Bitcoin Cash is a cryptocurrency that was created from a hard fork of the Bitcoin blockchain in mid-2017. Anyone holding Bitcoin at the time of the hard fork received the same number of Bitcoin Cash units. The reason Bitcoin Cash was created was because a group of developers working on the Bitcoin blockchain protocol wanted to increase the Bitcoin block size and therefore had to change the code of Bitcoin. Since Bitcoin Cash has a larger block size limit, transactions on Bitcoin Cash’s blockchain can be completed faster and for less fees while maintaining the security of the blockchain protocol. Essentially, Bitcoin Cash is the same as Bitcoin. The main difference between the two is that they are proceeding with different routes in terms of development and scalability. Bitcoin Cash is still a cryptocurrency with the end goal of being a viable currency accessible to the whole world.show more
Bitcoin Cash does not have an official symbol or sign to represent the cryptocurrency. However, the Bitcoin Cash community wants to use the same symbol used to represent Bitcoin, “₿”. Many of the Bitcoin Cash supporters believe that Bitcoin Cash is the real Bitcoin and should therefore inherit all of the branding behind it. This has proven to be a very controversial subject as they are two distinct cryptocurrencies trying to achieve the same end goal and therefore should have different symbols. Another method used to represent Bitcoin Cash is its ticker symbol or currency code, (BCH) or sometimes (BCC). This is the most common method for representing Bitcoin Cash and is used on all cryptocurrency exchanges. In addition to these representation methods, Bitcoin Cash can also be distinguished via their logo. However, it is very similar to Bitcoin’s, where it is the Bitcoin symbol, but instead of it being tilted to the right its tilted to the left.
Bitcoin Cash can be exchanged for a wide variety of cryptocurrencies and fiat currencies. However, it does not have near as many exchange pairs as Bitcoin. Like other cryptocurrencies, Bitcoin Cash can be exchanged on a cryptocurrency exchange. The three most common exchange pairs include BCH/BTC, BCH/USDT, and BCH/USD. It is also commonly exchanged with Ethereum and other fiat currencies. Another way to exchange Bitcoin Cash is via traditional online trading brokerages. Bitcoin Cash holders can make deposits with BCH on some online trading brokers where it will then be converted to US Dollars and put into your trading account. Some online trading brokers will also allow their traders to withdraw via Bitcoin Cash.
Bitcoin Cash is held and stored in what’s called a cryptocurrency wallet, rather than a traditional bank account. Cryptocurrency wallets give the user full control over their funds and allows them to transact their BCH with whom ever, when ever, and where ever they want for minimal transaction fees. There are a number of highly safe and secure Bitcoin Cash wallets available, and if used correctly they are much safer than a traditional bank account. Users can even send or withdraw their Bitcoin Cash with an online trading broker who accepts BCH as a deposit method/withdrawal method.