What is Bitcoin cash: More information about Bitcoin cash

By quintomudigo | cryptoforex street | 11 Jul 2019

$0.11 tipped


Bitcoin Cash is a   cryptocurrency that came to be as a result of the hard- fork of bitcoin blockchain whose transaction takes place from one peer to another without involvement by the government thus is being considered to be decentralized. Bitcoin cash came to be because some developers wanted to increase the block size of bitcoin while others were against it. They wanted to do this in order to increase the speed of the transaction of bitcoin. Because of the disagreement, bitcoin blockchain was separated into two, the first blockchain, remains of the same block height size with the same name Bitcoin while the second blockchain which was increased into block height size was renamed as Bitcoin Cash.

  Bitcoin cash transaction  

Bitcoin cash transaction takes place on the Bitcoin cash blockchain Explorer based on Bitcoin cash blocks and timestamp. To view how Bitcoin Cash transaction takes place on the Bitcoin blockchain explorer, simply follow the link below;

https://bch.btc.com/    

Date Launched

  Bitcoin hard-fork took place towards the end of 2017. During the hard-fork event, many bitcoin holders were eagerly waiting to receiver their bitcoin cash based on 1:1 of their bitcoin holding. The moment the hard-fork took place, they instantly received their bitcoin cash based on their holding at that time. The new bitcoin hard-fork was renamed bitcoin cash and was worth less than $0.01. After that, the price starting increasing very fast. Within 24 hours, the price of 1 bitcoin cash had increased from $0.01 to $1000 thus making the early adopters millionaires. Since then, bitcoin cash has continued to perform well in the market.  

Founder Of Bitcoin cash  

 Since bitcoin was created by unknown group of people identifying themselves as Satoshi Nakamoto and bitcoin cash came to be as a hard fork of bitcoin , we can therefore say that the same unknown group of developers are also behind bitcoin cash.  

Process of creating Bitcoin cash

  Bitcoin cash is created through the mining process by aid of GPU, CPU and ASICS hardware in the presence of internet and electricity using the SHA-256 algorithm. To mine using CPU and GPU, you have to download the software. When you have the software with you, you can decide to do solo mining which is slower or you can decide to join pool mining to increase the rate of bitcoin cash mining. To mine using ASICS hardware, you have to purchase the hardware. You can do it on a contract basis by purchasing this contract online. To own a contract and start mining bitcoin cash, follow the link below;  

 https://www.hashgains.com  

Maximum circulation of Bitcoin cash

  Just like bitcoin which result to occurrence of bitcoin cash and it has a maximum supply of 21,000,000 upon completion of its mining process, bitcoin cash maximum supply is also 21,000,000. The supply will keep on halving every year until all 21,000,000 are in the economy.  

Bitcoin cash Price

  Currently, 1 Bitcoin cash is worth more than $340 and its price is expected to increase over the next period of time.   

Converting my Bitcoin cash to other cryptocurrencies

  To convert your bitcoin cash to other cryptocurrencies such as bitcoin, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Bitcoin cash to bitcoin  

https://www.binance.com/?ref=10776203  

Storing my Bitcoin cash

To store your Bitcoin cash, you need a Bitcoin cash wallet or other supported cryptocurrency wallets. You can use, coinpayment or other supported Bitcoin cash wallets. For the safety of your Bitcoin cash, you can use offline Bitcoin cash wallet like ledger hardware wallet or TREZOR wallet.

  Transferring my Bitcoin cash to other Users  

If you want to transfer your Bitcoin cash to another user, the two of you must have trust on each other. The trust should be the Bitcoin cash address provided by the receiver while the sender must have the Bitcoin cash to send to the receiver. For the sender, a blank space to insert receiver address and another blank space to insert amount to send to receiver is indicated. Here is how it looks like;  

BCH SENDER.png  

BCH RECEIVER2.png  

Knowing more about Bitcoin cash

If you feel that you want to know much more about bitcoin cash, then you can visit their website so that you get to know more about them. Here is the link to their website;  

https://www.bitcoincash.org/  

  Now that you know, i think that it is time for you to start owning Bitcoin cash. If you feel that i should also own some for helping you to know more about this cryptocurrency, here is my Bitcoin cash address ;  

12W93xBQu7W4V7hfgcAZBsZDmPeRMPPfBZ


quintomudigo
quintomudigo

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Teacher Forex School.


cryptoforex street
cryptoforex street

Cryptoforex street provides knowledge related to cryptocurrencies, tokens and blockchain technology. We also share news related to cryptocurrencies, tokens, blockchain technology and finance.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.