Bitcoin is the largest cryptocurrency in terms of market capitalization with a market dominance of around 42%. However, there is another prominent crypto (which is within the top 20 cryptos) that shares its name with bitcoin. It is called Bitcoin Cash. While bitcoin is denoted as BTC, the token of Bitcoin Cash is denoted as BCH. Despite having similarities in their names, bitcoin cash is different from that of bitcoin.
If you want to invest in bitcoin cash tokens, BCH, let me walk you through various aspects of this blockchain so that you can make an informed decision.
Bitcoin Cash is a peer-to-peer electronic cash system, which wants to help users by making transactions faster so that it can send money globally as fast as Visa. It is a permissionless, decentralized cryptocurrency that doesn’t need any trusted 3rd parties for facilitating the payment. In addition, it doesn’t need central banks or any other central authority or government for processing payment or facilitating it. In fact, funds can’t be censored, seized, or frozen when transferred with the help of the bitcoin cash network. Bitcoin Cash came into existence after Bitcoins hard fork. Bitcoin Cash hard fork on November 15, 2018, in turn, gave rise to two more crypto coins: Bitcoin Cash and Bitcoin SV. The key proponent of Bitcoin SV was Craig Wright.
Bitcoin network had faced major scalability issues as it was unable to handle an increased number of transactions. With a rise in the number of transactions, both the fees and transaction confirmation time increased. This happened mainly because the blocksize in mining a bitcoin BTC is restricted to 1MB per block.
This is where the Bitcoin Cash network proposed to solve the problem by increasing the block size from 1 MB per block to anywhere between 8 MB per block and 32 MB per block. According to its proponent like Roger Ver, increasing the block size by 8-to-32-folds (i.e. larger block size) will help to process more transactions per block. According to theory, this will lead to a fall in transaction fees.
At the time when Bitcoin Cash was proposed, the number of transactions was 1,000 to 1,500 per block. During a stress test, the number of transactions per block on the Bitcoin Cash network in September 2018 was 25,000 transactions per block.
This shows that the Bitcoin Cash network was much faster than that of the Bitcoin network.
All these facts and figures will help you to make a decision on investing in BCH:
Bitcoin Cash is used for:
Bitcoin Cash BCH price per crypto coin is around US$533.53 at press time (October 1, 2021).
Yes, the BCH price is expected to increase from US$533.53 to over US$800 within 1-year.
Yes, BCH has long-term earning potential with an increase of +51.17% per year.
By 2026, the price of each Bitcoin Cash will increase by 4-folds to over US$2,000.
It is unlikely for BCH price to surpass BTC price in the near future.
It is highly unlikely for the price of the Bitcoin Cash coin to crash.
You can buy BCH in almost all reputed cryptocurrency exchanges including:
You can use credit cards, debit cards, or bank account transfers to fund your cryptocurrency trading or investing account in a leading cryptocurrency exchange. The most popular price pairs of BCH are:
The best Bitcoin Cash wallets to store bitcoin BCH are:
You can buy and sell Bitcoin Cash (BCH) and other cryptocurrencies against various fiat currencies (US Dollar USD, British Pound, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges (centralized or decentralized exchanges), crypto APIs, and bitcoin cash markets. Use Dollar Cost Averaging DCA strategy to invest in cryptos to minimize the risks associated with high volatility.
If you want to increase your investment explosively in the coming 5-to-10 years, buy crypto coins now. Keep an eye on the market news, price statistics, block times, blockchain news, and others to time your trading of Defi protocols and tokens for maximum profit.
You can also diversify your crypto coin portfolio by including other cryptocurrencies such as BCH, BTC, AAVE, Ripple XRP, Bitcoin Ether ETH, Bitcoin Gold (also called Bit Gold), Bitcoin Cash BCH, Basic Attention Token, Ethereum Classic, Binance Coin, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, ERC20 tokens (created on Ethereum blockchain), nonfungible tokens NFTs, and others.
Also, invest in various types of stocks, mutual funds, index funds, real estate, and others to improve your personal finance. If possible, get help from a portfolio manager or wealth management firm for maximum return.
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