What is Bitcoin Cash (BCH)? What is the difference between bitcoin and bitcoin cash

Contents

Bitcoin Cash is one of the virtual currencies that are quite popular and have a high volume of transactions. For long-time virtual currency investors, it is no longer strange to this virtual currency. However, for new investors, Bitcoin Cash is still a strange name. So, in the article below we will share some information about this cryptocurrency!

General information about Bitcoin Cash

What is Bitcoin Cash

There are quite a few people wondering What is Bitcoin Cash?hey. Bitcoin Cash (BCH) is known as a popular cryptocurrency, has a large volume of transactions and is listed on many exchanges. This cryptocurrency allows users to pay directly from one party to another with fast speed while the transaction fees are extremely low, almost free because it does not have to go through any financial institutions. any.

This makes many people think of Bitcoin (BTC). In fact, BCH and BTC have quite a lot in common. This is because BCH is a block chain that is split (Hard Fork) from the blockchain of BTC.

Artwork: What is Bitcoin Cash?

In addition to the concept of Bitcoin Cash you should also be informed What is Bitcoin Cash ABC?. This is a fully implementable node (Full node) of BTC protocols eliminating SegWit. Also, use a simple stopper to replace it reasonably and allow for adjustment. Or can it be understood that Bitcoin Cash ABC is a competitive UAHF proposal for community trading.

Bitcoin Cash (BCH) Highlights

Each cryptocurrency has its own highlights and so does Bitcoin Cash. So specifically, the highlight of What is Bitcoin Cash?? That is:

BCH has its own advantages

BCH was born to help solve scaling problems that BTC still can’t do. BCH’s transaction speed has been significantly improved compared to BTC by increasing the block size to 8MB. Specifically, BCH has a transaction speed of 24-100 TPS, while BTC has only 7 TPS The transaction cost of BCH is extremely low, almost free, only about ~$0.0038 because of the virtual currency transaction speed. this is tall

Bitcoin Cash (BCH) coin details

Name, Supply, Contract

Virtual currency Bitcoin Cash denoted as BCH and officially appeared on the market on August 1, 2017 after the fork at block 478,558.

At that time there were over 16.5 million official BTC in circulation. It means that right after the hard fork is successful, the market will receive 16.5 million BTC in circulation. Only BTC holders at block 478,558 will receive a 1:1 ratio of BCH.

Basic information:

Ticker: BCHBlockchain: Bitcoin Cash Type Toke: Coin, Mineable Consensus: Proof of Work (PoW)Algorithm: SHA-256 Block time: 10 minutes Transaction time: 61 TPSBloc Reward: 12.5 BCH per block Total Supply: 21,000,000 BHCirculating Supply: 18,106,389 BCH ONLY

Current rate

Bitcoin Cash rates may vary from time to time. The rate of this virtual currency is constantly fluctuating according to market changes, which can increase or decrease. To know exactly Bitcoin Cash price how much at each time you can refer at Coinmarketcap. Below is the rate of BCH at the time of writing:

Bitcoin Cash Current Rate

How to own and trade Bitcoin Cash

Due to the use of the SHA-256 algorithm, like BTC, BCH can be mined. If you want to mine this virtual currency, you can use a CPU, GPU or ASIC miner. Among them, ASIC is considered to be the most effective.

Mining is a hashrate competition. And it takes speed along with high power to reach a large hashrate. Currently, there are 2 ways to perform BCH mining that are widely applied: mining BCH alone (solo mining) and through reputable BCH mining pools to mine (pool mining). Which mining method to choose is up to each person.

Or you can also own BCH by buying on crypto exchanges. Currently, there are about 56 electronic exchanges with different sizes that have listed this virtual currency. On average, within 30 days BCH trading volume reaches over $2.15 billion.If you want to trade Bitcoin Cash then you can refer to exchanges like Binance, Bitfinex, Bithumb, Huobi Global, Coinall, …

Roadmap and team of developers

Roadmap of Bitcoin Cash

Below is a roadmap of Bitcoin Cash virtual currency that you can refer to:

Roadmap of Bitcoin Cash virtual currency

Predicting the future of this virtual currency, the financiers said:

Bitcoin Cash price

it is entirely possible to reach 24,600 USD/coin

Team developer / backer(if) of Bitcoin Cash

More than 10 years ago, Bitcoin officially appeared and is the first cryptocurrency, and also the strongest coin at this time. However, this coin is far from perfect and faces many problems to solve, especially scalability. Therefore, Bitcoin Cash was created after the hard fork at block 478,558. And behind this hard fork is Roger Ver and Jihan Wu.

Jihan Wu – The man behind the BCH hard fork

BCH was created to solve this problem with the ability to increase the block size from 1 MB to 8 MB. With this distinction, the goal of BCH is to increase the number of transactions that can be processed by the network.

Closing and Disclaimer

With the above sharing, you must have understood Bitcoin Cash What is it and how is it made? If you want to own this virtual currency, you can follow the ways we have shared.

Disclaimer: All information shared in this article is for your understanding only Bitcoin Cash. This is not advice to encourage investment. Therefore we are not responsible for any results of your investment. When investing in cryptocurrencies, you should also be mentally prepared to face the risks that may be encountered.

Currently, the Vietnamese state does not provide legal support for any electronic currency, you still have the right to mine and use it, however, when there is a dispute or conflict, the state has no obligation to assist in resolving these issues. this problem.

What is the difference between bitcoin and bitcoin cash

The main difference between BTC and BCH is the block size. Bitcoin block size is limited to 1 MB, while Bitcoin Cash offers block size of 8 MB. One Bitcoin block holds about 2500 transactions, while for the first BCH blocks this number reaches 7000. Therefore, Bitcoin Cash’s outlook on initial scalability looks much better.

Some outstanding advantages of BCH compared to BTC:

Faster: transfer in seconds and confirm in minutes
More reliable: the network runs without congestion
Lower fees
Easier to use and uncomplicated
More stable

However, most Bitcoin infrastructure (wallets, payment services, etc.) does not support Bitcoin Cash and considers it just another Altcoin , not the “new Bitcoin”. This means that its use is limited to speculation on stock exchanges.

All of this leads us to the question of the true value of BCH. If it is not ready to be used and accepted by buyers and sellers, why has its value increased? Let’s go to the next section to learn about the price of Bitcoin Cash.

Price of BCH and BTC

Currently, as of December 19, 2019, the price of BCH fluctuates at 190-191 USD, BTC price fluctuates in the range of 7,321 USD. Looking at the price chart of BTC in 2019, we can see: Although compared to 2018, the price of BCH has had a sharp decline from $2,500 (1/1/2018) to $151 (1/1//) 2019), exhibiting a weakening as many investors have previously forecasted Cryptocurrency watchers will recall when BCH had a near-death experience in November 2018.

Many will remember that month as the time when the hard fork of the blockchain caused a crash in the broader market, pushing Bitcoin below $6,000. However, from January to April 2019 BCH had a level upgrade when it increased in price by 20% (305), or investors often call it the return of BCH. The 24-hour volume in the last months of 2019 has increased continuously, showing that the liquidity, as well as the interest of users in this coin, is returning.

Bitcoin Cash Fork: ABC and SV

Bitcoin Cash, a fork of bitcoin, split into ABC (known today as Bitcoin Cash by most) and SV (BSV). At first, there was an argument between the two to see which chain would attract the most hashing power, and a winner emerged in the end. BCHSV is the winner, with a 3x price increase since the split (from 65 to 195), while BCHABC has failed to triple the original split price of 165.

After reading articles about UK Financial Conduct Authority interviews with clients who entered the market on the way to $20,000, we were reminded of one of our key findings. important – it is the ignorance of many market participants.

Upskilling is a necessity in this environment for reasons we don’t need to specifically reiterate here.

One of the buyers in the FCA survey said she didn’t know she could buy a fraction of bitcoin, and so decided to buy the coins with a smaller unit price. This trend, fueled by the buying sentiment that buys a coin with a smaller unit price, has been noticed among new consumer participants in the previous bull market. It seems to be happening again and BCH is a leading contender.

Bitcoin Cash is highly regarded as it is a leading cryptocurrency and can exploit the “brand effect” of bitcoin . The driving force behind BCH may in part be influenced by one or all of the factors mentioned, but the reality is that it offers the least friction for potential buyers, with a price tag of $167 vs. with $4,150 of bitcoin at the time of take-off.

Epilogue

Thus, we have given you a brief understanding of the birth of Bitcoin Cash and why it appeared, as well as explaining the latest fork BCHACB and BSV to help you understand and differentiate, from there. avoid confusion and avoid harm like sending the wrong wallet. Bitcoin Cash is promising a bright future with unrestricted growth, global adoption, and decentralized development.