What Is Bitcoin Cash?
This blog post will cover:
- About Bitcoin Cash (BCH)
- Where did Bitcoin Cash (BCH) come from?
- What are the advantages of Bitcoin Cash (BCH)?
- What are the disadvantages of Bitcoin Cash (BCH)?
- How to buy Bitcoin Cash (BCH) on SimpleSwap?
About Bitcoin Cash (BCH)
Some may say that Bitcoin Cash is just another version of Bitcoin. Undoubtedly, it is not true. The difference is the size of a block. Bitcoin has a certain limitation which is 1MB. It has a severe influence on the transaction and causes its delays. What the developers of Bitcoin Cash did is they increased the block size to avoid these problems and to make it possible to have more transactions.If you want to know how different is the new vision of block size from what it used to be, take a look at this data. Bitcoin Cash developers were able to increase the block size from 1 MB to 8 MB. In November 2018 another fork happened that helped to see the capabilities of block sizes. The Bitcoin Cash team developed 32 MB block size and later found an opportunity to create a 128 MB block size.
Where did Bitcoin Cash (BCH) come from?
Bitcoin Cash appeared as a fork of Bitcoin. In 2017 Bitcoin network was going through changes that made some users unhappy. At that point Bitcoin was more an investment rather than electronic cash. The same year the first attempt to create a fork was made. In August blockchain split in two.
What are the advantages of Bitcoin Cash (BCH)?
- No congestionIt is impossible to overload the system. That makes it reliable.
- Easy to useIt doesn't require you being a specialist to use Bitcoin Cash. Everything is simple enough.
- Low feesBitcoin Cash makes it possible to send money all around the world and not to waste too much money.
- Simplified payment verificationThere is an opportunity to verify payment without running the full network node. Although this way makes it more sensitive to the overloaded network or possible attacks.
What are the disadvantages of Bitcoin Cash (BCH)?
- The biggest disadvantage so far is that investors have low faith into Bitcoin CashThat makes the future of this coin unpredictable.
- Low adoption also doesn't help to see a better future for this coin
How to buy Bitcoin Cash (BCH) on SimpleSwap?
Let’s say you want to buy Bitcoin Cash. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:
- For example, you want to swap BTC for BCH. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
- Select BCH in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
- Click the Exchange button.
- Enter the Recipient's Address. BCH will be sent. Be careful and make sure you use the correct address.
- Create the exchange.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to BCH exchange.
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.