Bitcoin Cash is a cryptocurrency that has split off from the Bitcoin fork. This branch took place on August 1, 2017. In essence, Bitcoin Cash is a new digital currency that is rapidly gaining popularity among users.
Features of Bitcoin Cash
Previously, the main drawback of the Bitcoin coin was a transaction delay, which could last up to two days. This situation did not appeal to users. Today, the problem with transactions when using Bitcoin arises due to the small size of its blocks, each of which includes only 2 megabytes of information. For comparison, the Bitcoin Cash block holds 8 megabytes of information, making the currency more adapted and prepared for the modern market, giving it an undeniable advantage among other types of cryptocurrencies.
Bitcoin is mined using ASIC equipment, which costs a lot of money, the difficulty of the network is that it changes every 2016 blocks, this slows it down. Bitcoin Cash has affordable mining. It uses conventional video cards, making the currency decentralized. Bitcoin Cash is a smart system that allows you to change mining and determine Hashrate, with the increase of which the exchange rate rises.
A hashrate is a measurement of a piece of equipment that was thrown into cryptocurrency mining. Bitcoin Cash solves the main problem – reducing transaction fees, which has a beneficial effect on the popularity of crypto among users.
Where to store Bitcoin Cash
Before you purchase Bitcoin Cash, you need to install a wallet for storing coins. Today, many platforms and providers do not express much desire to work with this type of currency. This is due to the fact that they focus only on the cryptocurrencies that are available, and also adhere to autonomous standards when choosing a cryptocurrency. More recently, many crypto wallets started working with Bitcoin Cash. Most often, users use Exodus wallet for storing coins, which is integrated with the Shapeshif system, allowing you to make any transactions with cryptocurrency.
It is also worth paying attention to the Jaxx crypto wallet supporting almost all types of cryptocurrencies. The program is good in that it is installed not only on a computer device, but also on a smartphone. Electron Cash is the prototype of the Elektrum crypto wallet, it supports all the functions necessary for working with Bitcoin Cash.
Store cryptocurrency on exchanges is not recommended. This option is only suitable for short-term trading operations, as the user cannot control the private key, which is used by scammers. Therefore, after transactions on the exchange, it is recommended to instantly transfer your funds to crypto-wallets.
Ways to Buy Bitcoin Cash
You can purchase cryptocurrency:
- Cryptocurrency exchanges.
The best and most profitable way is to buy currency on a cryptocurrency exchange. The best cryptocurrency exchange for buying Bitcoin cash is Binance, which since 2018 has been able to increase the number of users by several times. Today, the exchange has 10 million people daily making cryptocurrency purchases. In 2019, Binance plans to make a profit of 1 billion US dollars, so it offers the best conditions for buying a crypt in order to attract customers. The exchange interface is very convenient, even a beginner can easily figure it out.
The best cryptocurrency pair for Bitcoin Cash is BCC / USDT, its daily volume is $ 12.4 million and BCC / BTC is $ 9.5 million. At Binance, you can only buy Bitcoin Cash using a cryptocurrency, which is ideally suited for Bitcoin. The exchange provides for the purchase of crypto for fiat funds, but it is unprofitable due to commissions. Before you start buying Bitcoin Cash, you need to register a trading account on the exchange. After replenishing the balance, the most suitable rate is selected and an order is issued. After the transaction, the coins are credited to the trading exchange account, from which they can be withdrawn to any electronic wallet.
You can use exchangers to purchase Bitcoin Cash, but before you complete the operation you need to specify the account from which funds will be debited for the purchase of crypto and the amount that you are willing to pay. At the same time, you must specify the wallet to which the cryptocurrency will go. The second window displays the number of coins that the user can purchase for the specified amount of funds. After completing the application, Bitcoin Cash arrives almost instantly to the specified account. The disadvantage of this method is the high commission compared to exchanges, set by each exchanger individually. As a rule, the exchange rate is less profitable than on exchanges.
You can buy Bitcoin Cash on forums or sites. working like OLX. The user in the search bar to write the name of the currency and selects the best offer. After making a payment to the wallet indicated by the seller, he receives coins. This method of purchase is fraught with great risks, there are a lot of scammers on such sites, so before you make a deal you need to carefully look at how long the seller has been on the site and, if possible, read reviews on forums.
The best and most profitable way to buy Bitcoin Cash is to use the Wellcoinex service, which offers not only a convenient and simple interface, but also transaction security. The transaction takes place instantly, and when buying the user significantly save on commissions.
Is it worth investing in Bitcoin Cash 2020
Today, Bitcoin Cash is in sixth place in trading, so coins are popular on major cryptocurrency exchanges, especially on Binance. Experts predict that in the future, Bitcoin Cash will become the leading currency and occupy a significant part of the global ecosystem. According to experts, Bitcoin will remain the leader, but Bitcoin Cash will occupy 65% of the market, the rest will be distributed among other types of cryptocurrencies. Investing funds in 2019 with Bitcoin Cash is definitely necessary, but in order to get a good profit you will have to wait a while. Perhaps the currency will not replace Bitcoin, but it will become its worthy competitor.