Buy bitcoin cash (BCH) is an early competitor to Bitcoin (BTC) that arose through a hard fork initiated by Roger Ver, an early Bitcoin investor, in 2017. A hard fork is a technique of separating a blockchain to create a token with new features and capabilities in the cryptocurrency market. While BCH was designed to exceed Bitcoin in terms of transaction speed, the ecosystem’s mission statement and rising value have attracted a diverse group of investors from around the world.
People who held Bitcoin before the BCH hard fork were the first owners of Bitcoin Cash. Bitcoin investors were entitled to the same number of BCH tokens as they had before the split once the historic hard fork began. Following the Bitcoin fork, the price of BCH was established at around $600.
Despite the fact that BCH’s block size is eight times larger than BTC’s one megabyte block size, both ecosystems use a proof-of-work mining method to confirm transactions. When compared to BTC, however, the larger blocks allow BCH to validate more transactions every 10 minutes.
With multiple in-house and external platforms providing to sell crypto holdings against fiat and other cryptocurrencies, owning assets in Bitcoin Cash has become simple.
This article will show you how to buy bitcoin cash.
What is Bitcoin Cash?
Despite their similar names, Bitcoin and Bitcoin Cash are two independent cryptocurrencies that operate on separate blockchains. After a debate over Bitcoin’s block size, Bitcoin Cash was born. Bitcoin was designed to be a peer-to-peer money, but its high transaction costs prevent it from being used for everyday commerce. Bitcoin Cash provides for faster and cheaper transactions by expanding the block size.
Bitcoin’s blockchain was split into Bitcoin and Bitcoin Cash in 2017, thanks to a hard fork. At the time of the fork, each Bitcoin owned in 2017 was exchanged for one Bitcoin Cash. Between these two cryptocurrencies, Bitcoin has maintained the market leader since then, while Bitcoin Cash has lost market share to newer proof of stake blockchains.
How to Buy Bitcoin Cash (BCH)
Are you ready to discover how to purchase Bitcoin Cash? Here’s a brief way to getting started with investing right now.
1. Create an account on the internet.
To acquire Bitcoin Cash, you’ll need to open a cryptocurrency exchange account if you don’t already have one. Your primary goal as a digital asset investor should be security. Coinbase, Robinhood, and Gemini are three US-based exchanges with top-tier security. Coinbase is a good choice for beginning investors because of its user-friendly layout. In addition, the Coinbase Learn program pays you in cryptocurrency for watching brief blockchain-related films!
2. Get yourself a hardware wallet (optional).
While a cryptocurrency wallet isn’t required to purchase Bitcoin Cash, it’s a good idea to use one once you’ve done so. Centralized exchanges are the custodians of your digital assets, making them prime targets for cryptocurrency thieves. Use a crypto wallet to mitigate this danger. Although software wallets are free to use, hardware wallets provide the highest level of protection. Hardware wallets keep your digital assets off the internet, making it difficult for Internet hackers to steal them. If you’re looking for a hardware wallet, go no farther than the Ledger Nano X, which is the market leader.
3. Purchase what you want.
We’re almost there! Simply place a market or limit order on your preferred exchange to purchase Bitcoin Cash. Limit orders only execute if the asset in issue dips below a particular, pre-specified price, but market orders will purchase your BCH at market price within a few seconds.
Is Bitcoin Cash Worth It?
Since the August 2017 hard fork, Bitcoin Cash has been trading in lockstep with its big brother on the majority of the same exchanges as Bitcoin. Bitcoin Cash is a risky investment with a slew of competitors vying for market dominance, and its performance in 2021 has been mediocre at best. Other digital assets currently accessible to trade on many prominent cryptocurrency exchanges are more than likely to provide better returns.
Bitcoin Cash is simple to obtain on exchanges like Coinbase or through brokers like Robinhood, but the coin’s volatility could force you to lose your lunch.
Conclusion
The traditional Bitcoin community believes that increasing the block size to 8MB is a security concern for Bitcoin Cash.
They argue that such an increase offers a risk of centralization, pointing to the initial drivers of the BCH hard fork, Chinese mining corporations Bitmain and ViaBTC, as trying to centralize power over the community.
For the time being, it’s evident that the animosity between hardline BTC and BCH enthusiasts isn’t going away anytime soon. And that’s sad in general, because there are a lot of new users coming into the space who will be completely befuddled by the political morass that is the continuing scaling discussions.
On-chain and off-chain scaling options both have advantages. However, the Bitcoin community has split in two, with each side believing they have the right answers. Gerom.org ‘ll have to wait and watch what happens next in the debates.
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