Bitcoin cash is a spin-off of Bitcoin. After the fork whatever Bitcoin you have will be credited as Bitcoin cash. This new cryptocurrency is coming in strong.
Last August 1, 2017, the blockchain of Bitcoin forked cryptocurrency – the Bitcoin cash. A fork does not exactly create a new blockchain and cryptocurrency starting from 0; instead, it merely creates a copy making Bitcoin and Bitcoin cash share the same data and history. This means that all previous transactions of Bitcoin cash in the new blockchain are exactly the same as the Bitcoin transactions in the original blockchain. This also means that if you have Bitcoins prior to the fork, you will have the same amount of Bitcoin cash recorded in the new Bitcoin cash blockchain.
It is not as simple as it appears to be though. If your private keys are under your control or if your Bitcoins are in an exchange, the exchange could easily convert your Bitcoins into Bitcoin cash. However, if the exchange that holds your Bitcoins said prior to August 1, 2017 fork that they are not going to be dealing with Bitcoin cash and the new blockchain, then your balances will remain as Bitcoins.
Bitcoin cash is an electronic peer-to-peer cash for the use of the Internet. It is decentralized; thus it is not under the authority of any central bank. It is also not operated by any third party. At present, Bitcoin cash is denoted as BCH
Bitcoin cash is the spin-off version of Bitcoin. It was launched by a small group of developers in Aug 1, 2017. The spin-off from the original Bitcoin blockchain was caused by the new set of network rules created by these developers and miners. The software they developed was incompatible with that of Bitcoin.
The Bitcoin cash comes with the following features:
On its first trading day, it was valued at $210.38 dollars and three weeks after its inception and has soared to $996.92.
Both Bitcoin and Bitcoin cash are cryptocurrencies. As far as users are concerned, there seems to be no major difference when using either of them. The major difference lies in the time it takes to process these coins. The Bitcoin cash (BCC) protocol is able to process a larger per second volume of transaction. This means that if you are using Bitcoin cash, payments are faster, and fees are lower.
While Bitcoin has a larger network than Bitcoin cash, a lot of users are disappointed by the long time it takes to process transactions. The constantly increasing fees is also starting to take its toll.
Websites are now still in the process of creating Bitcoin wallets. At present, you can access your Bitcoin cash through your Bitcoin wallets whose exchanges support the Bitcoin cash.
Bitcoin cash increases from 1 megabyte to 8 megabytes, the block size limit of Bitcoins. This is the reason Bitcoin cash transactions are faster. Due to the increased megabyte, Bitcoin cash can now be used as cash.
Bitcoin has always been considered as an electronic version of gold. It has a high value and is easily traded. It can be difficult though to spend Bitcoins.
As the fork took effect, all holders of Bitcoins automatically also became holders of Bitcoin cash with the same value. In the succeeding days or weeks, miners and investors will need to decide which between the Bitcoin and Bitcoin cash chain they will retain.
Two of the most popular Bitcoin Cash cryptocurrency exchanges are Cex.io and ShapeShift. Here is some deeper detail on both exchanges:
Cex.io is a cryptocurrency exchange providing an incredibly wide array of services for Bitcoin Cash, as well as many other crypto-coins (such as bitcoin, Ethereum, Litecoin, and many ICO’s). The Cex.io platform allows users to trade flat currencies for crypto currencies and vice versa effortlessly. The Cex.io platform offers highly personalized, yet still user-friendly dashboards for professional crypto margin trading. Additionally, Cex.io offers a brokering service in a similar vein to Coinbase, where beginner cryptocurrency traders can buy and sell Bitcoin Cash without worrying about a massive learning curve associated with a robust platform.
Shapeshift is one of the leading exchanges for crypto currencies, supporting all the key coins, including Bitcoin Cash. This exchange is fantastic for those who are looking for the speed convenience factor. Shapeshift allows the user to trade Bitcoin Cash or any other currency without the need to sign up for an account, or reliance on a fund-storage platform. While intuitive, the instantaneous trading downside is that no deposits can be made with cards. Shapeshift streamlines their service with a lack of flat policy, only allowing for exchange between Bitcoin and other cryptocurrencies such as Bitcoin Cash.
Whatever Bitcoin you have after the fork, it will give you an equivalent amount of Bitcoin cash. Several exchanges have signified their intention to trade Bitcoin cash. This means that you can buy Bitcoin cash from exchanges.
A lot of people are still having difficulties getting their Bitcoin cash because most Bitcoin wallets still does not support Bitcoin cash. Most exchanges too have not yet configured receiving Bitcoin cash deposits. Nevertheless, trading of Bitcoin cash has already started.
Albeit new, Bitcoin cash is coming in strong as a cryptocurrency being the third largest after Bitcoin and Ethereum.
It has only been a couple of weeks since the spin-off of Bitcoin cash from Bitcoin. You can buy Bitcoin cash in much the same way as you buy Bitcoin or any other cryptocurrency for that matter.
The competition is currently stiff. There are numerous exchanges and brokers to choose from if you are interested in trading Bitcoin cash.
The price of Bitcoin cash continues to increase and is now almost $1,000. Bitcoin cash is slowly establishing itself as a strong cryptocurrency after its split from the original Bitcoin. It however still remains to be seen if Bitcoin cash will be able to attract a huge number of miners and exchanges. As the rate of its value is increasing, it seems like it is on the right track.
After getting the exact amount of Bitcoin cash from your Bitcoins and you have no intention of holding on to your Bitcoin cash, the best thing to do is to sell your Bitcoin cash for cash in exchanges.
Being a new cryptocurrency, some exchanges require at least 20 confirmations before you can sell your Bitcoins. There are some exchanges that would require only one confirmation but would still require 20 confirmations if you want to withdraw the proceeds of the sale.
When selling your Bitcoin cash, be mindful of the different symbols that Bitcoin cash is referred to such as BCH, BTCC, BCC, etc.
Bitcoin cash was successfully launched last August 1, 2017 as a spin-off of Bitcoins. Users and merchants alike are getting interested with the lower fees and fast confirmation of this cryptocurrency. Therefore, the future looks bright for Bitcoin cash.
It is absolutely normal for miners to initially ignore Bitcoin cash because it was not profitable. As it is turning out today, Bitcoin cash is starting to get the much needed support. More and more users of the network are starting to mine Bitcoin cash.
Those who have not shown interest in mining Bitcoin cash are finding it difficult to understand why anyone would be interested in mining Bitcoin cash. Starting from the day it was launched, Bitcoin cash has been hounded with controversies. Most users of the network are encouraging other users to sell their Bitcoin cash as quickly as they could.
Bitcoin cash is holding its ground today. The value of Bitcoin cash is increasing and is now the third largest cryptocurrency. The selling pressure in exchanges has shifted from getting rid of Bitcoin cash to earning a profit from it.