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Bitcoin Cash has not been around for long. As a result of the hard fork, it was separated from the Bitcoin blockchain, which is its primary network. The reason why the division took place is the usual dispute that normally occurs between established power brokers when they experience problems pertaining to the guidelines, rules and regulations that manage their operations.
But the main motive behind the hard fork was that the data holding ability for Bitcoin was just 1MB, and it was evidently not enough. Due to large transactions taking place on the Bitcoin Blockchain, it requires a significant amount of data to be kept and attached to the blocks, and therefore there was an urgent need to have the data space expanded. This could only be made possible by enlarging a block size. The community didn’t manage to reach a consensus on the solution to scalability issue, which resulted in Bitcoin splitting into two. This is how Bitcoin Cash came into being. But was it worth the blood? What are the reasons to buy Bitcoin Cash (BCH)?
What’s the big deal about Bitcoin Cash?
A Win-Win Deal for Bitcoin Owners
The main Bitcoin got divided into two portions, a move that has just multiplied the benefits to those who had invested in this market by two. The consumers who bought Bitcoin and were granted the private keys can still use the same keys when trading with the new Bitcoin Cash. What this postulates is that for every Bitcoin, the customer will gain one coin from the past network as well as another one on the current platform.
Bitcoin Cash Has Fast Transactions
The separation of Bitcoin Cash from its original network, Bitcoin, led to more enhanced network volume. This has, in turn, allowed the transaction in this platform to occur in a very swift speed. This is one of the reasons why many consumers have chosen to use Bitcoin Cash. Nobody would want to wait for long hours when there is a platform that will process the same transaction within minutes.
Affordable Transaction Costs
The splitting of Bitcoin Cash from the main Bitcoin Blockchain brought a new change to the market. With these new characteristics, consumers could now trade online at very affordable costs. One great benefit of buying and using Bitcoin Cash is the fact that its fees are very cost-conscious, unlike a number of other digital coins. For those who haven’t bought this virtual currency, this is another reason to join the bandwagon.
Bitcoin Cash is User-friendly
Bitcoin Legacy has been associated with several hitches, which is another reason why most consumers sought for an alternative. Bitcoin was characterized by a complicated system that made it nearly impossible to solve the algorithm puzzles and extract the crypto-coins. When Bitcoin Cash was introduced, it became simpler to solve arithmetic problems that are associated with cryptocurrency mining. This is another reason why customers are advised to trade in this new sensation in the virtual currency market.
Bitcoin Cash’s Network Does Not Experience Congestion
The Bitcoin Legacy platform was, for a very long time, characterized with huge network snarl-ups especially when large quantities of data were being moved from one point to another. This kind of congestion led to the blockage of a portion of the data, making the transactions to jump several loops. This came to an end when Bitcoin Cash was launched. Its users can now enjoy virtual currency trading without worrying to be stuck with their transactions for long hours.
Introduction of New Effective Features
Two-mode transactions
Bitcoin Cash has been designed with some of the features that are meant to help miners have an easy time while solving the complex algorithms. One of these features is the wipeout and replay protection. This new Bitcoin has been designed to operate in two models in a manner that is not only optimized but also very smooth. What this means is that it is possible to carry out transactions with two concurrent modes without interfering with the consumers. This, by large, has increased the level of multi-chain operation. On the other hand, the Bitcoin Cash’s wipeout and replay protection feature has also completely eliminated user interference.
SigHash
The other feature that has been introduced by Bitcoin Cash is the new SigHash functionality. Customers who have invested in this fast-growing cryptocoin now enjoy the services of new functionality that enable them to sign their transactions. With this new feature, they can now confidently add the input value that is used before they access their hardware wallets. This has, in turn, brought an end to the issues related to the quadratic hashing.
Conclusion
Just with the first few weeks of its introduction, this coin registered a strong momentum. It captured the third place when it hit the market for the first time – a great indication of good times ahead. It has continued to prove that it is proliferating and those who choose to put their money into it will reap bountifully.
It is evidently clear that Bitcoin Cash has not been adopted in all sectors of the cryptocurrency community, but despite that, it is still placed at the second place when it comes to both availability and price.
At the moment, the future of Bitcoin, which is the largest cryptocurrency by market capitalization, is not really known. More hard forks and splits become certainties every single day.
Bitcoin Gold, which is another Bitcoin, has not been able to enjoy any sizeable profile since it forked in the month of October 2017. Bitcoin Cash is clearly ahead of SegWit, and the question that everyone asks is if it will continue enjoying the supremacy it currently enjoys. One great advantage that Bitcoin Cash enjoys is the fact that it is the first major split that has been lucky to enjoy a good acceptance.
