Where To Buy Bitcoin Cash
Today we will tell you where and how you can buy Bitcoin Cash. Using a simple step by step instructions to purchase a cryptocurrency is not difficult. We’ll tell you about the history of creation, differences from other coins and all other details.
What is Bitcoin Cash?
The definition on the official site reads: “Bitcoin Cash is peer-to-peer electronic money for the Internet. He is completely decentralized, without a central bank, and he doesn’t need any trusted third parties to work. ”
Have you noticed the emphasis on the phrase “peer-to-peer electronic money”? This is done on purpose, because the very existence of Bitcoin Cash depends solely on the conduct of a large number of transactions, as Jimmy Song notes in his Medium article.
Bitcoin Cash (BCH) is in many ways similar to Bitcoin, but has several distinguishing features:
- Block size – 8 MB.
- No Segwit support.
- There is no “replace by fee” function.
There is protection against replay attacks and destruction (also known as 51% of the problem). Offers a way to correct the PoW complexity faster than for the usual interval of increasing complexity of finding a block.
Since BCH is the result of a hard fork, anyone who had a BTC received the same amount of coins in BCH. Provided that he did not keep BTC on the accounts of the exchanges and controlled the private keys of the account during the activation of the hard fork. So now let’s look at some interesting Bitcoin Cash features.
What is a “replay” attack?
The main feature of Bitcoin Cash is how it circumvents the biggest problem that any cryptocurrency can face after a similar fork – the “replay” attack.
This is such a data transfer, which is intentionally repeated or delayed. In the context of the blockchain’s work, it looks like this. Someone commits a transaction that occurs on one blockchain and then intentionally repeats it on another blockchain. For example, Masha sends 5 BTC to Petya, as a result of “replay” attacks, she also sends him 5 BCH, although she was not going to do that.
How to buy Bitcoin Cash
If you decide to purchase Bitcoin Cash, which is designated on the exchanges as BCH, you probably noticed its rapid growth and advantages over conventional Bitcoin.
Choosing a wallet for Bitcoin Cash
In order to buy a cryptocurrency, you need to create a Bitcoin Cash wallet. The list of wallets is quite large, it is available on the official website BitcoinCash.org.
So, we have established a wallet and have prepared the amount we want to invest in the purchase of Bitcoin Cash.
Please note: you can buy BCH both for fiat currencies (dollars, euros), and for Bitcoin cryptocurrency. This cryptocurrency allows you to easily acquire various cryptocurrencies, even the smallest ones.
How to buy Bitcoin Cash on the stock exchange
If you are looking for a place where you can buy a bitcoin cache with a minimum commission, then buying on the exchange is what you need. Recall that the exchange is a platform for cryptocurrency trading.
Does Bitcoin Cash have a future?
In short, we do not know. We have no idea what the future of Bitcoin Cash will be, and we cannot even imagine its impact on BTC in the long run. We only know that this is the first time that anyone has successfully bitcoin while maintaining records of existing transactions. What we received as a result of this experiment is a very interesting experience, which gave a lot of lessons.
At the same time, the block size of 8 MB is definitely a very attractive aspect, and it is unclear how this will affect miners in the future. Can this solve all scalability problems? Will BCH ever overtake BTC and become the main Bitcoin? At the moment, all these questions are only assumptions. We can say with confidence that there is a lot of interesting things ahead of us.