Though Bitcoin is typically considered the cryptocurrency leader, it is not without flaws. As Bitcoin matured, miners, developers, and users found that Bitcoin lacked scalability and speed.
There were several theories on how Bitcoin could be improved, but the decentralized nature of Bitcoin can translate into slow change. Additionally, developers and minors felt that the proposed changes, like SegWit2x, did not fully address Bitcoin’s perceived shortcomings.
To address this, one group of developers, miners, users, etc., decided to fork the Bitcoin blockchain, essentially splitting off the original Bitcoin blockchain and creating a new network with new rules and features. This fork, which occurred on August 1, 2017, resulted in a new form of cryptocurrency – Bitcoin Cash.
As the name would suggest, Bitcoin Cash operates on many of the same principles as Bitcoin. The peer- to-peer, decentralized cryptocurrency was launched in August of 2017, and today it is considered one of the leading altcoins available.
In many ways, Bitcoin Cash operates the same way as Bitcoin, offering the benefits of a decentralized, open-source cryptocurrency. However, the new fork allowed for some sizable shifts that lead to significant differences between the two.
Transactions speed and limited At the time of the fork, Bitcoin’s block size was 1 MB. This lead to slow transactions speed and limited scalability. At times, this left it inefficient for small, everyday purchases (think a cup of coffee); it also makes it harder for Bitcoin to scale alongside demand.
At launch, Bitcoin Cash blocks were 8 MB in size, and today Bitcoin Cash blocks have grown to 32 MB in size. This growth has allowed for an increase in both transaction speed and scalability – something many believe are necessary for long-term success in the cryptocurrency arena.
Cryptocurrency varies from traditional fiat currency (dollars, euros, etc.) in that it is not a physical item that is exchanged. Instead, cryptocurrencies like Bitcoin Cash are actually snippets of code located at a precise location on the blockchain. To access Bitcoin Cash, currency holders must have both the address and a private key.
Information is stored wallet in This access information is stored in what is considered a “wallet.” Wallets are available in a variety of forms, though one of the most popular is software that is downloaded to your tablet, desktop, or mobile device. If you purchase Bitcoin Cash from xCoins, you’ll automatically gain access to the xCoin wallet, which keeps your cryptocurrency safe and easily accessible.
Bitcoin Cash can be used for peer-to-peer transactions, to invest in other types of cryptocurrencies, or to purchase goods and services from retailers. Bitcoin Cash is accepted by a variety of retailers, including those offering products and services within the travel, apparel & accessories, cloud computing, communication, and crowdfunding categories. Further, retailers like eGifter allow users to purchase retail gift cards using their Bitcoin Cash
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They’re the two biggest cryptocurrencies on the block. Together, they have a combined market cap of over $160 Billion at time of writing. They’re Bitcoin and Bitcoin Cash, the two blockchain projects you’ve almost certainly heard of even if you justread the full story