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What Is Bitcoin Cash? A Complete Guide

Bella

5 Min Read

What is Bitcoin Cash (BCH)? Have you ever wondered the history between Bitcoin Cash and Bitcoin? What are the key differences between Bitcoin and Bitcoin Cash? Is BCH safe to invest in? This article will provide you a complete guide.

WHAT IS BITCOIN CASH? A BRIEF HISTORY

Bitcoin Cash, or BCH, is a cryptocurrency first created in August 2017, from a fork of Bitcoin. The fork from the pre-2017 Bitcoin resulted in two cryptocurrencies: Bitcoin Core (now known as Bitcoin) and Bitcoin Cash. It didn’t just end there. In 2018, Bitcoin Cash went through another fork. This time, it was split into Bitcoin ABC and Bitcoin SV. Bitcoin ABC and Bitcoin SV then had a fight over the rights to the name ‘Bitcoin Cash’ and Bitcoin ABC emerged victorious. So in 2020, when people refer to the term Bitcoin Cash, they are referring to Bitcoin ABC which is a forked version from the original Bitcoin Cash, which is in turn forked from the original Bitcoin. How confusing!

THE DIFFERENCES BETWEEN BITCOIN AND BITCOIN CASH

When Satoshi Nakamoto first created Bitcoin, it was meant to be a peer-to-peer cryptocurrency that was to be used for daily transactions. As Bitcoin gained mainstream traction and its price surged, it became an investment vehicle instead of a currency. This is because the Bitcoin blockchain experienced scalability issues.

The scalability issues that Bitcoin faces are mostly due to the block size limitation for Bitcoin. As more and more users are broadcasting transactions, they are competing for the limited 1MB block size every 10 minutes. This is not even close to being sufficient when Bitcoin transactions are gaining popularity, let alone when it becomes a global, borderless currency. To put things in perspective, Bitcoin is capable of processing a mere 7 transactions per second. In contrast, the Visa credit card scheme is capable of processing up to 65,000 transactions per second!

To combat this issue, Bitcoin Cash proposes a solution by increasing block sizes to between 8MB and 32MB, which allows the processing of more transactions per block. This has the effect of Bitcoin Cash capable of processing up to 10 times more transactions compared to Bitcoin.

IS BCH SAFE TO INVEST IN?

Advocates of BCH see it as a medium of exchange more than a store of value. As such, in 2020, BCH did not receive as much mainstream attention as Bitcoin. This is because when there are a lot of money being printed (as is the case in 2020 due to COVID19), investors tend to flock to store of value assets such as gold and Bitcoin.

Having said that, BCH is one of the more reputable cryptocurrencies. It is forked from the original Bitcoin after all! It also has a lot of popularity within certain communities, such as in the Australian city of Townsville. The reason for its popularity is due to its faster transaction speed, which makes it easier for merchants to accept as a form of payment. BCH is more reflective of Satoshi’s original vision for Bitcoin, although many would argue its current price does not reflect its value just yet.

LOOKING TO BUY BITCOIN CASH WITH AUD?

Look no further, Coinstash is one of the few Australian platforms that allows its users to buy BCH with AUD. We have deep liquidity into USD markets, therefore the ability to provide our users with some of the best prices available.

Bella

Co-founder

Stablecoins: What are they and why are they important?

opinion

Stablecoins: What are they and why are they important?

Why are cryptocurrencies that mimic the dollar important innovations and how you could use them for your benefit? At Coinstash, we’ve identified three benefits of stablecoins you could use to your advantage.

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5 Min Read

10 Ways to become a Bitcoin millionaire

news

10 Ways to become a Bitcoin millionaire

Did you know you don’t need to buy a ‘whole’ Bitcoin-like one pictured above? Note to our readers: as Star Wars fans and with the 9th installment of the franchise due to release as at the time of writing, we feel that it is obligatory to list them out in terms of Light vs Dark Side.

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Author photo

Ting Wang

5 Min Read

What determines the Bitcoin price AUD? A Complete guide

stories

What determines the Bitcoin price AUD? A Complete guide

When Bitcoin launched, the price of a single Bitcoin was less than a dollar. By late 2017, the Bitcoin price AUD reached a staggering A$28,000! Since then, the price has continued to fluctuate, making it an exciting investment opportunity for experienced investors and novices alike.

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Author photo

Ting Wang

5 Min Read

What you need to know before you buy Ripple in Australia

product

What you need to know before you buy Ripple in Australia

Ripple (XRP) is both a platform and also a cryptocurrency, XRP, developed by Ripple Labs. XRP is a token which facilitates the transfer of value across the Ripple Network. As of 2020, XRP Ripple is the fourth most valuable cryptocurrency. Although consumers can buy XRP, Ripple Labs created XRP for financial institutions to facilitate fast and frictionless cross-border transfers.

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Author photo

Ting Wang

5 Min Read

Coinstash is a registered digital currency exchange based in Australia. Our customers praise Coinstash as one of the most user-friendly, educational, and supportive platforms. Through its live support 7 days a week, Coinstash has accumulated numerous positive reviews from its customers. Coinstash is also one of the only digital currency trading platforms that have participated in the Australian government Austrade’s landing pad program. Find more about BTC Price AUD (Australia) by visiting our BTC trading platform. Note: nothing in this article should constitute general or specific financial advice. Coinstash does not take into account your circumstances when publishing articles. Any content on Coinstash.com.au or related domains are informational only.