Introduction
Bitcoin Cash (BCH) is one of the first coins to come from Bitcoin itself, as part of a hard fork that was created in August 2017. Since then, it has developed into its own cryptocurrency with its own unique characteristics and uses, separate from those of its parent coin, BTC. Here’s what you need to know about BCH and how it came about.
What is BCH?
Bitcoin cash is a hard fork of BTC, created because developers could not agree with certain problems that were happening to the BTC blockchain. The problems came from the fact that Btc was growing faster than expected and the blockchain could not handle the speed it was growing. Bitcoin cash came in and has been successful in solving these issues since it gave more resources for miners & nodes, and decentralized mining. This also solved congestion, as well as adoption growth.
Who created BCH?
Bitcoin cash was created by a group of developers who wanted to take the B.C. part of bitcoin & upgrade it so it can process more transactions at one time. The idea came from the fact that BTC was growing faster than expected and the Blockchain could not handle the speed it was growing. They felt like they needed a way for BTC to grow larger without becoming less decentralized or open. They were also worried about losing market share because there are other cryptocurrencies entering the market that have lower fees, they did not want bitcoin core developers telling them what they can and cannot do with their money, and they wanted an open network without intrusion so people would be able to build on top of this new protocol if they choose too.
What problem does BCH solve?
Bitcoin cash was created because developers could not agree with the problems happening on the BTC blockchain. These problems are coming from the fact that Btc is growing faster than expected and the Blockchain couldn’t handle it. This caused high fees, loss of market share, and fewer resources. The problem bitcoin cash solves is that it’s a permissionless network, meaning anyone can use it without restrictions. It also has a higher TPS (transactions per second) so it’s more scalable for those who want to grow their business or invest in various projects.
How is BCH different from BTC?
Bch is a hard fork of BTC, created to solve the problems that were happening to the Blockchain. The problems came from the fact that Btc was growing faster than expected and the Blockchain could not handle the speed it was growing. One solution for this problem is a lightning Network which can be used for transactions between two people without having to worry about high fees or loss of market share. The other solution is an open network which allows for no intrusion and TPS (transactions per second) that are higher than what BTC has.
How to buy BCH?
Bitcoin cash can be purchased through various exchanges. One of the best ways to get your first bitcoin cash is by buying it on an exchange. The most popular exchanges for bitcoin cash are Binance, Kucoin, and Poloniex. On these exchanges, you have the option of buying bitcoin cash in a variety of currencies including USD, EUR, or BTC. You can also purchase bitcoin cash by transferring funds from your bank account or credit card directly into one of these three exchanges. However, some people might not like this method because it requires trusting a third party with your money and personal information (which is why many people prefer purchasing bitcoin cash from their wallets).
Originally published at read.cash.