Bitcoin Cash (BCH) is most likely a term you have heard before. If you haven’t, then let’s start off by saying that it is not the same thing as Bitcoin. However, the coins are related. Bitcoin Cash has seen quite turbulent times recently – so what a great time to review it!
August 2017 is considered as the birthday of Bitcoin Cash. The asset came into existence after the everlasting disagreement among the Bitcoin community on how to effectuate changes to the core technology in order to achieve faster transactions and lower fees. The community was unable to reach a consensus on this. There were also uncertainties about Bitcoin’s scaling potential among the developers and miners. All of this combined created a rivalry between the conflicting opinions and this led to a hard fork.
The party that believed Bitcoin’s original tech needs updating went on to create the Bitcoin Cash hard fork. Bitcoin Cash was born – a peer-to-peer electronic cash solution created to make up for the alleged mistakes on the Bitcoin platform. BCH uses Satoshi Nakamoto’s original objectives on Bitcoin and adds its technological adjustments to it.
Bitcoin Cash capitalizes on being electronic cash while constantly improving transaction speeds. The brains behind BCH put it this way: “the creation of truly digital money, that can be used for everyday purchases, justifies technological changes to the Bitcoin code”. In order to enable paying for a cup of coffee with “truly digital money”, the transaction time had to be drastically shortened.
The BCH clan went on to change the block size limit from 1MB to 8MB and implement the adjustable level of difficulty. The goal was to have about two million transactions processed per day.
Let’s have a look at Bitcoin Cash price. The crypto has been quite busy over the last couple of months. It experienced a 30% price change in October alone! Bitcoin Cash started the month off at $220, dropped as low as $199 and climbed right back to its starting price and reached the cosmic level of $305 by the end of October. What a good time to keep your eye on Bitcoin Cash!
BCH is definitely a crypto asset on the rise. The turbulent price change it had in October is a good example of this. In case you hadn’t been properly introduced to Bitcoin Cash yet and this overview sparked your interest, you might wonder – where can I get my hands on the asset? No worries, we’ve got you covered!
Bitcoin Cash, like many other crypto assets, is available on all CoinMetro platforms. You can test them out by using our Demo platform, as it requires no sign up. After you’ve had a look around and started liking it (which we can guarantee), you can go ahead and sign up. The fun doesn’t stop there – after completing your KYC and making your first crypto-fiat trade, we award you with 20 XCM as a welcome gift! Sounds great?
That’s it for this time! In case you have any other questions about crypto or our products, our support team is there for you! They are super friendly and they are there to answer all of your questions 24/7.