Bitcoin Cash: what it is what is it for quotation and how to buy

Learn the difference between Bitcoin Cash and Bitcoin and the origin of this cryptocurrency

Bitcoin , Bitcoin Cash, Ethereum , Ripple, IOTA, Litecoin… This cryptocurrency alphabet soup is really confusing. Especially when we talk about Bitcoin Cash: what are the differences between it and bitcoin, in practice? How much is it worth today? How to buy? Can you mine? Find out in the paragraphs below.

How did Bitcoin Cash come about?

The origin of Bitcoin Cash (BCC) is very curious. In mid-2017, a debate started in the bitcoin community about the need to change the way cryptocurrency works to increase the number of transactions per second; typically, users need to wait more than a day for the transaction to be logged on the blockchain network .

So, how to solve it? Through the SegWit (Segregated Witness) protocol, a soft fork in bitcoin was proposed, which does not change compatibility with current solutions and increases transaction capacity by eight times. In addition, it better protects transactions from a malicious third party. If it is identified that it was changed by another member, the operation is not performed.

As there was no consensus in the community, bitcoin was hard forked, that is, a new cryptocurrency was created . So Bitcoin Cash was born.

Bitcoin Cash: what it is what is it for quotation and how to buy

What is Bitcoin Cash for?

In the beginning, Bitcoin Cash was used to replace bitcoin. However, there was no consensus in the cryptocurrency community and the BCH was forged as a new cryptocurrency. Since then, we have BTC and BCH and it has gained good support in exchange houses around the world. This means that bitcash has pretty much the same utility as bitcoin, but with some under-the-hood improvements.

As of this writing, Bitcoin Cash is the fourth most valuable cryptocurrency, with $40 billion in market value.

Bitcoin Cash: what it is what is it for quotation and how to buy

How to mine Bitcoin Cash?

Normally, mining Bitcoin Cash at home is not very worthwhile because of the high energy consumption, high demand for processing power and low return on what you invest, both in money and equipment.

If you still want to start mining, you can join what is called a mining pool , where several users come together to pool processing power and share the profits from the return. In this case, you can mine with your processor or graphics card, even if they are not made specifically for that. The best known are AntPool , VVPool and ViaBTC .

Furthermore, it is possible to participate in alternatives such as cloud mining to mine Bitcoin Cash (or even bitcoin). In this case, you close a contract with the company, paying monthly or once, and receive a percentage of what the company mined.

In cloud mining, it is not necessary to mine on your own computer: the company itself uses the money you gave in the contract to support the purchase of hardware . The best known are Pool , Eobot and ViaBTC .

Bitcoin Cash: what it is what is it for quotation and how to buy

Leave a Reply

Your email address will not be published.