Bitcoin Cash what is it?
For almost 2 years, the price of bitcoin has not pleased its owners, falling sharply, or being in a sideways trend. It's time for investors to look at other cryptocurrencies.
Bitcoin Cash is a digital currency that has been a bitcoin cash fork since August 1, 2017. This allocation of the new cryptocurrency was caused by the increasing complexity of processing transactions by miners due to the popularity of bitcoin, and as a consequence - an increase in transaction time. Therefore, queues of users began to form, waiting for the processing of their operations by miners, which could sometimes take several days.
One of the solutions to this problem by increasing the size of the block of operations for processing from 1 to 8 MB came up with former Facebook employee Amori Secheta - a new branch of bitcoin, he called Bitcoin Cash. This increase has reduced the number of blocks in the current processing by about 8 times. This innovation has eliminated the queues, but also increased the requirements for the necessary equipment for processing bitcoin cache transactions, leaving small miners out of business. On May 15, 2018, the size of the Bitcoin Cash block was increased to 32 MB.
Bitcoin Cash exchange rate at the time of the division of bitcoin was half the value of bitcoin, but soon bitcoin cash price fell several times.
On November 15, 2018, bitcoin cash was split into two branches - BCHABC and BCHSV. This was due to differences between the two main groups of bitcoin cache owners regarding the frequency of updating its code.
How to get Bitcoin Cash?
You can get bitcoin cash by earning it, for example, by mining and Bitcoin Cash tap or buying it on exchangers and cryptocurrency exchanges. In addition, Bitcoin Cash is a very popular digital currency used around the world. Therefore, you can also get cryptocurrency by selling your goods or services for it. In Eastern Europe, such a transaction is still rare, but transactions using Bitcoin Cash are becoming more and more popular.
What are Bitcoin Cash taps?
Bitcoin cash tap is an affordable way to get some cryptocurrency without any investment or the availability of powerful hardware. All you need to do is register on one of the specialized financial sites and periodically perform certain actions on it, for example, enter the code from the picture into the pop-up window.
The fact is that such portals attract visitors who are potentially interested in buying / selling cryptocurrency, and sell advertising on their site to cryptocurrency exchanges, exchangers and other interested companies. And to have many such visitors - share with them part of the proceeds from advertising, charging readers for regular visits to the site cryptocurrency (or part thereof).
At the same time, the amount of such income is limited by the advertising revenue of the site, so earnings from one Bitcoin Cash tap, as a rule, will be enough except to pay monthly expenses for the Internet. Another thing is if you register for many cryptocurrency taps at the same time, and if the bitcoin cash rate rises, the income can reach hundreds of dollars a month.
One of the most popular taps for cryptocurrency bitcoin cache is moon bitcoin cash.
Features of bitcoin cache mining
Bitcoin Cash is a fairly old and popular currency, so it has a long blockchain (a chain of data on all previous transactions with cryptocurrency), and, accordingly, the great complexity of transaction processing, almost at the level of bitcoin. Therefore, to mine Bitcoin Cash, which runs on the SHA-256 algorithm, using a processor or video card - it is completely ungrateful and unprofitable. For this purpose, faster ASIC integrated circuits are suitable, which are designed to perform only one task - to mine cryptocurrency.
Another way to earn Bitcoin Cash is to join one of the many mining pools. These are large companies with fast IT equipment, which lease part of their capacity through special sites for a small fee. The location of such companies in the most favorable places for mining (for example, in abandoned mines, where there is no need to cool equipment), as well as the presence of experts who constantly analyze cryptocurrencies around the world and choose the most profitable ones - makes this method of mining one of the most profitable. Of the mining pools that work with Bitcoin Cash, it is worth noting: btc.com, antpool.com, bch.suprnova.cc and pool.viabtc.com.
How to buy Bitcoin Cash?
You can also try to make money by increasing the price of Bitcoin Cash by buying cryptocurrency at a currency exchange or cryptocurrency exchange. The first is the easiest and most convenient way to purchase digital currency due to easy registration and fast transactions, in addition, exchangers sometimes offer a free cryptocurrency wallet. The most popular exchanges for Bitcoin Cash in Eastern Europe are I-Obmen, NetEx24, FlyChange, NiceChange and others.
But if you want to buy Bitcoin Cash at the best rate - cryptocurrency exchange, unites buyers and sellers on one site would be a better option than an exchanger. The ability to buy directly from the seller without the participation of an intermediary - will provide a better rate. At the same time, the exchange rate of Bitcoin Cash against the hryvnia, ruble, USD or other currency on the stock exchange will be more prone to fluctuations, and the organization may make higher demands on its members, for example, to place a few hundred dollars on an insurance deposit. Among the most reliable exchanges that trade bitcoin cache, it is worth noting binance, kuna, exmo, bitmex and others.
You can also search for a Bitcoin Cash seller yourself through specialized forums. So you do not have to pay a commission to the intermediary for the organization of the transaction, which may be 5-10% of the transaction amount. But, in this case, the risk of falling for a scammer will be quite high.
Before buying a cryptocurrency for investment - read Bitcoin Cash forecasts and news, so as not to buy an asset at the peak of its value. Fortunately, there are now enough sites on the Internet where you can also view Bitcoin Cash charts for 2019 and even since the currency was created.
How to create a Bitcoin Cash wallet?
In order to conduct any transactions with bitcoin cache (purchase, sale or mining), you need a digital wallet. Depending on your needs, you can choose one of the following types of bitcoin cash wallet:
An online wallet opens on a financial site, such as a cryptocurrency exchanger. Usually such registration is free and takes only a few minutes. At the same time, such wallets will not be the most reliable option, as they are prone to hacker attacks. However, the most secure versions include Lumi, Blockchain, Guardo Wallet, Holy, Coinfy, MyEtherWallet, Bitgo and others.
Desktop wallets (Electrum, Exodus, JAXX) are an application that is installed on a personal computer or laptop. They are more secure, but there is a risk of losing access to the wallet, and according to the purchased cryptocurrency, if the computer, for example, breaks down or you lose access keys.
The mobile version is analogous to a desktop wallet adapted for a smartphone, and has the same advantages and disadvantages as the main version of the program.
Hardware wallet (Ledger, Trezor, KeepKey, etc.) is a flash drive that stores information about digital currency. It is the most reliable way to store Bitcoin Cash, but it does not have direct access to the Internet, so you constantly have to transfer money from hardware to online or desktop wallet for transactions and vice versa. Thus, the flash drive is more suitable for long-term storage of cryptocurrencies or transactions for large sums, rather than for daily use.
Paper - a sheet containing the key to the cryptocurrency in the form of a QR-code, and its properties resemble working with a hardware wallet.
How not to fall for the tricks of fraudsters?
Bitcoin Cash is one of the most popular cryptocurrencies in the world, so it is prone to fraudulent attacks. To protect your assets from attackers, you should:
- carefully research publicly available information about a cryptocurrency exchange, exchanger, tap or forum before working with them
- study the ratings of cryptocurrency traders published on some sites - top participants will usually be more reliable partners
- learn useful information on cryptocurrency forums about the experience of other users with your chosen counterparty
- refrain from investing in cryptocurrency pyramids
- refrain from prepaying, use smart contracts or escrow accounts
- use hardware wallets to store large amounts of cryptocurrencies