Bitcoin Cash (BCH) is well known as one of the earliest successful hard forks of the popular cryptocurrency, Bitcoin. Once it emerged, it was naturally a competitor of Bitcoin and has grown in leaps and bounds since then.
Let’s take a closer look at this popular cryptocurrency!
What Is BCH?
Bitcoin Cash is a cryptocurrency that emerged in 2017 as one of the first Bitcoin forks, and it has a similar structure to Bitcoin. A hard fork is when one cryptocurrency splits into two. Although similar, BCH and BTC differ in many ways.
- For one, BCH has way cheaper transaction fees and quicker transaction times than BTC.
- BCH has a faster processing time than BTC.
- Bitcoin Cash offers near-instant transactions because of its 0-conf, which means that by the next block or so, the transaction will be confirmed.
Brief History of Bitcoin Cash
The amounts of data being poured into Bitcoin blocks were increasing. For instance, the average block size was 100kb in 2011 but increased to 600k by 2015. As the market expanded, the network struggled to carry out transactions, defeating the purpose of peer-to-peer ones.
Due to transaction delays and massive network fees, people shied away from using Bitcoin. To solve these problems, BCH was created.
The hard fork happened in 2017, and BCH emerged. It had a more massive block size than BTC, up to 32MB. The BCH transaction tariff was incredibly fast thanks to the larger block size. In 2018, a stress test showed that BCH could process up to 25,000 transactions per block.
BCH, which started as a hard fork, also split to become two other coins: Bitcoin Cash ABC (BCHA) and Bitcoin Satoshi Vision (BSV). This was because of discord based on the recommended protocol updates.
In 2019, BCH was updated twice, making transactions non-malleable and featuring Schnorr signature capabilities. There was also an increase in its adoption, and it proved to be a formidable opponent among privacy coins.
In 2020, BCH became available to all customers in the US except for Hawaii. However, it was not allowed in PayPal as one of the currencies customers could sell, buy, and invest in.
As for the price, the digital currency rose to $455 in February but still fell and mostly traded in the mid-$200s.
Now, BCH is considered a part of the top ten when comparing cryptocurrencies based on their market caps. As of January 2021, it has reached about $600, which is an increase from the previous year.
There are different favorable predictions for BCH, with the strongest being that of Kim Dotcom, who predicts the price will increase by up to 867% in 2021.
Where You Can Purchase BCH
If you’ve decided to invest in BCH, you can easily buy it from a secure and anonymous exchange like Godex.
You can also check the Bitcoin Cash website to see their recommended platforms, like Bittrex, Kraken, and Coinbase.
Easily Invest in BCH
BCH is a good investment choice when considering its position among other currencies and the favorable forecasts that predict significantly high prices. Some of its features even make it more attractive than BTC.
If you want to give BCH a try, visit Godex to use the Bitcoin Cash to Bitcoin converter or vice versa. Moreover, you can use the other popular exchange platforms mentioned above.