When was bitcoin cash created?
Bitcoin cash is one of the cryptocurrencies that are currently in rank 5 Coinmarketcap. With a market capitalization of $ 4,891,934,834. Price at $ 265.52. volume in 24 hours $4,261,477,326 and circulating supply 18,423,881 BCH, currently rising up 9.47% at on 02 June 2020.
Bitcoin Cash (BCH) is a cryptocurrency as a result of Hardfork Bitcoin which in its design aims to solve the problem of scalability on larger blocks. Since Bitcoin scalability arises because increasingly fast BTC transactions begin to fill the network, this is an obstacle in Bitcoin.
As a result, the Bitcoin network becomes slower and the cost of conducting transactions is higher than before. At the cost per transaction on the Bitcoin network reached more than $ 5.
To get a solution the developers have two options: First, increase the size of the Bitcoin block and the second solution, such as the Lightning Network. Developers were the debate until the end unable to reach a compromise. a dispute ensued and led to the creation of a new coin which they assume as better namely Bitcoin Cash.
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What is Bitcoin Cash?
When was Bitcoin cash created? Bitcoin Cash (BCH) is a cryptocurrency formed because of the hard fork process on the Bitcoin network. BCH was created on 01 August 2017. The appearance of Bitcoin cash is quite interesting.
There is a group of people who are not satisfied with the Segregated Witness feature implemented by the developer of Bitcoin Core. They finally decided to increase the capacity of Bitcoin transactions on a separate Blockchain.
This idea is based on Bitcoin transactions which take up to four days to complete. To speed up transactions, users pay transaction fees, which at the end of 2017 averaged around $ 28.
The use of bitcoin on a daily basis becomes less practical because of the delay and fees made. Bitcoin miners, Developers, Investors have agreed to upgrade the Bitcoin network protocol called User Activated Hard Fork (UAHF)
Then new cryptocurrency called Bitcoin Cash has appeared as a result of the Bitcoin hard fork (BTC).
Bitcoin cash also remains peer-to-peer on the internet and is fully decentralized, without interference from the central bank or any third-party control. Same with Bitcoin.
When hard fork on August 1, 2017, the owner of Bitcoin will get the same amount of Bitcoin Cash. Currently, the price of Bitcoin cash is at $ 265.52.
Advantage offer by Bitcoin cash
A small group of Bitcoin cash developers formed a branch of Bitcoin to create a new version of the same code with several modifications. This change offers several benefits as follows below.
- The transfer fee of Bitcoin Cash has a cheaper about $ 0.20 per transaction. Making a transaction at BCH will save you more money than using BTC. While BTC transactions can cost around $ 1 per transaction, although they have previously risen to around $ 25 per transaction.
- Faster transfer times, compared to Bitcoin, BCH is more efficient in terms of transfer speeds.
- It can do more transactions per second. This is also the advantage of Bitcoin cash compared to Bitcoin.
All these advantages are because Bitcoin Cash is eight times bigger than the Bitcoin block. As a result Bitcoin Cash is cheaper, faster, also more scalable than Bitcoin.
The weakness of Bitcoin Cash
Even though it offers better features than Bitcoin, the fact is that Bitcoin Cash does not have as much investor confidence as investor Bitcoin. Besides, the number of adoptions and the market emphasis is much lower than in Bitcoin.
However, this is possible if the age of Bitcoin cash is younger than Bitcoin. Another weakness is that the price of the Bitcoin price is much higher than the BCH price which is around 10-15% of the price of the Bitcoin.
But the cost of BCH mining is relatively the same as Bitcoin. This means that someone who does BCH mining gets 50-60% less profit than someone who mines Bitcoin with the same device. For this reason, miners cannot mine so fast in Bitcoin Cash.
In terms of trading, BCH has far fewer trading pairs than BTC. This causes BCH to be very low traded compared to Bitcoin for which more pairs can be traded. So this affects the level of Bitcoin cash transactions being lower.
Bitcoin cash address
Bitcoin cash address becomes mandatory when transferring funds from one wallet to another because the entire history of certain digital currency transactions is stored on the blockchain.
The wallet address is proof that you are the owner of your coin because you are holding the private key that gives you access to coins at that address.
Bitcoin cash wallet address format
Wallet address, and public key, just like a bank account number: This is for receiving coins. But the difference is the bank account number remains the same, while the wallet address can change.
There are two types of bitcoin money receiving addresses:
- Bitcoin cash is created from hard fork bitcoin, where the recipient’s address has the same format, here an example 32uLhn19ZasD5bsVhLdDthhM37JhJHiEE2.
- This was very confusing, so a new format was introduced, with the recipient address of the bitcoin money starting with ‘q’ or ‘p’. Here an example pqx5ej6z9cvxc2c7nw5p4s5kf8nzmzc5cqapu8xprq.
What is a Bitcoin cash wallet?
Let us make an analogy to compare with key chains. You hold a key chain with you, but you have a door at home, to enter your house you need the key. Without a key, you cannot access your door.
Likewise, the Bitcoin cash wallet, coins are stored on the blockchain. While you have a private key to access coins on the blockchain. With a private key, you can access your wallet and make send or receive the money.
What is the Bitcoin cash wallet that should be chosen?
There are many wallets that support cryptocurrency bitcoin cash. Each wallet has its own characteristics compared to the others in terms of usability and security. Such as a mobile wallet, software wallet, and hardware wallet.
In the overview below you can see and choose which wallet is best suited for your situation:
Mobile wallet
Mobile wallet is storing crypto coins on Android-based smartphones and also IOS, the advantages are practical and easily accessible wherever you go. But mobile wallets are less safe because they are connected online which may be hacked.
There are many types of mobile wallets, you can choose it on the bitcoin cash.org wallet page to get a wallet reference to download.
Sofware wallet
Wallet software is a type of wallet that is installed on your computer, usually supporting Windows and Mac operating systems.
The advantage is that you can manage coins Bitcoin cash using a laptop or computer and it’s free. But wallet software is also less safe because maybe the malware virus can damage your computer or laptop.
To install it you should use the official Bitcoin cash link to ensure authentic software.
Hardware wallet
A hardware wallet is the safest compared to the other two because this wallet is not connected to the internet so it cannot be hacked. But that does not mean hardware wallet without risk. Because if the hardware is damaged or lost from the hands then you also lose access to your wallet.
The hardware wallet you can choose for example Trezor, Ledger wallet, and Coldlar.
Bitcoin cash halving date
The Bitcoin cash halving date occurred on April 8, 2020, the Bitcoin Cash network block reward was halved in the 630,000 blocks. Previously, miners received 12.5 BCHs and now only received 6.25 rewards.
The way Bitcoin Cash Halving works is the same as Bitcoin halving, which is an event where the number of Bitcoin Cash miner rewards generated per block will be halved. But Bitcoin cash halving and Bitcoin halving are different because they are on separate blockchain networks.
On the next halving schedule, after halving the Bitcoin Cash reward miners per block will be reduced from 6.25 BCH to 3.125 BCH. The amount of Bitcoin cash found per block will become more scarce and a half-decline in rewards will ensure that the total supply of Bitcoin cash will reach 21 million.
Bitcoin cash halving date will occur at Block # 840,000.
Is BCH a Good Investment?
Compared with Bitcoin, actually, the features offered by Bitcoin cash are better than Bitcoin, but however it is still difficult to beat Bitcoin as the first cryptocurrency, this is always at the top of the overall cryptocurrency.
However, there are a number of reasons that you can calculate if you want to invest in Bitcoin cash, but this is not investment advice and all have their own responsibility.
Technology
Bitcoin Cash was built using Bitcoin technology. However, it is superior to a significant scale increase. In terms of transaction speed Bitcoin Cash has a higher transaction speed and in terms of transaction costs with Bitcoin cash is lower than Bitcoin. This is one advantage.
Main Flow Adoption
BCH has continually sought to be more acceptable in online payments in the world. One of the partners that support BCH is BitPay. This is a payment service, only supporting Bitcoin since it was founded in 2011 but now allows traders to accept BCH. With ongoing efforts, it is not impossible that the value of BCH will be boosted up.
Infrastructure Development
Bitcoin cash has developed the BCH infrastructure. The Bitcoin Cash community has also tested bots for making Telegram – Tipmebchbot beta tips. This new bot created by BCH allows Telegram users to give tips to other users using BCH.
Bitcoin cash technical analysis
Almost all financial sectors were affected by the coronavirus outbreak, and the cryptocurrency market was shaken. Bitcoin cash was the lowest in March where price volatility was very high and BCH fell at $ 144.
But after that slowly changes in the price of Bitcoin cash began to rise, and currently has reached $ 248,630. This rising trend also occurs in Bitcoin, and both appear to have a correlation if Bitcoin is bullish, Bitcoin cash is also bullish, but this is not always the case.
If we analyze from the weekly timeframe, BCH/USD price movements move in a horizontal range, this indication is a sideways market with a high to the low price range of $ 275 and $ 200.
The way to trade in this condition is to buy at low and sell at high within that range for minimum risk.
Bitcoin cash to MYR
If you want to buy Bitcoin cash using the Malaysian Ringgit currency, there is a BCH to MYR conversion site, this will make it easier for you to calculate the total money you will spend.
Bitcoin cash mining free
To get Bitcoin cash for free you can use faucet sites like free.bitcoin.com and there is also a free bitcoin cash application that can be downloaded at the play store.
Some users app have given testimonials of getting Bitcoin cash every week, but there are also complaints that have not received a reward.
Other ways are to join surveys or play games, refer friends, watch videos on faucet sites that pay Bitcoin cash, like earncrypto.com.
Bitcoin cash mining software
To mine Bitcoin cash requires mining equipment, which is now increasingly sophisticated with better power performance and high hash speeds. The mining hardware, among others, DragonMint 16T was developed by Halong mining. Antminer S9 and Antminer S7 from the Bitmain company. While it’s good to use a native mining software on hardware, it’s not good to use other software outside of hardware.
FAQ
How to buy Bitcoin Cash?
To buy Bitcoin cash you can use an exchange service, there are several exchanges that can buy BCH, you can buy through Binance which is available in many countries or Coinbase.
If you have registered with one of the exchangers, this will be an easy step to buy a BCH. But if you have not registered with the exchanger, you must register and follow the specified procedures, for verification of documents and so on.
Beside use exchanges, there are some forex brokers that have penetrated into crypto trading by providing Crypto accounts. This is certainly easier with the support of a variety of deposit payment methods. You only choose what you can use, referring to the available payment methods.
How do I get a Bitcoin Cash address?
- Login account Bitcoin cash wallet
- Select Bitcoin cash, make sure wallet support multiple accounts
- Click receive, hence will appear your Bitcoin cash address.
Can I send bitcoin cash to the Bitcoin wallet?
No. You cannot transfer coins from BTC to the BCH network directly, both are on a separate blockchain. You have to exchange it to receive Bitcoin from BCH.
Can you send Bitcoin to address Bitcoin Cash?
You can try exporting your private key wallet from your bitcoin cash wallet and import it in a bitcoin wallet and have your funds.
Is it possible to send Bitcoins to an invalid address?
If you send BTC to a valid address but there is no owner, BTC will be accepted and lost at that address, but if sending bitcoin to an invalid address, the transaction will not be processed by the network.
Final thought
As with another cryptocurrency, bitcoin cash is only an alternative way of digital payments, but in its adoption in the real world, this is not too significant. But as a trading asset, this has become quite interesting in the world of online trading, a forex trader can diversify capital by cryptocurrency trading.
Although not too popular compared to Bitcoin, but Bitcoin cash is also a cryptocurrency that is in the top 10 rankings.
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