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Bitcoin Cash is a decentralized peer-to-peer electronic cash system that does not rely on any central authority like a government or financial institution. In this article, we’ll be looking at a complete guide to Bitcoin Cash; its features, comparison, differences, where to sell and more.
What is Bitcoin Cash?
It is an altcoin cryptocurrency that shares many similar characteristics to BTC. Some regard it as a “fork” of Bitcoin. It was created in 2017 but later in 2018, it was split into two cryptocurrencies; Bitcoin Cash and Bitcoin SV (Satoshi Vision).
BCH was created to accommodate a larger block size compared to Bitcoin, allowing more transactions into a single block.
Just like BTC, it uses the same consensus mechanism and has capped its supply at 21 million.
Why was Bitcoin Cash Invented?
According to Bitcoin inventor, Satoshi Nakamoto, BTC was meant to be a peer-to-peer cryptocurrency used for daily transactions. Over time, as it gained mainstream traction and its price surged, Bitcoin became an investment vehicle instead of a currency.
Its blockchain witnessed scalability issues because it could not handle the increased number of transactions. The confirmation time and fees for a transaction on bitcoin’s blockchain increased rapidly.
BCH was brought about to solve these problems by increasing the size of blocks to between 8 MB and 32 MB, thereby enabling the processing of more transactions per block.
Features of Bitcoin Cash
1. No ownership:
There is no CEO or owner of Bitcoin cash.
2. Low Fees:
It enables reliable, fast, and affordable transactions of any value and regardless of location, including cross-border transactions. This makes it an effective alternative to payment networks like Visa and Mastercard.
3. Fixed Supply:
Like I said earlier, just Like Bitcoin, there are only 21 million coins to be mined.
4. Highly Secure:
Through a process known as Proof of Work (PoW), ‘miners compete to add new blocks to the chain that constitutes the ledger (again, the blockchain). The hardware and energy costs associated with PoW mining contribute to the security of the network along with game-theory driven principles such that attacking the network is both prohibitively expensive and guarantees the attacker cannot profit directly.
5. It is transparent:
All transactions are recorded on a global public ledger called the blockchain. The ledger is updated at regular intervals in blocks that are connected to form a chain. This allows anyone to easily see the full history of ownership and helps to eliminate the potential for fraud.
Uses of Bitcoin Cash
BCH has two major uses;
- Long-term store of value
- Means of exchange
Where To Sell Bitcoin Cash
Looking for the best app to sell Bitcoin Cash in Nigeria and Ghana? I recommend using BREET.
About BREET
Breet is an OTC crypto trading app that allows users to receive crypto, convert it to cash and withdraw it to their local bank account within minutes.
It is perfect for the ideal user to simply want to sell Bitcoin Cash in Africa and convert it to cash without worrying about cryptocurrency volatility.
This app is 100% free as it has no deposit fee, withdrawal fee or any other hidden fees and it has no withdrawal limit. Their customer service is available 24/7. For more help and support contact them at support@breet.app and call/WhatsApp 08090569499
Additionally, it supports other cryptocurrencies such as; Bitcoin, Ethereum, Dogecoin and Litecoin.
It is available in both Nigeria and Ghana at the moment.
Breet App is available on both Android and IOS.
