Bitcoin Cash (BCH ticker) was launched in August 2017 and has since become Bitcoin’s most successful hard fork. By contrast with Bitcoin (BTC ticker), Bitcoin Cash aims to scale so it can meet the demands of a global payment system. In our today’s article, you will find out what is Bitcoin Cash (BCH) and its peculiarities. Consequently, you will get to know the major difference between BCH and BTC and where you can buy the BCH coin anonymously. Full speed ahead!
What Is BCH (Bitcoin Cash) and How Does It Work
To start with, you may have questions like “what is BCH?” or “what is BCH cryptocurrency” roaming in your head. All in all, Bitcoin Cash is a peer-to-peer (P2P) electronic cash system that aims to become global digital money with fast payments, small fees, and high transaction capacity. Bitcoin Cash is one of Bitcoin’s early competitors formed out of a hard fork back in 2017 led by Roger Ver. At the date of writing, the BCH cryptocurrency is ranked 18 by market cap with a total circulating supply of 18,8M coins and is valued at $568 per 1 BCH.
The main idea behind the BCH hard fork is the introduction of non-cash transactions like smart contracts and oracle prediction services and conventional transaction ordering targeted to replace topological transaction ordering. Quoting Matej Tomazin, director of Digital Assets Management Platform ICONOMI,
We prefer Bitcoin Cash because the supporters behind its development are staying true to the original mission statement of Satoshi’s whitepaper.
Although BCH’s block is 32 times bigger than BTC’s 1 MB block size, both ecosystems use a proof-of-work (PoW) mining algorithm to confirm the transactions. However, BCH is capable of validating more transactions every 10 minutes by contrast with BTC.
What Is BCH Coin and Its Peculiarities
Let us dive into the topic “what is BCH coin?” a little bit further.
Generally speaking, Bitcoin Cash functions exactly the same as Bitcoin. Both Bitcoin Cash and Bitcoin have a hard cap of 21M digital assets, use nodes to validate transactions, and use a PoW consensus algorithm. Bitcoin Cash is a decentralized peer-to-peer electronic cash system that does not rely on any central issuing authority or financial institution. That being said, it represents a fundamentally new meaning of the very nature of money.
- Open to anyone. Nobody controls or owns BCH because it is decentralized by nature.
- Pseudonymous. Identities are not related to transactions. Case in point, Bitcoin Cash remains free to be used by anyone, without any censorship or restrictions.
- Rules-based. Nodes follow a set of rules (a protocol) to achieve consensus on the state of the distributed ledger.
- Fixed supply. Only 21M BCH coins will ever be issued. As such, this makes BCH a hard asset, like gold, providing an opportunity to store value in the digital form in the long run.
BTC VS. BCH: What Is BCH Cryptocurrency as Compared to BTC
Like it or not, but the difference between BTC and BCH is, by a large degree, philosophical.
Bitcoin creator Satoshi Nakamoto proposed that BTC was meant to be a P2P crypto for daily transactions. Over the years, it gained mainstream traction and its price skyrocketed. Thus, Bitcoin became an investment locomotive instead of a currency. Consequently, its ledger witnessed scalability issues because it could not handle the increased number of transactions. In its turn, Bitcoin Cash proposed to resolve the dilemma by increasing the size of blocks to 32 MB, thereby enabling the processing of more transactions per block, high scalability, and liquidity, respectively.
Further, BCH differs from BTC in another respect as it does not incorporate Segregated Witness (SegWit), another solution proposed to introduce more transactions per block. As a rule, all transaction details are stored in a block. Unlike the Bitcoin ecosystem, Bitcoin Cash aims for scalability to meet the ever-increasing demands of a global payment infrastructure.
Hopefully, this detailed information has helped you to answer such questions as “what is Bitcoin Cash?”, “what is BCH coin and its peculiarities?” and “what is Bitcoin Cash and Bitcoin in comparison?”.
What Is Bitcoin Cash and How to Buy BCH Anonymously in 2021
The answer to the question “what is BCH?” is simple: Bitcoin Cash is an improved version of BTC; it is faster and designed for spending rather than holding. If you wish to diversify your crypto portfolio and buy BCH to your wallet without ID verification, you can do it on Switchere super fast. Platform users with the Basic Info verification tier can make crypto exchanges with no KYC. Make your first crypto exchange on the Switchere.com site and get regular discounts on the service fee — up to 45% OFF!
Here is a detailed and illustrative instruction on how to buy BCH:
- Go to our Switchere.com website and log in to your account.
- In the widget form, choose the exchange pair, enter the amount and your BCH wallet address. Tap the Buy BCH button.
- Check the order details and proceed with the payment.
- Enter your card details and tap the Pay Now button.
- Once you send the funds and your transaction receives the required number of blockchain confirmations, you will receive the ordered amount of BCH to your provided wallet address. As a rule, bank card transactions are processed within the 2-5 minutes timeframe.
Conclusively, the article has outlined the major concepts of the BCH crypto, its peculiarities, key similarities, and differences with Bitcoin. If you do not have BCH in your financial portfolio yet, you can easily buy Bitcoin Cash or any other top-performing digital asset at Switchere.com. What are you waiting for? Do not let your investments be idle, and get BCH right now! We offer the best pricing and seamless user experience no matter what.