What Is Bitcoin Cash ?
Bitcoin Cash(BCH) is a decentralized peer-to-peer digital payment that enables instant transfer of funds.It has all the functionalities of bitcoin and also some added features.Transactions and mining of blocks are faster because of its improved technology.It uses digital signature and PoW that be verified in a blockchain for enhanced security.The platform is decentralized meaning there is no third party and makes the transaction fees very low.
Is Bitcoin Cash different from the predecessor ‘Bitcoin’?
The answer is yes. Bitcoin Cash follows the same pattern of the Bitcoin project as a peer-to-peer cryptocurrency cash. Bitcoin Cash has upgraded features of bitcoin with emphasis on security and mining. Bitcoin Cash can take a block size limit of 8 megabytes while bitcoin can only take 1megabyte. The 8MB block size limit helps miners to generate more transactions on the blockchain. The more the block size, the faster the transactions.
Team
The management team is yet to be fully known, but there is one man who has been the face of We have notable supporters of Bitcoin Cash who welcomed the idea of increasing the block size and the split of the bitcoin. They include Roger Ver, Jihan Wu from Bitmain, John McAfee, Rick Falkvinge Gavin Andresen and Kim Dotcom.
PRACTICAL USES
It is also used for internet services such advertising, web hosting and other online related business activities. We have so many e-shops that accept bitcoin.
Bitcoin is used for technology enhancements and online related goods and services.
You can use Bitcoin as a currency to purchase goods, transact with any buyer or seller for anything, basically the same way you use traditional currencies today.
It can be used to purchase other cryptocurrencies as well as fiat currencies like USD, EUROs, etc.
Bitcoin Cash Mining
Mining Bitcoin Cash is similar to that of Bitcoin and should consider the fact that,1BCH is equivalent to 0-06BTC.You ask yourself, is it profitable?
Nevertheless, for one to mine, you need to have hardware that meets the requirements and be able to decide which method is best suited for me. We have different methods of mining Bitcoin Cash such as mining pool and cloud mining.
A mining pool is when you join a group to mine, and whatever reward is shared amongst the pool members based each person’s contribution to the mining. While cloud mining is when one connects to the datacenter to mine, and in this case, you don’t need a hardware.
Bitcoin cash uses PoW algorithm SHA_256 which makes the mining a bit difficult and expensive considering the computational power consumption.
NOTES FOR INVESTORS
Observers believe that Bitcoin Cash poses an impressive showing in no distant time. The impressive market cap of September 2017 barely one month of its existence.As at 2nd week of September 2017, BCH traded at $490 per coin with a market capitalization of $8.1 billion. In comparison, Bitcoin sold at $6,100 with a market capitalization of $99.4 billion. When a financial instrument is above one billion in market cap, investors treat that instrument as a valid asset class. That’ shows that Bitcoin Cash, as well as its predecessor, is a credible asset.
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This little report about Bitcoin cash should not be seen as an endorsement to invest. Cryptocurrency investment is speculative, and it involves unquantifiable risks – the market is full of uncertainty, susceptible to attack and capital loss, and sensitive to secondary issues, time may do not permit to mention here.
Seek advice before investing.