Bitcoin Cash 101
Bitcoin Cash and How does it work?
Bitcoin Cash is a cryptocurrency acquired in Bitcoin in August 2017. Bitcoin Cash has increased the size of the block, enabling greater transaction processing and improved development. In November 2018, cryptocurrency split again, this time becoming Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision).
To process the fastest transactions, Bitcoin Cash uses a higher block size (4-8 times larger than Bitcoin). This transaction is fast enough that you can use Bitcoin Cash to buy quickly, but if you buy a car or house, you will be better off using a slower, more secure cryptocurrency like Bitcoin. As a result, Bitcoin Cash and Bitcoin serve different purposes.
Not all crypto-currencies are designed to be used as a value store, and not all cryptocurrencies need to process data quickly to function as a credit card transaction. Using a variety of tools for different tasks makes sense, just as using a credit card for a restaurant meal and transferring a home loan makes sense. Finally, Bitcoin Cash is faster and cheaper to process than Bitcoin, but it is still used more often because standard cryptocurrency payments are still in their infancy. Many people feel that as more and more people become aware of Bitcoin Cash, as well as technology-related developments and developments, it will be a leader in cryptocurrency payments.
Soft fork vs hard fork
When existing code for the bitcoin platform is upgraded, hard forks and soft forks are similar in that the older version of the platform stays in the network while the new one is built. While users use the update with a soft fork, only one blockchain will always work. When a hard fork appears, old and new blocks merge, they need software updates to comply with the new rules. Both of these forks lead to cracking, however the heavy fork forms two blockchains and the soft fork forms only one. Because of the safety difference between heavy and soft forks, almost all users and developers prefer a hard fork, even if the soft fork seems sufficient. While repairing blockchain blocks requires a lot of computer effort, the privacy provided by a heavy fork is more reasonable than a soft fork.
Bitcoin vs. Bitcoin Cash
Bitcoin was intended to be a peer-to-peer digital currency that could be used for daily transactions, as proposed by Bitcoin creator Satoshi Nakamoto. Bitcoin became a tool for investing instead of money over time as it gained public support and its price increased.
Unable to handle the growing number of transactions, its blockchain fell into disrepair. The time it takes to complete a transaction on the bitcoin blockchain has increased, as has the cost.
This was due to a 1MB block size limit. Because blocking could not control the increase in transaction size, online transactions are awaiting confirmation.
Bitcoin Cash seeks to remedy this problem by increasing the size of blocks to between eight and 32 megabytes, allowing more transactions to be processed per block.
At the time of the proposed Bitcoin Cash, the average number of transactions per block in Bitcoin was between 1,000 and 1,500. During a pressure test in September 2018, transaction volume on Bitcoin Cash’s blockchain increased to 25,000 per block. Another way Bitcoin Cash differs from bitcoin is that it does not include Segregated Witness (SegWit), a technology offered to accept additional transactions per block. Only the information or metadata relevant to the transaction on the block is stored by SegWit. All transaction information is usually recorded in a block.
How to mine Bitcoin Cash:
To start, create a Bitcoin Cash wallet
To start mining, you will have to make a Bitcoin wallet. Your rewards are shown over here. Therefore a wallet with maximum protection should be chosen. You can also think about using a secure software wallet.
Participate in a mining pool
Because of the complexity of Bitcoin Cash mining and the complexity of resources, mining alone may not be sustainable. Joining the Bitcoin Cash mining pool is the best bet for a newbie miner. “Pooling” allows you to combine your resources with other miners and mine as one organization.
Start mining
Install the software, fill your mining details and begin with mining. Check crypto news daily as the market changes rapidly.
Bitcoin Cash Wallets. Beginners’ Guide
The following are the top 3 Bitcoin Cash wallets where you can store your Bitcoin Cash:
Jaxx Liberty
Jaxx Liberty is gaining popularity by the day since it offers a smooth user experience for storing Bitcoin Cash. Jaxx is a bitcoin cash wallet that is available on a variety of platforms, including Windows, Linux, and Mac OS X desktop.
Guarda Wallet
Guarda Wallet is a multi-currency, custody-free wallet that supports over 45 blockchains and tens of thousands of tokens. Web, Desktop, Mobile (iOS, Android), and Chrome Extension versions of the storages are available. Guarda accepts Bitcoin Cash, Bitcoin, Ethereum, Bitcoin SV, Monero XMR, Zcash, Dash, Ethereum Classic, and other cryptocurrencies.
Trezor
Trezor is another hardware wallet that is meant to enable secure offline storage that is free of virus and theft. This USB gadget is convenient and secure to use. Trezor can hold a wide range of cryptocurrencies, including Bitcoin, Bitcoin Cash (BCH), Litecoin (LTC), and others.
How to Buy/Sell Bitcoin Cash
Install a wallet app such as Coinbase, or Binance. Sign up and verify your account. Check current prices of Bitcoin cash. To buy, click the buy icon in the menu or go directly to the Price tab. Enter the price you want to buy in US dollars or Bitcoins, and the calculator will tell you how much it costs. Then select your wallet and click the purchase button to proceed and complete your purchase.