Ways to Buy Bitcoin Cash, BCH Market, Nodes, Mining, Wallet and Blockchain
BCH is more effective as an online currency, it’s easier to send, receive & spend BCH tokens than BTC tokens, That makes it a better option for those wanting to pay for goods & services using cryptos, The best way to get Bitcoin Cash is to use an exchange, Because it’s one of the leading cryptos on the market, you can buy BCH via any of the leading online exchanges, Regardless of whether you want to buy it with another digital coin via a crypto-to-crypto exchange or make fiat transactions, all the options are there.
Bitcoin Cash Blockchain
Bitcoin Cash is a fork of Bitcoin, so, their blockchains are similar in function & architecture, BCH depends on the blockchain open ledger technology to achieve fast transactions, security, immutability, and anonymity, The block size is currently 32MB and new blocks can be found roughly every 10 minutes, Miners still need to use the Proof of Work consensus method and hardware that’s compatible with the SHA-256 hashing algorithm.
The reward for a mined block is 12.5BCH with a 10-minute time between blocks, Rewards get halved every 220 000 blocks while the difficulty adjustment happens after each one, aiming for an average of 144 blocks per day, Bitcoin Cash’s network has a unique feature that no other has – Difficulty Adjustment Algorithm or DAA, It regularly monitors the network and the block count in the last 24 hours, reacting accordingly.
Nodes are the backbone of the network, Depending on their function they will need to download a part of the full blockchain history, All users that connect and operate in the blockchain can be considered as a node, There are two types:
- Light Nodes – to be operational, they need just a partial download of the transaction history, They serve no validating functions.
- Full Nodes are the most vital ones for the network, To run a full node, you will need to download the whole blockchain transaction history which is currently over 164GB, Also known as Full Validation Nodes, they are the ones that have a final say on the validity of blocks from miners
Forks or Tokens Based on BCH
Bitcoin Cash is a hard fork of the Bitcoin network, It is separated on the 1st of August 2017 after the discovery of the 478 558th block, A part of the nodes in the network decided that they would disagree with the rest and caused a split in the blockchain, The reasons why include the rejection of the BIP-91 protocol (also known as SegWitx2) and the plans to increase the block size from 1MB to 8MB and later to 32MB, This is how they wanted to resolve the scalability of the network, Currently, there are no forks or tokens based on the Bitcoin Cash blockchain.
Ways to Buy Bitcoin Cash
BCH is a very popular coin nowadays, so, it is offered on most exchanges that have the option to trade with fiat currency, you should know how you are going to purchase it so that you will be able to buy from the right sources, you do not want to end up getting scammed, Take note that there are different ways you can buy BitcoinCash, Know the methods and choose the one that works best for you.
You should look for a seller within your area that is selling BCH for actual cash, you need to select the amount of cash that you want to purchase then you will place an order immediately, you will receive the account number from the seller that you have purchased the BCH from, Send the corresponding amount then receive the Bitcoin Cash, your Bitcoin wallet should be ready to receive the coins.
You can purchase online, some websites allow sellers to sell BCH in limited countries only so make sure that you can find one from your specific country otherwise, you may have some issues with the seller, you can find the right seller, you can discuss with different sellers what the price of the bitcoin is going to be, and you have to make a cash deposit.
You need to send your money through the account that the seller has provided, You can send the receipt or the deposit slip that will be issued by the seller’s bank, You can scan the slip and upload it for the seller to see, Your new BCH will be released to you, it is best if you already have a wallet ready so that the Bitcoin Cash will go straight there, There are a lot of people who like this method more than the others because this does not take a long time.
When you want to purchase through an actual store, you need to have your identification cards ready because you have to prove your identity before you will be allowed to purchase, The maximum amount that you can purchase for Bitcoin is up to $1000, You need to make a payment through the retail store and you will receive the Bitcoin Cash after a few minutes.
Mining Bitcoin Cash
Mining BCH can be done most efficiently with Application Specific Integrated Circuit devices (ASIC), These machines have a specially designed architecture of their microchips to mine cryptos using a specific hashing function, Тhe best ASIC for mining coins that use the SHA-256 algorithm, like Bitcoin Cash, is the Antminer S9i.
To be able to do anything in a blockchain network, you will need a wallet, The wallet can hold your public and private keys that are used to access your funds in the crypto world, The official BCH wallet is BitcoinABC, which acts as a full validation node as well, and you can get the latest version at their website.
The main security issue that the BCH network had in the past was the SIGHASH bug, You can store BCH tokens via an online or offline wallet because this coin is linked to Bitcoin, you can use all the same crypto wallets for BCH as you would BTC.
You can trade Bitcoin Cash CFDs (contracts for difference) via eToro Exchange, If you do that, you won’t own the actual tokens, therefore, you won’t need a wallet, you will be able to make money based on the price fluctuations of BCH.
Other than being more efficient than Bitcoin, the main advantage BCH has over its peer right now is its price, Unlike its older brother, Bitcoin Cash doesn’t cost thousands, Although it’s far from the cheapest crypto, you could pick up a single BCH token for around $300 in April 2019, When you combine this with a supply cap of 21 million coins, there’s a lot of potentials to make a profit when you buy Bitcoin Cash.