[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"6ed72f49-b00b-4f12-9351-133c8b198158","updated_at":"2023-07-31T08:12:35.411678+00:00","account":{"firstName":"Marigold","lastName":"Vance"},"description":"Bitcoin Cash (BCH) is a decentralized cryptocurrency born from a 2017 Bitcoin "hard fork." This split from Bitcoin aimed to restore decentralization in the cryptocurrency space. With the ability to process more transactions per block, Bitcoin Cash boasts lower fees and faster transaction times compared to Bitcoin. ","sapo":"Bitcoin Cash (BCH) is a decentralized cryptocurrency created through a 2017 Bitcoin "hard fork." It enables more transactions per block, resulting in lower fees and faster transactions than Bitcoin. Discover the differences, availability, and success of Bitcoin Cash.","title":"The Complete Guide to Cryptocurrencies: Bitcoin Cash","content":"

Bitcoin Cash (BCH) emerged in 2017 through a Bitcoin hard fork, offering faster and cheaper transactions with a larger block size. While similar to Bitcoin, it serves different purposes, emphasizing everyday transactions. This article covers BCH's overview, use cases, differences from Bitcoin, pros and cons, and investing tips.

What is BCH?

BCH stands for "Bitcoin Cash," a cryptocurrency created in 2017 through a hard fork from Bitcoin . It has a larger block size (initially 8MB, later increased to 32MB) to enable faster and cheaper transactions compared to Bitcoin. Both share similarities, including proof-of-work and a 21 million coin supply limit. The idea for Bitcoin Cash was put forward by a group of Bitcoin developers. However, the person most directly connected to the currency today is Roger Ver, an early Bitcoin adopter and investor.

How does it work?

Bitcoin Cash operates on the same decentralized principle as Bitcoin, offering a peer-to-peer payment network on an open-source blockchain. Its larger block size allows faster transactions compared to Bitcoin, making it suitable for quick retail purchases.

What is BCH used for?

Bitcoin Cash (BCH) serves various purposes, similar to other cryptocurrencies. Here are some common use cases for Bitcoin Cash:

Peer-to-Peer Transactions: Facilitating fast, low-cost, and secure direct transactions worldwide without intermediaries.

Online Purchases: Used as a payment option for goods and services by numerous online merchants and businesses.

Remittances: Attractive for cost-effective and efficient cross-border money transfers.

Store of Value: Some view BCH as a digital store of value and a hedge against inflation.

Investment and Trading: Traded on various exchanges for potential profit from price fluctuations.

Decentralized Applications (dApps): Supports smart contracts, enabling developers to build various dApps.

Is BCH the same as BTC?

While they share some similarities, they are two separate cryptocurrencies that emerged as a result of a hard fork in the Bitcoin blockchain in August 2017.

Here are the key differences between Bitcoin Cash (BCH) and Bitcoin (BTC):

Figure 01. The differences between BTC and BCH

Bitcoin Cash (BCH) stands out with its larger block size, allowing faster transactions than Bitcoin (BTC). BCH suits quick everyday purchases like coffee, while BTC's security makes it better for larger transactions. BCH offers faster transactions and lower fees, but its widespread everyday usage is still growing.

Is BCH a stable coin?

Bitcoin Cash (BCH) is not a stablecoin. A stablecoin is a type of cryptocurrency that is designed to have a stable value, typically pegged to a stable asset or a basket of assets like fiat currencies (e.g., USD, EUR), commodities, or other cryptocurrencies.

In contrast, Bitcoin Cash is a regular cryptocurrency that is subject to the same market forces as other cryptocurrencies, like Bitcoin (BTC) or Ethereum (ETH). Its value is determined by market demand and supply dynamics, and as a result, its price can be highly volatile, experiencing significant fluctuations over short periods.

What are the pros and cons of BCH?

Bitcoin Cash (BCH) has its own set of advantages and disadvantages. Here are some of the key pros and cons of Bitcoin Cash:

Figure 02. Pros and cons of BCH

As with any investment or technology, the pros and cons of Bitcoin Cash depend on individual preferences, use cases, and the broader context of the cryptocurrency market. It's essential to conduct thorough research and consider your risk tolerance before investing in or using any cryptocurrency, including Bitcoin Cash.

Is BCH worth investing?

Whether Bitcoin Cash (BCH) or any other cryptocurrency is worth investing in depends on various factors, including your risk tolerance, financial goals, investment strategy, and your understanding of the cryptocurrency market.

Tips for investing in Bitcoin Cash and other cryptocurrencies:

1. Volatility: Be aware of the high price volatility in cryptocurrencies. Invest only what you can afford to lose.

2. Research: Conduct thorough research on Bitcoin Cash, its technology, and potential use cases.

3. Diversification: Spread your investments across different assets to reduce risk.

4. Regulation and Sentiment: Stay informed about regulatory changes and market sentiment.

5. Security: Use secure wallets and protect your private keys.

6. Seek Professional Advice: Consult a financial advisor if you're unsure about cryptocurrency investments.

7. Long-term vs. Short-term: Consider your investment horizon and strategy.

8. Beware of Scams: Be cautious of fraudulent schemes and unrealistic promises.

Remember that the cryptocurrency market is speculative and unpredictable; invest wisely and be aware of the associated risks.

Will BCH reach $10,000?

The value of Bitcoin Cash (BCH) and other cryptocurrencies is affected by various factors like market demand, adoption, technology, regulations, and market sentiment. Due to their high volatility, predicting specific price levels is challenging and speculative. Be cautious and skeptical of price predictions when investing in cryptocurrencies, as the market is highly speculative.

Conclusion

Bitcoin Cash (BCH) offers faster and cheaper transactions, making it suitable for everyday payments, online purchases, remittances, and decentralized applications. Its value is subject to market forces, so caution and research are crucial for potential investors in the volatile cryptocurrency market.

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The Complete Guide to Cryptocurrencies: Bitcoin Cash

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