The international cryptocurrency market is also changing and improving, and those who closely interact with virtual money are not even surprised to hear that Bitcoin Cash has appeared as a new cryptocurrency.
The official date of its appearance can be indicated on August 1, 2017. It became the Bitcoin fork and received a BCC ticker.
Let’s talk a little bit about what Bitcoin cash is and how it appeared at all. Since the Bitcoin launch, no one expected that it would become world-wide, so the originally planned volume of 1 megabyte for the new block should have been sufficient for carrying out transactions. But today this is not enough, and users have to wait even a few days for operation confirmation. It cannot do without bribes to miners who, for a good reward, include a transaction in a new block, putting it in priority.
But if you could change the block size or the information volume itself, then this will be the optimal solution. The division of bitcoin into the main cryptocurrency and Bitcoin Cash, which is its fork, allows to preserve the significance of the digital currency and solve the problem with delays in the implementation of transactions.
Other words, this is the same Bitcoin cryptocurrency but presented as a separate coin and having following features:
- The block size is expanded to 8 megabytes;
- Advanced protocol;
- Available for sale on the exchange;
- After the division, the amount of money on the holder’s wallet doubled – there was an equal division into BTC and BCC;
- The ability to use Bitcoin Cash regardless of Bitcoin.
So, what is 1 Bitcoin Cash worth? At the time of the coin’s launch, its value was about 350-370 dollars, which is eight times cheaper than Bitcoin. After they announced the launch of the division, the exchange rate of the cryptocurrency was slightly weakened, fell by about 6 percent, but for the owners of digital capital it was a pleasant gain.
Perhaps, in theory, to understand what the Bitcoin cash address is not so easy the first time. But in reality, there is nothing complicated. If you own a wallet and store the Bitcoins there, check the balance and you will see that your capital has doubled quantitatively. In this case, you are entitled to use the new coin separately and completely independently.
For what you can use Bitcoin Cash
Now let’s talk about how to use Bitcoin cash. Following useful information will allow you to understand what Bitcoin Cash is like and how to make money, using it as a separate currency.
You can use it for such purposes:
- Use Bitcoin only;
- Full-time access, using private keys;
- Invest in a new coin.
The protection remains the main problematic issue using this particular coin. Access to the coin is gained through the use of private keys that are associated with Bitcoin, so the first thing to do is to take care of codes safety.
To maintain privacy and guarantee security there are several ways of the secure access to BCC:
- Through a full node Full Node Wallet – such a wallet will store the keys in a special folder on the PC. You can create a backup and import it to work with the Bitcoin Cash node.
- Through a paper wallet – an excellent option for long-term investment in the cryptocurrency.
- Through a hardware wallet – you can use Trezor or Ledger, which give the user full and safe access to Bitcoin Cash assets.
After the settings, you can use the coin at your discretion, although you have nowhere to hurry. Bitcoin Cash only appeared and many more changes ahead of it are awaiting. Use the current fork capabilities to your advantage.
Why do I need Bitcoin Cash and what is its main advantages?
As noted earlier, the main reason for the emergence is to expand the volume of the unit for the rapid implementation of scheduled transactions. It was this path of Bitcoin development that the miners supported, even insisting on it.
This cryptocurrency will be very useful for everyone who is interested in the cryptocurrency as an innovative payment tool.
Those who began to check their wallets from August 1, saw that the amount of stored coins had doubled. For example, you had 20 Bitcoins on the account, and after the changes were added, another 20 BCC was appeared. However, the cost of two coins is not equivalent, since the main coin in the face of Bitcoin has a significant price compared to its fork.
The division was not an unexpected surprise, but rather an expected event. In advance it was announced about the forthcoming branch from Bitcoin and this news was discussed in the network very actively.
The initial solution to the problem of a small block size was presented in the form of Segregated Witness technology or SegWit. In this case, the block size would remain the same, and some of the information would be carried to a separate block. The project received support from exchangers and digital wallet creators.
It is still too early to draw conclusions, since the work of the Bitcoin Cash is just beginning, and in the future, any development scenario is possible, down to devaluing the Bitcoin Cash.
What is the difference between Bitcoin Cash from Bitcoin
It is necessary to indicate its main differences from the main cryptocurrency. And they are as follows:
- New block size: if block size is limited to 1 MB for Bitcoin, then for the BCC there is an extension of up to eight megabytes;
- Availability of protection against re-execution of transactions and their erasure;
- The introduction of a new type of operations, which has an additional level of security for the wallet.