greater number of transactions to occur compared to that of a BTC block. The larger block size of BCH makes it much more scalable, cheaper, and faster compared to BTC.
At this present point in time, the mining of a new single BTC block takes a total of about 600 second or 10 minutes to accomplish. On average, a single BTC block can achieve a total of about 4.6 transactions every second while the transaction speed for an average Bitcoin Cash block is about 116 transactions every second.
Bitcoin is currently worth USD$40,474.2 while BCH is worth USD$346.42 (as at the time of writing). This puts BTC on top in terms of market value, but BCH ranks higher in terms of scalability, cost, and transaction speed.
How does Bitcoin Cash function?
Bitcoin Cash was created as a transactional digital currency designed to deal with the presumed scalability issues faced by Bitcoin. BCH functions effectively as a spendable cryptocurrency instead of a digital currency that is held in storage because of its current and expected rise in future value. BCH is in effect an electronic cash payment mechanism.
Is Bitcoin Cash a wise investment?
Bitcoin Cash is a wise investment only if you are financially stable, it meets your preconceived investment goals, and you have a high tolerance level to high risk investments. You should know that digital currencies like BCH are a very volatile form of asset which makes investing in them a highly risky venture compared to other forms of investment.
Bitcoin Cash Price Predictions by Experts
According to ‘Price Prediction’, BCH will rise from a current average price of USD$389 (in 2022) to about USD$1,802 by 2026. They also predict a steady rise in the value of BCH from the year 2026 culminating in a predicted value of about USD$8,346 in 2030.
In a forecasted BCH price analysis on Cryptonewsz.com, BCH is predicted to rise to about USD$1,499 in the last quarter of 2022. They also predict a steady rise in the price of BCH over the coming years leading to an expected value of about USD$3006.160 by 2026.
Where would one buy Bitcoin Cash (BCH)?
If you want to buy BCH, you can readily do so at most reputable digital currency exchanges. At cryptocurrency exchanges, you can also trade other digital assets like Ethereum or Bitcoin for Bitcoin Cash. Purchasing BCH on cryptocurrency exchanges can be done using acceptable fiat like USD, EURO, CAD, AUD, GBP, and so on.
How to purchase Bitcoin Cash on a Digital Asset Exchange
Step #1: Research to find a crypto exchange that meets your investment and trading needs.
Step #2: Compare and contrast crypto exchanges before you decide on which exchange to sign up with.
Step #3: Create a personal trading account on your preferred digital asset exchange.
Step #4: Adhere fully with the KYC protocol of the exchange including verifying your identity.
Step #5: Deposit fiat or cryptocurrency into your account/wallet on the exchange.
Step #6: Purchase BCH with your deposited funds.
How do I use Bitcoin Cash (BCH)?
Bitcoin Cash can be used to pay for goods and services purchased in a variety of eCommerce sites. You can use BCH to make flight and hotel bookings on sites like Travala.com or CheapAir.com. BCH can be used to order fast-food at Starbucks and other similar eateries online. Even in the world of sports, the online stores of some franchises like the Dallas Mavericks now accept payment in BCH and other cryptocurrencies.
Is there a limit on Bitcoin Cash?
The Bitcoin Cash in circulation has been capped at the same limit as Bitcoin which is 21 million in supply.
What can I use Bitcoin Cash for?
BCH is a more spendable cryptocurrency. Therefore, BCH can be used as payment in the purchase of Gift Cards in all major categories including household amenities, clothing/accessories, entertainment, food, and virtually any type of merchandise you may wish to buy.
What is wrong with Bitcoin Cash?
While the BCH blockchain can cater for a greater number of transactions in a second compared to the BTC blockchain, the biggest drawback to BCH lies with its security which has a higher risk of being compromised than the Bitcoin blockchain.