What is Bitcoin Cash?
This blog post will cover:
- What is Bitcoin Cash?
- Where did Bitcoin Cash come from?
- What are the advantages of Bitcoin Cash?
- What are the disadvantages of Bitcoin Cash?
- How to buy Bitcoin Cash on SimpleSwap?
What is Bitcoin Cash?
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 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?
- No congestion
It is impossible to overload the system. That makes it reliable.
- Easy to use
It doesn't require you being a specialist to use Bitcoin Cash. Everything is simple enough.
- Low fees
Bitcoin Cash makes it possible to send money all around the world and not to waste too much money.
- Simplified payment verification
There 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?
- The biggest disadvantage so far is that investors have low faith into Bitcoin Cash
That 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 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:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select BCH in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient’s Address. Bitcoin Cash will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
This is everything you need to know to buy BCH.