As the original cryptocurrency, Bitcoin has enjoyed a high level of popularity and value since its launch in 2009. However, as the network has grown, its limited block size (approximately 1 MB) has become increasingly problematic for speed and security.
To address this problem, developers created a hard fork in the Bitcoin blockchain in August 2017. This new coin, called Bitcoin Cash, is based on the original BTC code but with improved scalability and faster processing times.
What is Bitcoin Cash?
Bitcoin Cash (BCH) is a proof-of-work blockchain network and cryptocurrency that’s faster and cheaper to use than Bitcoin (BTC). Launched in 2017, Bitcoin Cash is a fork of the original Bitcoin blockchain that was developed to solve some of its long-standing issues.
In particular, the fork aims to increase the size of blocks on the blockchain — which will allow for more transactions and reduce transaction fees. It also attempts to address some of the perceived limitations of Bitcoin by focusing on spending rather than holding as a store of value.
Bitcoin Cash has the same number of coins as Bitcoin (21 million) and is distributed among miners who act as validators, using their computing power to confirm and add new blocks to the blockchain. They are rewarded for their efforts with BCH tokens.
How to Buy BCH
Bitcoin Cash (BCH) is a cryptocurrency that was created via a hard fork of the Bitcoin blockchain. Similar to its predecessor, it has a hard cap of 21 million coins, and supports a proof-of-work consensus framework and nodes to verify transactions.
Buying BCH is simple, as it can be done online through crypto exchanges and peer-to-peer (P2P) platforms. These are regulated businesses that must comply with Know Your Customer and Anti-Money Laundering regulations regarding transfers of funds, including personal information like identity documents.
Once you’ve purchased BCH, it can be stored in a variety of wallets. These include software, hardware, paper and mobile wallets. They typically support sending, receiving and storing assets, transaction insights and more.
Where to Buy BCH
If you want to buy Bitcoin Cash (BCH) there are a few options. You can purchase BCH on a cryptocurrency exchange, a peer-to-peer (P2P) exchange, or you can purchase it directly from someone who wants to sell their coins for cash in your local currency.
When buying BCH with cash, you should use a reputable escrow service to protect yourself from fraud. The escrow service will hold the seller’s coins until they receive proof of payment from you, and release them when that proof is present.
You can also buy BCH in-person at LibertyX crypto ATMs or at participating retail locations including 7-Eleven, CVS Pharmacies, and Rite Aid pharmacies. These stores have signed up to offer the service, and you can find them on the LibertyX website or by using the LibertyX app.
Using these services is safe and convenient, but you should be careful not to use them for large transactions. In addition, you should always keep your deposit receipt to prove that you have actually made the transaction.
How to Sell BCH
If you’re looking to sell BCH, there are a number of options available. The first is to use a popular cryptocurrency exchange, such as Bybit https://www.bybit.com/en-US/ or Kraken. This is the easiest and most reliable way to cash out your BCH.
You can also sell your coins via a peer-to-peer marketplace. This is a quicker and more secure method, but you will likely get a lower exchange rate than you would if using an exchange broker.
Regardless of the method you choose, make sure to double-check your order size and risk profile. This is especially important if you’re withdrawing a large amount of money.