- In this article, we will give the answer to the question of what is Bitcoin cash. Overnight, thousands of Bitcoin holders saw their fortunes increase significantly due to a simple change. Coinbase started showing Bitcoin Cash balances in people’s wallets.
In this article, we will give the answer to the question of what is Bitcoin cash. Overnight, thousands of Bitcoin holders saw their fortunes increase significantly due to a simple change. Coinbase started showing Bitcoin Cash balances in people’s wallets.
While these people have always owned the Bitcoin Cash coin, most “non-technical” owners had no idea and didn’t know what to do with their newly found wealth.
So what happened?
While there was some criticism that was really widely accepted on Day 1 of Bitcoin Cash, there is still an opportunity to enter this cryptocurrency. BCH can compete with the coin investors see with the original Bitcoin, and even with other cryptocurrencies. Just as Ethereum and Litecoin compete.
Before you can start Bitcoin Cash, you need a digital wallet. We recommend Coinbase, which we will discuss further below. If you are considering buying Bitcoin Cash, make sure you fully understand the risks.
What is Bitcoin Cash?
BCH is the hard fork of the original Bitcoin blockchain (this split happened on August 1, 2017.)
If you are new to cryptocurrency investment, the hard fork is essentially a distinction from the original blockchain. Think of it like the Catholic Church – if you go back in time, there were multiple “hard forks” along the way. Some of the largest include Protestantism, which split from Catholicism. It looks very similar indeed to this situation.
Both Bitcoin and Bitcoin Cash use the same algorithm (eg Bible). However, there are different ways of interpretation. When they split, Bitcoin Cash uses its own protocol, while it uses the Bitcoin protocol.
How is Bitcoin Cash different?
Technically speaking, Bitcoin Cash wanted larger block sizes than Bitcoin. They increased the block size to 8MB. However, everything else is pretty much the same.
The last joint block of Bitcoin and Bitcoin Cash was Block 478558. In this split, Bitcoin holders (in the blockchain) received Bitcoin Cash of the same value.
However, until the day Coinbase publicly put Bitcoin Cash in its wallet, Bitcoin Cash was not easily accessible to non-tech-savvy investors. BCH is much cheaper than Bitcoin. Currently, it’s about 75% cheaper, but recently the price has skyrocketed.
How to invest in Bitcoin Cash?
If you want to invest in Bitcoin Cash, it’s important to remember that Bitcoin Cash is a cryptocurrency. This means that the coin does not work like a stock or bond. Instead of buying BCH shares, you exchange your currency for Bitcoin Cash.
One Bitcoin Cash equals approximately $ 495 today. The goal is to increase the value of Bitcoin Cash, in which case you can convert your coins (from the unit you wish to trade) into dollars.
So where can you do this? Unfortunately, you cannot invest in Bitcoin Cash at your stock broker. Instead, you need a digital wallet. Citizens are Coinbase Turkey we found the best digital wallet. Coinbase allows you to buy and sell Bitcoin, Bitcoin Cash, Ethereum, and Litecoin on their apps.
Since Coinbase is also a digital wallet, you can also use your wallet to buy, sell, send and receive BCH (for example, you can pay for goods or services online using Bitcoin Cash).
Another option for investing in Bitcoin Cash is eToro, a full-service brokerage that also allows cryptocurrency investment.
BCH is one of the newest cryptocurrency options available to consumers. While new, it’s based on Bitcoin, one of the oldest. This coin has become popular over time because it’s suddenly easier to access – so it’s important to keep that in mind.
If you are considering investing in Bitcoin Cash, remember that there is an incredibly high risk.