Bitcoin Cash - a peer-to-peer electronic cash system that aims to become a trusted global money with fast payments, micro-fees, privacy and high transaction throughput.
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What is Bitcoin Cash used for?
Unlike traditional fiat money, Bitcoin Cash does not depend on monetary intermediaries such as banks and payment processors. Transactions cannot be censored by governments or other centralized corporations. Likewise, funds cannot be withdrawn or frozen because financial third parties do not control the network.
The platform has various usage scenarios:
| Ease of use | In addition to peer-to-peer payments between individuals, BCH can help to pay participating merchants for goods and services in store and online. |
| Fees | Very low fees enable the creation of new micro transactional economies such as tipping content creators and rewarding app users with a few cents. |
| Time | The platform also reduces fees and settlement times for money transfers and cross-border trading.. |
Other use cases include tokens, simplified smart contracts and private payments through tools like CashShuffle and CashFusion.
Difference from Bitcoin
In 2017, the Bitcoin project and its community split in two over concerns about bitcoin's scalability. The result was a hard fork that created Bitcoin Cash, a new cryptocurrency that its proponents see as a legitimate continuation of the Bitcoin project as peer-to-peer electronic money. All Bitcoin holders became BCH holders automatically. Bitcoin, which was invented by the pseudonym Satoshi Nakamoto, remains a separate cryptocurrency.
Unlike Bitcoin (BTC), BCH aims to scale to meet the needs of the global payment system. At the time of the split, the Bitcoin Cash block size has changed from 1MB to 8MB. The increased block size means that the platform can process significantly more transactions per second (TPS) while keeping fees extremely low. Moreover, it solves the problems of payment delays and high fees that some users of the Bitcoin BTC network face.
Buying a token
Mining - the process, where new Bitcoin Cash transactions are confirmed and new blocks are added to the blockchain. Bitcoin Cash is available on various crypto exchanges, depending on your region. It is available on many leading exchanges such as:
- Binance;
- Huobi Global;
- Coinbase;
- FTX;
- Gate.io.
Popular Bitcoin Cash price pairs include: BCH/USD, BCH/GBP, BCH/AUD and BCH/EUR.