Bitcoin Cash (BCH) is a cryptocurrency that is a fork of Bitcoin aimed at eliminating some of its predecessor’s shortcomings. In particular, the currency offers its users advantages such as secure transaction verification, low transaction fees, accessible innovations, and unlimited growth prospects.
Everyone who held bitcoins in their account at the time of block #478558 closure received a certain amount of Bitcoin Cash. Today, Bitcoin Cash is the 30th-ranked cryptocurrency by market cap.
We have prepared a guide where you will learn what Bitcoin Cash meaning is and whether it is worth buying. Let’s get started!
BCH Definition: What Is Bitcoin Cash (BCH)?
What is Bitcoin Cash? Well, Bitcoin Cash or BCH definition is as follows: it is a decentralized, peer-to-peer electronic cash system that aims to increase the network’s transaction capacity to make it convenient for everyday transactions.
BCH is a cryptocurrency with many characteristics similar to Bitcoin (BTC) but also several changes and features that differentiate it from the very first cryptocurrency.
What is BCH? Bitcoin Cash (BCH) is considered a fork of Bitcoin. Still, fans of this cryptocurrency claim that Bitcoin Cash even better aligns with the original vision of creating a peer-to-peer electronic cash system, as outlined by the developer(s) of Bitcoin under the pseudonym Satoshi Nakamoto.
History of Bitcoin Cash (BCH)
As mentioned before, Bitcoin Cash was launched in the summer of 2017 as a fork of the original Bitcoin blockchain. The reason was the decision by the Bitcoin Core development team to implement Segregated Witness (SegWit), which caused concern among some in the Bitcoin community. These people believed that the problems facing the BTC blockchain could not be solved by a simple implementation of SegWit or something similar.
Therefore, some developers, mainly from China, proposed to increase the size of the Bitcoin block, leading to faster and cheaper transactions. However, this proposal was met with negativity. There were no guarantees that increasing the block size would have any effect if the cryptocurrency remained on the same platform.
Meanwhile, supporters of the block size increase didn’t give up and were confident that the solution would work. They received public support, including from significant figures in the crypto industry. As a result, on August 1, 2017, the Bitcoin Cash project materialized into a separate cryptocurrency.
Nowadays, BCH is both praised and criticized. Skeptical experts remind that Bitcoin Cash essentially does not differ from Bitcoin and operates on the same blockchain, uses the Proof-of-Work consensus algorithm, and provides the same capabilities as the very first cryptocurrency.
However, it cannot be said that Bitcoin Cash offers absolutely nothing new — BCH transaction fees are much lower. Although it is clear that this may be related to the small number of followers compared to BTC.
The Bitcoin Cash network periodically undergoes updates, and November 15, 2018 was planned to be the date of the next update. However, the blockchain is designed so that an update is only possible when there is consensus among all network participants.
Several months before the event, there was a split in the community. Two groups of developers (nChain and Bitcoin ABC) could not come to a common decision regarding the further development of the cryptocurrency. As a result, two versions of new software were released:
- Bitcoin Cash SV (BCHSV)
- Bitcoin Cash ABC (BCHABC)
But on November 15, nothing went as planned — the team led by Craig Wright (Bitcoin SV) attempted to attack the BCHABC network and generally behaved very hostilely.
This behavior did not sit well with most crypto exchanges, which officially announced that they considered the coin unsafe and speculative.
As a result of active support for ABC from the community, this branch became the main one and now carries the BCH ticker. The second coin was given the BSV ticker and is currently worth $200 less.
Bitcoin Cash (BCH) Overview
|BCH Price Change 24h||-0.10%|
|BCH Price Change 7d||-2.06%|
|BCH Market Cap||$2,294,128,794|
|BCH Circulating Supply||19,381,275 BCH|
|BCH Trading Volume 24h||$94,657,688|
|BCH All-Time High (ATH)||$4,355.62|
|BCH All-Time Low (ATL)||$75.08|
How Does Bitcoin Cash Work: Bitcoin Cash Vs. Bitcoin
How does Bitcoin Cash work? The creators of Bitcoin Cash were aware of Bitcoin’s weaknesses and had designed some enhancements for security to address these issues.
|Protection against replay attacks||Bitcoin Cash uses a different hashing algorithm than the original cryptocurrency, making data replication between the two chains no longer possible.|
|Chain scalability||The technology of Bitcoin Cash allows for an increase in block size. Currently, it is set at 8 MB, but further increases are possible in the future.|
|Transaction signatures||Bitcoin Cash uses a different transaction signature than Bitcoin.|
|Emergency Difficulty Adjustment (EDA)||The algorithm ensures the stable operation of the chain in case of sudden changes in the number of miners, which affects the overall stability of the cryptocurrency.|
How does BCH work? The operation of Bitcoin Cash is essentially the same as the original currency. There are no innovative features or opportunities for development. Even the name Bitcoin Cash does not imply that the network allows for fiat currency transactions, like Stellar, for example. The maximum supply is the same as BTC — 21 million.
Key Advantages & Disadvantages of Bitcoin Cash
- Currently, Bitcoin Cash has very low fees, which are several times lower than those of Bitcoin.
- BCH has high transaction speed thanks to an eightfold increase in block size.
- Bitcoin Cash is listed on all major cryptocurrency exchanges.
- Low investor confidence due to a small degree of differentiation from Bitcoin.
- Low level of adoption.
Bitcoin Cash Price Today
What is Bitcoin Cash current price? Well, even though the current value of BCH is far below its ATH, the token has already shown significant promise. By 2026, the price of BCH is expected to cross the $535.19 mark. Like most other cryptocurrencies, the coin is highly volatile. Still, since the founding of Bitcoin Cash, BCH has shown steady growth.
Where to Buy Bitcoin Cash (BCH): Switchere Exchange
If you’re wondering where to buy BCH, you should definitely think about buying it at Switchere. On our platform, you have an opportunity to buy BCH in the fastest and most convenient ways. Moreover, we offer some surprising bonuses! Users of our platform enjoy a 0% service fee for the first order.
How to buy BCH with USD? At Switchere, you can buy crypto for fiat money or swap crypto for crypto. In addition to traditional purchases with a bank card, you can use alternative payment methods available (SEPA, SOFORT, Apple Pay, Google Pay, and local Asian banks).
Here is an easy step-by-step guide on buying BCH at Switchere!
- Visit our website and log in to your account.
- Choose the currency pair for exchange as well as a payment method and enter the amount. Don’t forget to check the transaction details by clicking on ‘Details.’ Once you’ve done, click the ‘Buy’ button.
- Specify your Bitcoin Cash wallet address and click on the ‘Buy’ button.
- Enter your card details and click on the ‘Pay Now’ button. Please take into account that you have a limited amount of time to send your funds. Elsewise, the transaction will be canceled automatically.
- Once you send the funds and your transaction receives the required number of blockchain confirmations, the amount of purchased BCH will be sent to your provided wallet address accordingly.
- Congratulations! The transaction is completed, and now you can check your Bitcoin Cash wallet.
Usually, Switchere transactions take 5-30 minutes. If you have any issues with the exchange process, let us know at [email protected]
From the market capitalization perspective, Bitcoin Cash is currently the 30th largest cryptocurrency in the world. As for its exchange rate, it experiences the same ups and downs as the rates of other currencies.
Unlike many coins that started at the same time as it, Bitcoin Cash is supported by all well-known and reliable exchanges, making it very liquid and allowing for quick sales if necessary.
Overall, it can be recognized that Bitcoin Cash is a viable option as a second backup asset for any crypto investor looking to diversify their portfolio.
We hope our detailed guide to Bitcoin Cash (BCH) has helped you understand what BCH meaning and Bitcoin Cash definition are all about and how this cryptocurrency works.
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