Bitcoin Cash (BCH) is a cryptocurrency that allows people to conduct transactions online in a peer-to-peer manner using blockchain technology. Users can complete low-cost, high-speed transactions and send payments anywhere in the world daily.
In addition to speed and efficiency, the Bitcoin Cash crypto also offers higher levels of privacy in making payments than traditional methods like cash, bank transfers, and credit cards. This is because the blockchain network encrypts the transaction data to protect funds from hackers.
Bitcoin Cash uses a permissionless, open-source blockchain network to enable a more transparent and decentralized way of making payments. In addition to blockchain technology’s benefits, several merchants who accept BCH as payment also offer enticing discounts to users to drive up the adoption of Bitcoin Cash in the world.
SmartBCH, a sidechain for the Bitcoin Cash network, is an EVM-compatible innovation that will allow the ecosystem to host dApps just like Ethereum and several other blockchains. This gives Bitcoin Cash more versatility, equipping it to evolve beyond enabling digital payments to make its mark in other emerging sectors such as DeFi and NFTs.
You can learn more about Bitcoin Cash(BCH) at our KuCoin Blog.
A hard fork from the original Bitcoin blockchain network created the Bitcoin Cash cryptocurrency to counter Bitcoin's scalability issues. However, to make the cryptocurrency more scalable for commercial applications. Bitcoin Cash’s blockchain is designed with a larger block size that can record more transactions and process more transactions faster.
The maximum block size in the Bitcoin Cash network is 32MB, while Bitcoin has a block size of just 1MB. The more efficient design enables the network to handle more transactions per second (200 TPS vs. Bitcoin’s 3-7 TPS). Additionally, transaction fees are also far lower when paying using BCH coins.
This makes it possible for Bitcoin Cash to be used for real-world applications like making everyday transactions in offline stores almost instantly. On the other hand, transactions in Bitcoin could take a few minutes to process - a major drawback for its use as a payment method by both merchants and consumers.
Bitcoin Cash also supports smart contract functionality, letting developers create decentralized applications (dApps) using Cashscript language. In addition, the Simple Ledger Protocol lets developers issue new tokens and NFTs on the Bitcoin Cash blockchain, similar to Ethereum’s ERC-20 and ERC-721 token standards.
Bitcoin Cash (BCH) has several uses, including:
BCH coin can be used to send and receive payments between users and between consumers and merchants. It offers a fast, cheap and convenient way to leverage blockchain technology to power payments.
Like Bitcoin, the total number of Bitcoin Cash units stands at 21 million. Since the Bitcoin Cash price is far lower than that of Bitcoin, it is also more affordable for smaller investors to hold. The limited supply makes BCH an exciting yet accessible asset to invest in and consider as a store of value.
Bitcoin Cash is one of the largest cryptocurrencies by market cap and enjoys high trading volume and liquidity on leading crypto exchanges worldwide. It is a popular cryptocurrency to invest in or trade against other digital assets in the market. Always check the live Bitcoin Cash price, BCH market cap, 24-hour trading volume, and news before you trade BCH crypto.
You can lend liquidity in BCH to conveniently increase your Bitcoin Cash holdings in a low-risk manner. On KuCoin, head to Crypto Lending to lend liquidity in BCH and generate attractive interests over seven days, 14 days, or 28 days.
Another exciting way to grow your Bitcoin Cash holdings is via mining. You can perform solo mining or sign up for cloud mining services to earn BCH. Head to the KuCoin Pool Cloud Mining program to learn about mining Bitcoin Cash using pooled computing power.
Among the largest cryptocurrencies by market cap, Bitcoin Cash could be considered a good investment, especially if you want to diversify your portfolio. Since it trades at a far lower price than Bitcoin and Ethereum, it is an exciting asset with relatively lower risk and barrier of entry.
As a fast and efficient electronic cash system, Bitcoin Cash could see rising adoption by mainstream businesses as the world becomes more crypto-friendly. Such an event could cause the Bitcoin Cash price to head higher and make it even more valuable as an asset to hold.
The BCH price statistics could also benefit from a bullish mood in the crypto market. Whenever the price of Bitcoin or Ethereum rises, investor confidence is boosted, and more traders enter the market, looking for attractive altcoins to invest in, including BCH.
The Bitcoin Cash price could rally higher as its ecosystem of dApps grows in the future. With the SmartBCH sidechain offering smart contract functionality, the on-chain activity could rise if more developers create applications on the Bitcoin Cash network, further driving up the BCH value.
Although Bitcoin Cash emerged after a hard fork from Bitcoin and shares many similarities, there are critical differences between these two cryptocurrencies. Let’s take a look at some of them here:
The Bitcoin blockchain has a smaller block size of 1MB than Bitcoin Cash which has a maximum block size of 32MB. The larger block size makes Bitcoin Cash transactions faster and cheaper, making it more suited for commercial and mainstream applications as a payment method than BTC.
The BCH price is far lower than that of BTC. As a result, it is a more affordable crypto asset to invest in and hold, especially for smaller retail investors. The lower Bitcoin Cash price also makes it more accessible for use by more consumers and businesses for payments.
While Satoshi Nakamoto originally envisioned Bitcoin as a convenient way to make online transactions, its steep price makes the crypto king more important as a store of value today among Bitcoin holders. In contrast, Bitcoin Cash’s price makes it more practical and affordable for use as a decentralized peer-to-peer digital currency.
Here’s how you can mine Bitcoin Cash (BCH):
Like Bitcoin, Bitcoin Cash uses the SHA-256 algorithm, which means you can use Bitcoin’s Proof-of-Work (PoW) mining equipment to mine BCH. Visit the official website to learn more about recommended Bitcoin Cash mining hardware.
Perform online research to find the best software to help you mine Bitcoin Cash. Install the ideal choice on your ASIC miner.
Connect your miner to the pool servers to generate your hashrate and revenue.
Start an account with a digital wallet that can store your Bitcoin Cash crypto securely. Obtain your wallet address and enter it into the mining software so the BCH you mine can be transferred and stored safely.
Get started with your mining activity to contribute your computing resources to validate transactions and generate some BCH.
You can also start mining Bitcoin Cash cost-effectively through KuCoin’s Cloud Mining option. KuCoin Pool allows you to access our mining resources via the cloud, contribute your efforts to mine BCH, and increase the crypto asset’s value.
One of the most significant advantages of Bitcoin Cash over several of its peers is the high level of mainstream acceptance. One example is Bitcoin Cash being among the few cryptocurrencies supported by online payments leader PayPal.
Here’s how you can add Bitcoin Cash to your PayPal account:
1. Buy Bitcoin Cash crypto via your KuCoin account or any other cryptocurrency exchange that has listed this asset.
2. Log into your PayPal account, head to the crypto section, and select Bitcoin Cash.
3. Select the “Transfers” option and choose Receive to generate your unique wallet address.
4. Withdraw your BCH holdings from KuCoin by transferring them to this wallet address.