Altcoins: Bitcoin Cash (BCH), What Is It - A Deeper Look Into Bitcoin Cash

Summary:

• What is the Bitcoin Cash Platform and how does it work?
• Advantages of the Bitcoin Cash exchange.
• Bitcoin Cash’s past, present and future price positions.

Read next: Altcoins: Tether (USDT), What Is It? - A Deeper Look Into The Tether Blockchain| FXMAG.COM

Bitcoin Cash Platform

Bitcoin Cash (BCH) is an extension of the Bitcoin (BTC) cryptocurrency and was created as a way to get around some of Bitcoins flaws, it was launched in August 2017. Anybody who held Bitcoin (BTC) at the time of Bitcoin Cash’s launch, received BCH. Both platforms are run mainly on the framework, proof-of-work (PoW), and make use of nodes to verify transactions.

The main differentiating characteristic between Bitcoin Cash and Bitcoin is the blocksize. The blocks in the Bitcoin Cash blockchain can be larger, this means that more Bitcoins can be processed at a time, therefore the additional space aids in avoidance of higher fees.

Bitcoin Cash has a maximum supply of 21 million tokes, a market capitalisation of more than $3.5 billion and a current circulating supply of just over 18.5 million tokens.

 

Bitcoin Cash offers peer-to-peer electronic cash. The Bitcoin Cash platform brings safe money to the world, which fulfils the original promise of Bitcoin as “Peer-To-Peer Electronic Cash”. Through reliable confirmations and low fees, traders feel empowered. The future of Bitcoin Cash looks bright with its permissionless innovation, global adoption, unrestricted growth and its decentralised development.

Benefits of the BCH platfrom

Bitcoin Cash offers more anonymity and privacy than mainstream platforms such as banks and credit cards etc. it is almost impossible to discover who controls a Bitcoin address. Bitcoin Cash supports token protocols that are able to power a wide diversity of projects and makes it easy for users to create their own token backed projects.

Bitcoin Cash supports worldwide freedom thanks to its permissionless open network. Bitcoin Cash users are empowered to speak with other real people without being interrupted. In addition the platform is decentralised, non-aggressive and voluntary.

Decentralised finance (DeFi) applications are supported by the SmartBCH, which is a high performing EVM and Web3 compatible sidechains. A growing number of NFT projects and decentralised exchanges are included in this.

Advantages of the Bitcoin Cash platform

1. The Bitcoin Cash platform is extremely fast, transactions happen in seconds and get confirmed within minutes.
2. Reliable, the Bitcoin Cash platform runs without problems or backlogs.
3. The fees to send money both locally and to anywhere in the world using the Bitcoin Cash platform are extremely low.
4. The Bitcoin Cash platform is extremely user friendly with no limits on transaction sizes and without the need for permission.
5. The stability of the Bitcoin Cash platform has been a proven store of value.
6. The Bitcoin Cash platform has been proven to be one of the worlds most robust blockchain technologies.
7. The Bitcoin Cash platform is available to its users 24 hours per day 365 days per year.
8. Users are their own bank and have full control over their money. Bitcoin Cash gives users full sovereign control over their funds, which are accessible from anywhere in the world.
9. Bitcoin Cash has their own currency which has a fixed supply of 21 million tokens, this represents sound money.
10. Many merchants offer discounts for paying with Bitcoin Cash due to the fact that it eliminates credit card fees and helps to expand adoption of this new system.
11. Merchants also have certain benefits:
    1. Very low fees, the fees for transacting Bitcoin Cash are super low, in addition, the fees for going through merchants to exchange Bitcoin Cash for fiat currency are also lower than more traditional methods of doing this.
    2. There are no chargebacks for merchants, fraud protection is built into the Bitcoin Cash system, with no extra charge for the merchants.
    3. As Bitcoin Cash becomes increasingly popular, users often favour merchants who allow Bitcoin Cash payments and sometimes seek them out,
    4. Free press and marketing.

Past, Present and future prices of BCH

In the past, the price of Bitcoin Cash reacted to mining and rival coins and made BCH spike hugely. Many market participants began to see Bitcoin Cash as a rival currency instead of a fork of Bitcoin. After the spike, the price has fallen consistently, until seeing a rise in the price in the first half of 2021.

Over the past month, the markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price has been falling.

According to some analysts, the price of Bitcoin Cash is expected to increase to more than $905 by 2026. However, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions. ✕ Bitcoin Cash Price Chart

Read next: Altcoins: Cardano (ADA) What Is It? - A Deeper Look Into Cardano (ADA) | FXMAG.COM

Sources: finance.yahoo.com, bitcoincash.org, coinmarketcap.com, cryptonewsz.com