- June 7, 2022
- |Bitcoin Cash
Bitcoin Cash (BCH) is a digital asset created via a hard fork of the original Bitcoin blockchain network. BCH is becoming a popular alternative with multiple benefits over BTC.
It uses the same proof-of-work model as Bitcoin. Many of today’s businesses that utilize crypto payment processing services accept Bitcoin Cash as a form of payment.
BCH Cash aims to solve many of the shortcomings of Bitcoin, such as slow transaction speed and scalability issues.
Learn More About BCH
The digital asset first came about in 2017 with faster transaction speeds and lower fees due to a larger blockchain.
As a result, many proponents of BCH recommend it because it is much better suited for smaller transactions, making it more usable as a currency.
Bitcoin Cash also can support smart contracts and applications, which makes it more than just a currency for payments; it also has a blockchain ecosystem that can support a wide variety of use cases thanks to this ability.
In 2017, the coin was reportedly launched at $240 per coin. However, today’s current price during the crypto bear market is $184.
With that, the lower price may actually be beneficial for the token, given that the digital asset is more likely to be used for more minor payment services.
On the other hand, assets like BTC, with more significant fees and slower transaction times, are preferred to be used as a storage of wealth instead.
This fundamental distinction could be why Bitcoin Cash has steadily risen in popularity, maintaining a solid community.
The digital asset does have some weaknesses, however.
Bitcoin Cash Vs. Bitcoin
BCH is not totally decentralized when compared to Bitcoin. Therefore, users may not have as much control of their assets as other alternatives.
This centralization is considered a significant weak point for Bitcoin Cash. Cryptocurrencies are most often focused on decentralization, aiming to give owners complete control over their wealth.
Additionally, it is often confused with Bitcoin due to its similar logo and the ROI. When it comes to mining, BCH is not as high as the ROI for BTC.
This means that there may be fewer miners on the BCH network, potentially limiting the future growth of the network.
BCH is currently listed on all major crypto exchanges worldwide and is even available for purchase on platforms like PayPal.
As for what the future of BCH holds, it certainly has crafted its own unique identity in the crypto markets. Investors expect it to grow as more merchants decide to accept it as payment.
Bitcoin Cash is competing against many other competitive tokens on the market, like LTC and Solana, only time will tell if BCH will continue to succeed.