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In the year 2017, a new digital currency known as Bitcoin Cash was invented from a fork of Bitcoin. The Bitcoin Cash is a result of a chain split from Bitcoin. This digital currency was originally started by Bitcoin miners and has a circulating supply of nineteen million coins and a maximum supply of twenty-one million coins.
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The developers of Bitcoin were concerned about the future of Bitcoin and its capacity to scale effectively. Over the years, when Bitcoin became an investment cycle rather than a currency.
You can also consider Bitcoin Cash as an alternative to Bitcoin. Moreover, you can also call Bitcoin Cash as it is derived from Bitcoin. Every new feature of Bitcoin has been upgraded and available into Bitcoin Cash, for example, the scaling plan of Bitcoin was off-chain payment channels and now it is the on-chain transactions.
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5 Major Things You Need To Know About Bitcoin Cash
There was a huge controversy regarding Bitcoin in the year 2017. There were two teams of Bitcoin supporters, one who supported small blocks and the other large blocks. The Bitcoin supporting team favors digital currency as a store of value while the Bitcoin Cash team favors the use of this currency as a medium of exchange for eCommerce.
In the year 2020, Bitcoin ABC produced Bitcoin Cash and coded it for their software update as a reference implementation for over 3 years. Thus, there are five major points that you need to know about Bitcoin Cash and these points are listed below.
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1. Difference Between Bitcoin And Bitcoin Cash
Bitcoin and Bitcoin Cash are similar but not the same. Both are Cryptocurrencies that are used as a medium of exchange but Bitcoin Cash is derived from Bitcoin. This digital currency also uses a Blockchain network to verify and complete the transactions securely.
Bitcoin Cash shares much about the fundamental working of Bitcoin and its enhanced features. Keep in mind, both the digital currencies exist on two different sets of blockchain. Another significant difference between Bitcoin Cash and Bitcoin is the transaction fee and the block size limit.
2. How Do I Trade Bitcoin Cash Derivatives?
If you are willing to trade Bitcoin Cash or its derivatives, you can margin trade Bitcoin Cash on Delta Exchange using perpetual swaps and futures. Also, it is available on several exchange platforms.
Moreover, the prediction for Bitcoin Cash shows that the value of this digital asset can grow more in the future.
3. Who Created Bitcoin Cash?
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There are many prominent leaders behind Bitcoin Cash, and one of them is Roger Ver. They promoted their software entitled Bitcoin ABC (Adjustable Block Size) that would maintain the size of the block at 32 MB.
The Bitcoin was officially released on 1 August 2017 by Amaury Séchet. According to various experts, the value of Bitcoin Cash will reach up to $318 by the end of 2021.
4. How To Store Your Bitcoin Cash?
It can be very confusing for you to deal with Bitcoin Cash if you own a Bitcoin, or new in the Cryptocurrency world. If you own any digital currency, you know that it is stored in a Crypto wallet.
Thus, Bitcoin Cash also can be stored in a Crypto wallet like other Cryptocurrencies in the market. Besides, there are few digital wallets that Bitcoin Cash prefers and these are Yenom, Electron Cash, and Bitcoin.com Wallet.
5. Who Is Going On Bitcoin Cash Now?
According to Coinmarketcap, Bitcoin Cash’s ranking is 5th among all other Cryptocurrencies by market capitalization. The price is predicted to grow further in the upcoming years.
Again, Bitcoin Cash is split into 2 Blockchains, one is Bitcoin Cash Node, and the other is Bitcoin Cash ABC. As a result, Bitcoin Cash Node will be identified as the official BCH.
You can click here to know the trend of Bitcoin’s value is higher than Bitcoin Cash, and the trend is not at all related to the one dictated by Bitcoin. Therefore, the above-listed points are the five major factors that you must know about Bitcoin Cash before investing.
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