Bitcoin Cash (BCH) as the name implies is basically an upgraded form of Bitcoin, it seeks to consolidate on Bitcoin’s original promise of serving as “decentralized peer to peer electronic cash” while offering improvements in the form of low fees, faster and more reliable transactions.
All holders of Bitcoin prior to block 478559 are automatic holders of Bitcoin Cash. However, the value of Bitcoin Cash is not determined by that of Bitcoin, it is rather dependent on the coin’s global adoption and use.
This review will furnish you with all you need to know about Bitcoin Cash if your interest at this moment is Bitcoin Cash, we have got you covered — enjoy.
bitcoin cash review
What Is Bitcoin Cash (BCH)? bitcoin cash review
Bitcoin Cash is a relatively new cryptocurrency; it got off to a good start upon its inception and currently enjoys a decent measure of popularity, trading across multiple exchanges.
Bitcoin Cash is a continuation of the original Bitcoin project; it provides solutions to the issues of high transaction fees and unreliable confirmations which have persistently plagued the Bitcoin network. This coin serves the same purpose as Bitcoin (as highlighted in its official website – Bitcoin Cash.org) but has a slight competitive edge in the fact that its transactions are way cheaper, faster and more reliable.
Furthermore, the Bitcoin network has in recent time suffered a lot of downs, its transactions are slow and fees – exorbitant, its developers have passed through phases of turmoil, with heated debates on possible increases to its block size. All these culminated into the split that brought Bitcoin Cash into existence.
Supporters of Bitcoin Cash see Bitcoin’s problems as pointers to its possible demise, while Bitcoin’s users dismiss their claims as mere FUD. A majority of Bitcoin Cash (BCH) reviews you see online today were either written by Bitcoin or Bitcoin Cash faithfuls’ with the previous dismissing Bitcoin Cash as a mere scam coin and the latter hyping it as Bitcoin’s successor.
We at Nigeriabitcoincommunity hold both coins, hence the reason why this review will be kept as subjective as possible. Nigerians seat on the fence as long as our accounts stay positive.
bitcoin cash review
Features of Bitcoin Cash (BCH)?
The major features of Bitcoin Cash include:
Speedy transactions – completed within seconds.
Bitcoin Cash’s transactions are reliable due to the fact that its blockchain is not congested and scalable to handle contingencies such as a rise in its future user base.
Its transaction fees are low – providing users from all works of life the opportunity to send money across the globe at almost no charge at all.
User-friendly – can be used by all no matter your level of experience using virtual currencies.
Bitcoin Cash is stable — accepted globally as a valid store of value.
Bitcoin Cash is secure — running on a forked version of the Bitcoin blockchain which functions the same way as the original Bitcoin blockchain.
What Makes Bitcoin Cash (BCH) Stand Out From Bitcoin (BTC)?
Bitcoin Cash possesses certain distinctive features that make it stand out from Bitcoin, the features are extensively explained in the new Bitcoin Cash website, however; we will highlight them below:
On-chain scalability:
Bitcoin cash allows on-chain scalability as a solution to congestions faced by most crypto-blockchains; this ensures the Nakamoto roadmap of global adoption.
To accommodate future increases, Bitcoin cash’s blocksize limit has been made adjustable with an extended default size of 8MB, while research is currently ongoing for further enhancements.
New Difficulty Adjustment Algorithm (DAA):
This according to BitcoinCash.org allows “miners to migrate from the legacy Bitcoin (“Bitcoin cash term for Bitcoin”) chain as desired while providing protection against hashrate fluctuations”.
New Transaction Signatures
The new update to Bitcoin Cash’s blockchain introduced a new SigHash type of signature security that provides an improved hardware wallet security, replay protection and eliminates the quadratic hashing problem.
Decentralized Development:
The main point of cryptocurrencies is decentralization, where no single entity can control their operations and use. Bitcoin Cash takes this to a whole new level with multiple independent teams of developers as opposed to Bitcoin which is controlled by a small team of core developers, increasing the risk of the introduction of personal interests and sentiments.
Bitcoin Cash is therefore immune to political and social attacks on its protocol development with no single group or project in control. The various development teams can make proposals for changes that require coordination from the entire development network through the Bitcoin-ml mailing list.
Where to Buy Bitcoin Cash
Like a majority of other Cryptocurrencies, Bitcoin Cash can be purchased from a variety of exchanges. Whether you wish to Buy Bitcoin Cash with physical cash, credit/debit card, Bank deposit/transfer etc… we have got you covered, here are our best exchanges to buy Bitcoin Cash.
How to store Bitcoin Cash
To mine, buy or trade Bitcoin Cash, you will need a place to store it – i.e a wallet.
Most exchanges provide free Bitcoin Cash wallets as soon as you sign up with them, however; these wallets are free and are not totally secure. The reason being that storing your Cryptocurrencies on exchanges puts your private keys in their control – with your private keys in their control, your funds are under their control as well, which is totally unwise.
There have been a lot of instances where exchanges have been hacked and users funds carted away. Whether the exchanges where truly hacked or just a cover-up for something sinister – we will never know.
There exist other wallets that provide better security than the exchanges, these wallets can be installed on your personal computer, they include:
Breadwallet
Airbitz
Exodus
Jaxx
ElectronCashWallet
However, the safest place to store your Bitcoin Cash is on a hardware wallet. Hardware wallets store your private keys offline and protect your coins from both physical and virtual theft. If you cannot afford to lose your Bitcoin Cash, then your best option will be getting a hardware wallet and luckily, our top 3 hardware wallets all support Bitcoin Cash.
CONCLUSION
Bitcoin at inception aimed to function as a daily currency (though decentralized) where people from all over the world could buy and sell basic amenities without government interference (Man’s most basic needs such as food, water and clothing).
However, today’s reality has made that dream impossible, buying a cup of coffee with Bitcoin today is almost illogical – a cup of coffee might cost as low as $1 (N360 Naira), buying that cup of coffee with Bitcoin will attract transaction fees running into tens of dollars (thousands of Naira). Any rational thinking human will opt for an alternative currency that charges fewer transaction fees or none at all.
Bitcoin Cash, on the other hand, charges much lower transaction fees and is currently considered a better daily currency than Bitcoin. Its transactions are faster, fulfilling Bitcoin’s original promise of serving as “peer to peer electronic cash” that can be used for daily transactions.
Investing in Bitcoin Cash at a time like this looks a wise option, for Bitcoin Cash doesn’t seem to be going away anytime soon.
Note developers of Bitcoin (bitcoin legacy or bitcoin core) have made a great improvement in the bitcoin protocol that solves the problem which led to the creation of bitcoin cash such as scalability and in transaction charge. This is done by the introduction of SegWit (Segregated Witness)– This makes transactions faster because confirmation is done on a different block leading to lower fees. Lightning Network (LN) – This although still in development brings bitcoin transactions at Zero fees and the speed instant faster than that of any other crypto and can handle thousands of transaction per second.
