Bitcoin Cash an offshoot of Bitcoin and is a peer to peer digital currency for the internet which is fully decentralized, thus requiring no banks or third parties for them to function. The sole purpose of Bitcoin Cash is to increase the number of transactions which can take place in the Bitcoin Blockchain.
Bitcoin Cash also functions as a payment network too, and as such, it is very similar to how Bitcoin operates. With Bitcoin Cash, you will be able to send money to anyone, anywhere in the world for little to no transaction costs irrespective of the size of the transactions.
Bitcoin Cash is also fully decentralized and autonomous therefore you are the sole owner of your money, and thus you have full control of the funds and can access them anytime and anywhere you want. At its core Bitcoin Cash carries with it all the principles and values that Bitcoin posses but it has made it more scalable.
Bitcoin Cash was released in August 2017, and it spawned from the original Bitcoin which was introduced in 2009. As Bitcoin started gained popularity and momentum, the amount of time taken to complete a transaction became slower and slower, thus making the process of transaction significantly expensive.
To improve the technology behind Bitcoin, the idea of increasing the block size came into being and therefore this idea was adopted and came to be known as Bitcoin Cash.
The technology behind Bitcoin Cash is very similar to Bitcoin and it came with only 21 million coins as well. With developers, the main goal of Bitcoin Cash is for it to be used as a Payment system just as with Bitcoin.
Thus, just like Bitcoin, Bitcoin Cash also allows its users to send and receive money from anyone, anywhere around the world, without the need for third parties. What makes it different is that the transaction speeds are much faster and the transaction fees are also significantly lower too. Bitcoin Cash, though still in its initial stages, has performed well and has gained popularity amongst the masses.
To use Bitcoin Cash you need to possess Bitcoin Cash which should be stored in a Bitcoin Cash Wallet. Your Bitcoin Cash Wallet consists of two sets of numbers and letters in random form, with the first set being your Wallet's public address and the other set is your Private Key.
Your Wallet's Public Address will be used by others to send Bitcoin Cash to you, whereas your Private Keys gives you access to your Bitcoin Cash and is also used for signing off your transactions.
After you have stored your Bitcoin Cash in your Bitcoin Cash Wallet, you will be able to use them, by providing your wallet address to others for payment and your private key will be used for completing transactions from your end.
Bitcoin Cash being an offshoot of Bitcoin carries with it many features of Bitcoin while adding some additional features as well. As such the features of Bitcoin Cash are highlighted below:
These are some the best features of Bitcoin Cash, now let us look into the benefits that Bitcoin Cash offers.
Bitcoin Cash just like any other cryptocurrency can be bought from an exchange which accepts Bitcoin Cash. Before you start buying Bitcoin Cash, a Bitcoin Cash Wallet is a pre-requisite which will be used for storing your Bitcoin Cash. You can buy Bitcoin Cash using your credit and debit cards, and some of the most popular exchanges are Kraken, Bittrex, Cointree, Coinmama, Changelly and Coinbase.
Source: coinspeaker - 3 hours ago
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