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Bitcoin Cash: what is it, what is it for, price and how to buy

Bitcoin Cash: what is it, what is it for, price and how to buy

How did bitcoin cash come about?

The origin of bitcoin cash (BCH) is quite curious. In mid-2017, a debate began in the bitcoin community about the need to change the way cryptocurrency works to increase the number of transactions per second; typically, users have to wait more than a day for the transaction to be recorded on the blockchain network.

So, how to solve it? Through the SegWit (Segregated Witness) protocol, a soft fork was proposed in bitcoin, which does not change compatibility with current solutions and increases the transaction capacity by eight times. In addition, it better protects transactions from a malicious third party. If it is identified that it was changed by another member, the operation is not executed.

As there was no consensus in the community, a hard fork was made on bitcoin, that is, a new cryptocurrency was created . This is how bitcoin cash was born.

What is bitcoin cash for?

At first, bitcoin cash served to replace bitcoin. However, there was no consensus in the cryptocurrency community and BCH was forged as a new cryptocurrency. Since then we have BTC and BCH and it has gained a lot of support on exchanges around the world.

How to mine bitcoin cash?

It is not usually worth it to mine bitcoin cash at home because of the high energy consumption, high processing power requirement and low return on what you invest, both in cash and equipment.

If you still want to start mining, you can join what is called a mining pool , where diverse users come together to pool processing power and share the profits in return. In this case, you can mine with your processor or graphics card, even if they are not made specifically for that. The best known are AntPool , VVPool and ViaBTC.

In addition, it is possible to participate in alternatives such as cloud mining to mine bitcoin cash (or even bitcoin). In this case, you sign a contract with the company, paying monthly or once, and receiving a percentage of what the company has mined.

In cloud mining, it is not necessary to mine on your own computer: the company itself uses the money you gave in the contract to support the purchase of hardware. The best known are Bitcoin.com Pool,  Eobot  and ViaBTC.

How to track bitcoin cash price

Cryptocurrencies are a highly volatile asset that change in value every minute, and bitcoin cash is no different. Therefore, quotes must be actively monitored. You can find out about asset prices in several ways.

Google

Google displays the price of a cryptocurrency quite directly. Just type bitcoin cash or BCH code into the search bar and hit enter.

Bitcoin Cash: what is it, what is it for, price and how to buy
Bitcoin Cash: what is it, what is it for, price and how to buy
Bitcoin Cash (Image: cryptosp)

Stocks application

iOS device owners can use Stocks for the same function and track their assets through an app developed by Apple.

Specialized websites

You can also use sites such as CoinMarketCap that inform the quotes of bitcoin cash and other assets in real time. In addition to these options, you can follow the websites or applications of exchanges that work with crypto assets.

How to buy bitcoin cash

In Brazil, Mercado Bitcoin accepts payments in reais to buy bitcoin cash. Also, there are major BCH exchanges like OKEX , HitBTC , Coinbase , Huobi and Binance . In these, it’s good to be careful: often, you need to buy bitcoin and then use bitcoin to buy bitcoin cash, as not all accept USD for BCH automatically.