What is Bitcoin Cash (BCH)? How Does it Work?
If you are new to crypto, you may be confused about the crypto world. With so many coins out there, it’s easy to get lost in the culture that has spawned around crypto.
Bitcoin, one of the most famous cryptocurrencies, now has several offshoots that exist alongside it. One popular offshoot is Bitcoin Cash (BCH). Today we’ll be exploring deeper into what is Bitcoin Cash (BCH), and everything you need to know about it.
What is Bitcoin Cash (BCH)?
Bitcoin Cash (BCH) is a crypto currency that was created in August 2017. The currency is designed to overcome many of the hurdles that the original Bitcoin faced. Such as high transaction fees, and limited blockchain size.
Developed with its own unique blockchain design, Bitcoin Cash (BCH) isn't like any other crypto currency. The key difference is that it has spawned from the original Bitcoin blockchain. And it is housed in its own crypto client, known as the Bitcoin Cash client.
Bitcoin Cash (BCH) currently stands as the fourth largest crypto currency, behind Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
What is the price of Bitcoin Cash (BCH)?
The price of Bitcoin Cash (BCH) is always fluctuating. A typical trait for any crypto currency’s value. In early 2021, the price of one Bitcoin Cash (BCH) was $600USD. However, as it stands now the price is sitting at $425.34USD. This provides arbitrage opportunities for many crypto investors.
Who created Bitcoin Cash (BCH)?
Bitcoin Cash (BCH) was created in August 2017 by a reclusive internet user named Satoshi Nakamoto. This event was known as a ‘Hard Fork’ in Bitcoin’s development, which refers to a time when a significant protocol upgrade has been made. Forcing all users to switch over to new software to continue to use the same software.
That new software was Bitcoin Cash (BCH). Developed to overcome many of the shortcomings that have inherently become part of the original Bitcoin’s blockchain. Aimed to improve transaction fees, blockchain sizes, and usability of the crypto currency.
What is Bitcoin Cash (BCH) used for?
BCH builds a world currency through expansion of the main chain, payment experience and functional improvements. At the same time, developers can build new blockchains based on the BCH network. For example, Wormhole and Kenoken are both Ethereum-like networks based on BCH.
The most common use for Bitcoin Cash (BCH) is through trading. With the largest amount of the currency being fed back into the market. Most often with the intent to profit off the trade margins the currency has developed.
How to buy Bitcoin Cash (BCH)?
If you didn’t receive Bitcoin Cash (BCH) after the ‘Hard Fork’ in Bitcoin’s history, then you will have to buy the currency directly. Despite its size, Bitcoin Cash is not fully supported by all major crypto exchanges. You can buy and trade Bitcoin Cash (BCH) in crypto exchanges, KuCoin is a good choice. And then, we will introduce how to buy Bitcoin Cash (BCH) in kucoin.
First, you need to sign up an account on the KuCoin exchange and complete the KYC verification process.
Second, if you do not have any crypto like BTC or USDT yet, you need to buy BTC or USDT via “KuCoin P2P Fiat Trade” or “Buy Crypto with Credit/Debit Card”. If you already have some BTC or USDT, just ignore the last sentence and transfer it to KuCoin.
Finally, you can enter the homepage of KuCoin, and search the trading pairs of “BCH/USDT”, you can purchase Bitcoin Cash (BCH) with the best exchange rates.
Standing as the fourth largest crypto currency in existence, Bitcoin Cash has a lot of excitement behind it. Providing a wide range of support for everyday use, or those looking to trade the currency for a profit.
With significant improvements made to Bitcoin Cash, there is no doubt that the currency has a bright future. Providing an unregulated way to spend money, send it overseas, and much more!
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