What is Bitcoin Cash?
Bitcoin Cash (BCH) is a cryptocurrency asset, which began its life starting from August 1, 2017, as the hard fork coin from Bitcoin cryptocurrency. The main difference from the “parent” BTC crypto, is that BCH has a larger block size – 8 MB (instead of classical 1 MB one for Bitcoin). So, Bitcoin Cash (BCH) is a kind of Bitcoins (BTC) offshoot.
What was the purpose of creating this coin? Bitcoin Cash’s 8 MB block size favorably affects the speed of all operations with this asset.
The hard fork is a community-activated update to the protocol or code of the original blockchain, in this case – Bitcoin one. Later, on the 16th November 2018, BCH was also hard-forked and, this time, the coin was separated into Bitcoin SV (Satoshi’s Vision) and the Bitcoin ABC. The purpose of a new update was the users and developers willing to increase the block size up to 32 MB.
Bitcoin and Bitcoin Cash – are they’re same or independent coins?
What is the difference between BTC and BCH?
There is difference between Bitcoin and Bitcoin Cash, and they are different assets for sure!
Here are the main distinctions: Bitcoin was created with an idea of a “perfect peer-to-peer cryptocurrency” for everyday operations and transactions, but, later the coin become more an investorial asset than just a “currency”. What was the purpose for making the Bitcoin Cash block bigger? The main task was to create the technology more scalable and process more operations per second, therefore, transactions became much faster. The idea of Bitcoin Cash is using of crypto-transactions as a convenient means of payment, rather than a means of saving value. It is also worth noting the “profitability”, transaction fees for BCH are usually much lower than in original Bitcoins (BTC).
One of the reasons why Bitcoin Cash Fork had taken place was partially to answer the question whether a separate crypto is needed to make the block size bigger. The main argument for the creation was the slow speed of Bitcoin transactions and the desire to fix it. It is believed that once cryptocurrencies will replace traditional payment systems such as Visa and Mastercard. And now, although Bitcoin and Bitcoin cache operations can process from 2 to 7 transactions per second, while Visa can process about 1700 transactions per second. In speed, for now, you need to compete for leadership.
Bitcoin Cash is not same as Bitcoin one in many other aspects too. For example, Bitcoin Cash operations do not support Segregated Witness – a solution for placing bigger amount of transactions for one block.
In addition to obvious differences and different block sizes, there are still points in which these assets are similar. For example, both coins work like PoW to mine new coins.
Bitcoin Cash, like Bitcoin, uses the Emergency Difficulty Adjustment (EDA) algorithm which corrects complexity every 2016 blocks (in other words, approximately every two weeks). Miners could not help noticing this similarity, and of course they took advantage of them while alternating their mining activities between Bitcoin and Bitcoin Cash. Although it was beneficial for the miners, this practice adversely affected the increase in the supply of BCH in the markets. Therefore, BCH team has revised its EDA algorithm so that miners can easily generate cryptocurrency.
Despite the obvious differences between these coins, Bitcoin Cash and Bitcoin have some similarities in technical part. The similarities are the same consensus mechanism and a maximum 21 million coins supply.
History of Bitcoin Cash
The history of Bitcoin Cash coins should be studied with the purpose for which the asset was created. Initially, it was planned that the volume of one block in the Bitcoin blockchain does not exceed 1 Mb. Over time, and with the fact that the asset began to gain popularity sharply, there were a lot of network users. The increase in demand led to the fact that the number of operations processed by the network increased sharply, and the volume of 1 Mb was simply not enough to check (complete) all transactions.
At first, the situation was unsatisfactory, but, in June 2017, the situation completely got out of control and reached its critical point. The decision of the blockchain community was as follows – to introduce the new SegWit2x protocol, in order to be able to output some information from the blockchain. Well, and, of course, in the long term to increase blocks.
The idea was supported by 95% of miners. Soon, a development team led by Amaury Sechet (formerly Facebook developers) was in favor of maintaining the old structure by expanding the blocks to 8 MB.
The idea of increasing blocks to 8 was realized on August 1, 2017, having separated from the Bitcoin blockchain and created a new Bitcoin Cash coin.
The last common block of Bitcoin and Bitcoin Cash was the 478558 block. The next 478559 block was already different for BTC and BCH. As a result, everyone who received Bitcoins before block 478559 automatically became owners of Bitcoin Cash.
Initially, Bitcoin Cash traded at a price of 0.5 Bitcoin. The following are all important indicators for the asset:
You can see current BCH price in the “exchange” field above.
BCH Market Cap – $4,663,668,988
Circulating Bitcoin Cash supply – 18,424,031 BCH
Total Bitcoin Cash supply – 18,424,031 BCH
Maximum Bitcoin Cash supply – 21,000,000 BCH
Bitcoin All-time low price was fixed on December 15, 2018. The price was equal to $75,03.
BCH All-time high happened on 20th December 20 of 2017, and the price was $4,355,62 per 1 Bitcoin Cash coin.
Why to invest in Bitcoin Cash?
Bitcoin Cash purchasing is a good investment idea. Due to the prices of all cryptocurrencies are very volatile, there are several ways to earn:
- Make trading operations to multiply your income;
- Just hold your amount of Bitcoin Cash coins on your Binaryx Wallet and wait for the price growth.
How do Bitcoin Cash transactions work?
There are several ways of how Bitcoin Cash can work:
- Transactions may work as a money transfer between Bitcoin Cash supportable wallets that being added in the blockchain (in case of from wallet to wallet transactions);
- Like an asset for the cryptocurrency exchange (to other crypto or fiat money);
- As a trading tool for the cryptocurrency exchange platforms (trading platforms).
How to choose the correct time to trade?
Everything depends on the current market situation, and the trading pair you choose, how fast will transaction take etc. There is no “high-time” for sure, any moment can be a suitable for your operation. Bitcoin Cash (as all the other cryptocurrencies) is traded 24/7 and its price changes every second.
Fundamental and technical analysis are suitable for such situations, as never before. Do not neglect analytics, Market Situations, often, has a recurring nature, and, knowing the result of past similar conditions, it is easier to navigate the current actions at the moment.
How long does Bitcoin Cash transaction take?
Bitcoin cash transactions are quite fast and trusted. Different payment methods provide different coins delivery speed. It is important to understand that all the cryptocurrency assets transactions depend on the network congestion.
If comparing with the traditional Bitcoin – Bitcoin Cash transactions are significantly faster. The reason is that BCH has a larger block size – 8 MB, while the classical Bitcoin uses 1 MB block.
Sometimes, the network may be overloaded. The more transactions are made via the same period of time – the longer time it may take to get your operation done. It usually takes less than 10 minutes. But, even on the extremely overload market situation it’s rare to experience a delay longer than one hour.
Fees are also important – the higher fee you pay – the faster transaction you get. Bigger fee payments are stimulating miners to confirm and process your transaction faster.
How to exchange Bitcoin Cash (BCH) on Binaryx?
If you are wondering how to exchange Bitcoin Cash using the Binaryx cryptocurrency exchange, we will assume that you have an already registered account with a positive Bitcoin Cash balance (with more than 0 coins). The following data is provided based on this information. In case if you are Binaryx user and Bitcoin Cash holder exchanging your assets will take less than a minute.
Binaryx gives a chance to exchange BCH to:
– Bitcoin (BTC)
– Ethereum (ETH)
– Litecoin (LTC)
– Ripple (XRP)
– Tether (USDT)
– US Dollar (USD)
The process is extremely easy and suitable for everyone (even for newbies on the Market).
The simple steps are outlined in a “How to Exchange Bitcoin Cash” guide:
- Step 1. Log-in to your personal account
- Step 2. Check your balance. Go to the Wallet section to check your BCH balance.
- Step 3. Use the Quick Exchange option. This functions of your Wallet will calculate the exchange price after you specify the exchange amount
- Step 4. Confirm the operation. Please note: We charge a 0.7% fee for completing your operation
- Step 5. Successful exchange. Congratulation, now exchanging Bitcoin Cash to any other currencies is no longer a big deal, and won’t take more than a minute!
How long the exchange goes?
Binaryx Exchange Module is known to be the fast way to exchange your funds. Exchange from Bitcoin Cash to Fiat, and from BCH to other cryptocurrencies (or vice versa) is just lightning fast and takes only a few seconds. The exchange operation occurs at the current rate, and the rate is being updated every second.
And, after a successful operation, funds are immediately displayed in your personal account. Binaryx charges a 0.7% fee for processing your payment (exchange).
Can I purchase a part of Bitcoin Cash (not a full coin)?
Sure! And the current minimum limits are next:
- Order size is 0.00001 BCH
- Smallest BCH amount to Buy or Sell is 0.00000001
Am I linked as a Bitcoin Cash owner? Who can see this information?
Your funds in a Bitcoin Cash coin are tied to your cryptocurrency wallet, and not to you, as an individual. So no one sees information about your BCH capital.
How to Buy Bitcoin Cash on Binaryx?
Speed, convenience and reliability of money transactions are extremely important both for cryptocurrencies and fiat money. We understand the importance of fast and easy transactions and implemented the best practices for Binaryx platform users.
Today, you can buy cryptocurrencies in just a few simple clicks. The whole process takes no more than 1-10 minutes. We have tried the best to do these operations as much as user-friendly, as it is even possible.
Many services worldwide give users opportunity to Buy Bitcoin Cash, but we promise, it will never be so fast and simple deal as while using Binaryx. Binaryx offers traditional Buy/Sell, Fast-Exchange and Trading operations, as well as its personal services. It also helps to convert BCH to or another cryptocurrency or fiat assets in record fast time! And, for sure, we guaranty the safety of your funds during the purchase operation.
The simple steps are outlined in a “How to Buy Bitcoin Cash” guide below:
- Step 1. Create an account (if you still haven’t got one). Registration won’t take long. Log-in using your Social Media profiles or create a brand-new account indicating your email.
Please note: Specifying your ID-data is not mandatory for creating the account, after the completed registration you’ll get an automatically generated personal cryptocurrency wallet for storing your funds. Also, you’ll have the ability to perform trades.
- Step 2. Explore the website. Check the list of available assets on the exchange and get ready to deposit your personal account.
- Step 3. Congratulations, you are ready to refill your personal account! Go to the “Wallet” section, and choose an asset for the Deposit.
- Step 4. Choose the way to Buy Bitcoin Cash. Deposit your account with your fiat or crypto-currency, for the future “trade” to Sell your asset and Buy Bitcoin Cash for it.
- Step 5. Go to the “Exchange” section. Buy BCH in the “Quick Buy” window. We charge 0.7% fee. Congratulations, now Buying Bitcoin Cash is no longer a problem!
How to Sell Bitcoin Cash on Binaryx?
If you are wondering how to sell BCH to Binaryx, you probably already have a registered account with a positive Bitcoin Cash balance (with more than 0 coins). The following data is provided according to this information. In case if you are Binaryx user and BCH coin holder selling your assets will take less than a few minutes.
The simple steps are outlined in a “How to Sell Bitcoin Cash” guide below:
- Step 1. Log-in to your personal account.
- Step 2. Go to the Wallet section to check the available BCH amount for the further trade/exchange operation.
- Step 3. Choose the asset to Sell Bitcoin Cash for.
- Step 4. Go to the “Exchange” section. Sell the needed Bitcoin Cash amount in the “Quick Buy” window. Choose the fiat or crypto-currency asset for the exchange. Please note: we charge 0.7% fee.
- Step 5. Successful operation. Congratulations, now you know how to Sell Bitcoin Cash (BCH) and it is no longer a problem!
How to trade Bitcoin Cash on Binaryx?
Trading feature will be shortly available on Binaryx, we are currently working on it. Below you can discover more about this method and how it works.
Cryptocurrency trading is an integral part of the work for the majority of users who want to make money on cryptocurrencies. More than 60% of all market operations are done in pairs with Bitcoin. There are different types of trading approaches. Mostly, types of trading differ in the amount of time devoted directly for the trading operations and the market analysis. But, no matter what kind of trader you are, do you prefer long-time or short-time investments, the basic idea is invariable: you need to Buy at the low price and, Sell as expensive as possible, for the higher profit.
Please, note: Since volatile markets have favorable trading conditions, buyers and sellers are attracted to trading more. For many, who ignores market analysis, it can end as a lousy decision, due to unstable markets also produce higher losses. Make your trades wisely and always evaluate risk levels before doing any kind of operation.
Store (Hold) Bitcoin Cash in your Binaryx Wallet
Storing cryptocurrency and fiat assets in Binaryx Wallet is totally free and safe. You do not longer need to have several different wallets – hold your portfolio in a single place! For the convenience of users, the wallet is personalized. It displays the current position of your balance and the history of all completed transactions. Track all the movements of your assets.
Storing Bitcoin Cash on the exchange wallet is an excellent idea: you can make a transaction any moment, day, or second you want to, and in case if storing at different sources – you will need to Deposit (refill) your Binaryx Bitcoin Cash (BCH) amount first.
Binaryx Wallet has a build in system form tracking your profits and your assets current prices. Also, your Bitcoin and Dollar equivalent amount are always displayed in your personal wallet.
Why to choose us?
The most priority thing for Binaryx team is the best customers’ experience, stability, and safety.
We offer:
- 24/7 support
- Easy-to-use interface
- Our representatives in your region
- Low fees
- Active traders’ community
- Wide range of assets
- Both cryptocurrency and fiat support
- Daily handcrafted news from our editorial team
- Fast exchange module
- Favorable conditions on the market