In recent years, bitcoin has become more and more popular. Unfortunately, with that, the transactions have become slower. With these two things combined, the cost of each transaction is now more expensive for the sender.
To improve the system, Bitcoin Cash or BCH was created. BCH has only been around since August 2017 but has become one of the top five cryptocurrencies.
Looking to learn more about the basics of Crypto? Check out our Crypto terms every investor should know.
What is Bitcoin Cash?
Bitcoin Cash started to solve a problem for bitcoin enthusiasts. While it was great that bitcoin was getting more popular, the decline in speed and the increased cost wasn’t ideal.
Developers suggested separating one sheet of paper into two. One would have the addresses of the sender and receiver, while the other sheet would contain signatures. The idea was that if there were more space on the paper, then more transactions could be processed. There was another suggestion, but this one has won the users over.
Something that was a big deal for people who wanted to try Bitcoin Cash was individuals who held bitcoin on the day that it was created and automatically received free Bitcoin Cash. This was given a one-to-one ratio. Bitcoin Cash is used as a payment system, just like the original bitcoin client. However, when it comes to speed, Bitcoin Cash can outrun Bitcoin, which means it’s cheaper and faster.
The interesting thing about Bitcoin Cash is that you can buy it using your fiat currency. You can do this using your credit/debit card or direct from your bank account.
Want to know more about bitcoin cash? Open up an online bank account, deposit your crypto, and start using your BlockCard as soon as your application is complete.
