What is Bitcoin Cash (BCH)
BCH came into existence following Bitcoin’s hard fork on August 1st, 2017. It was not the first cryptocurrency forked from Bitcoin, but the project received a lot of attention right out of the box.
The founding team differed on increasing the blocksize, held responsible for usability problems that got in the way of Bitcoin becoming practical digital cash.
Bitcoin Cash now supports 32 MB blocks. As its usage increases, the team may look into increasing the allocated space.
Bitcoin Cash embodies other values that make it a permissionless currency that anyone can use globally and free from censorship or government control.
It’s supported by many well-known wallets, including Exodus, Coinbase, Coinomi, Jaxx, and more. Some merchants and services support the cryptocurrency with popular names such as CheapAir, Namecheap, Solomon Pierce, Rocketr, and eGifter.
In its evolution, Bitcoin Cash experienced a hard fork on Nov 15, 2020, dividing the network into BCH ABC and BCHN. The ABC team sought to implement a controversial rule to enforce a miner’s tax, where the developer team would claim 8% of mined BCH.
The project has since decentralized its development with multiple independent teams contributing to the project. This helps resist single control based on political issues or social attacks.
What is the difference between Bitcoin and Bitcoin Cash?
Before BCH emerged, the network debated and planned to introduce Segregated Witness to bolster the network’s scalability. BCH’s hard fork coincided with the SegWit implementation. Instead, it proposed bigger block sizes to address the scalability issue. Bitcoin Cash now has a max block size of 32 MB, compared to 1 MB for Bitcoin.
Consequently, Bitcoin’s transaction confirmation speeds are still slow, at times taking up to 60 minutes. On the other hand, BCH has reduced the confirmation speeds considerably to not more than 10 minutes.
As of 2021, Bitcoin had a higher market capitalization. The BTC price during the year peaked at $64,801 compared to $1,641 for Bitcoin Cash.
Fundamentally, Bitcoin is more like Gold than a usable currency, even based on the price. BCH may have a shot at becoming a usable digital currency. Purchases at the moment are prone to unstable price fluctuations. That’s why few businesses support either currency.
Why you might want to buy BCH
You may want to buy Bitcoin Cash (BCH) for its practical uses and advantages as a cryptocurrency. The project sees itself as upholding Satoshi’s mission of creating “A P2P electronic cash system.”
The increased network capacity allows fast transaction speeds with transactions confirmed in minutes. There are few network congestions, and fees are ultra-low. You have complete control over BCH and can operate anonymously.
Bitcoin Cash is not exclusive in its mission of becoming the preferred digital cash. The ultimate coin that wins may be the one that gets more merchants and users on board.
Another reason to buy Bitcoin Cash is to hold it as an investment asset to sell it in the future at a profit.
What is the investment potential of Bitcoin Cash?
It’s no secret that Bitcoin Cash has had its rough share of ups and downs that have plagued many cryptocurrencies. The attention in the first days came from its famous fork from Bitcoin. Previous BTC holders now had the same number of BCH.
Many saw it as free money at an opening price of $400 a coin. It was anticipated that the supply would bulge with everyone looking to sell. This would bring down the coin’s value. However, the hype around Bitcoin Cash continued to grow throughout the year.
BCH seemed to gain at the expense of Bitcoin and even dethroned Ethereum. Everyone saw a two-horse race with either BTC or BCH coming out as the winner.
At the height of the euphoria in December of 2017, BCH reached its first all-time high of $3,785. Things quickly changed in the new year, with the price falling to $77 in December 2018, causing some investors to sustain heavy losses along the way.
Amid an upcoming hard fork that many saw as a potential boost to BCH’s user base, the price rallied back reaching $1,462 in May 2021. The network didn’t reach a consensus, and again, the price trended downwards through the first months of 2022.
Much remains to be seen for the future of BCH. Don’t invest more than you can stand to lose. Analyze the project and keep track of major events in the coin’s evolution.
Where can I buy Bitcoin Cash?
Buy BCH instantly on Changelly, a leading instant exchange platform for crypto-to-crypto transfers. Fiat transactions are processed by our partners (Indacoin, Banxa, Moonpay, etc.). We’ve served over 2 million customers and over a half-a-million users on our mobile apps.
How much Bitcoin Cash can I buy?
You’ll find that there are limits imposed on BCH you can buy depending on the fiat-to-crypto platform in our network. For instance, Indacoin sets a $200 BCH buy limit on new users. But the transaction limit keeps increasing on subsequent trades. Find out about the transaction limits by initiating a new order and choosing your preferred fiat-to-crypto partner.
Can I buy BCH with a credit card?
Buy Bitcoin Cash with a credit card with no restrictions. Our partners uphold the highest security standards to process card payments with zero risk. Supply correct details, and you’ll be eligible to receive your BCH securely in your wallet. We’ve been operating reliably since 2015.
Can I buy BCH with a debit card?
Use your debit card to purchase BCH. Pay with over 50+ local currencies. In case of any issues, contact us via Live chat.
Can I buy BCH with PayPal?
Making your BCH buy with Paypal is possible from a platform that supports this payment method. At the moment, Changelly doesn’t support BCH purchases using PayPal.
Where can I store BCH?
Users have a wealth of options to store BCH. Some of the supported wallets listed on the BCH’s website include Trezor, Ledger, KeepKey, Exodus, ViaWallet, Zapit, CoinSpace, Jaxx, Coinomi, and more. Assess the potential benefits and drawbacks of using each wallet. Keep your private keys safe.