What is Bitcoin Cash (BCH)? Price, History & Where To Buy

Bitcoin Cash (BCH) is a fork of Bitcoin that aims to address the scalability issues of Bitcoin. It was developed by a team of Bitcoin miners who increased block sizes which enabled more transactions to be processed – essentially improving Bitcoin.

Current Bitcoin Cash (BCH) Price

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Historical Bitcoin Cash Price Chart

The cryptocurrency was created in August 2017 and has quickly grown to become the 25th largest cryptocurrency by market cap.

How Bitcoin Cash (BCH) Works

Bitcoin Cash incorporates a larger block size than BTC, enabling it to process transactions more rapidly.

The predominant issue with Bitcoin is transaction speed, and Bitcoin Cash’s fork addresses these issues and provides a secure and efficient solution to the dilemma.

This efficient transaction processing makes smaller retail purchases seamless, although individuals making larger purchases may opt for using BTC.

Essentially, the use of BTC and Bitcoin Cash is rather different. Bitcoin Cash is positioned to make smaller transactions more efficient than using the Bitcoin network.

The Bitcoin Cash network provides users with cheaper transaction fees at a superior speed when compared to the conventional Bitcoin network.

Bitcoin Cash transactions are therefore well-positioned for growth as user adoption increases, especially considering the exorbitant fees that are incurred on the Bitcoin network.

What Is Bitcoin Cash (BCH) Used For?

In 2018, after the price of Bitcoin Cash surged to more than $4000 – it needed to undergo another fork for the same reason it originally forked from BTC.

The new fork consisted of Bitcoin Cash ABC and Bitcoin SV (Satoshi Version). However, there were fundamental disagreements surrounding the incorporation of smart contracts, which would increase the block size.

Essentially, the role of Bitcoin Cash is to be spent and utilized in payments, whereas Bitcoin is typically used as a store of value.

Many individuals use Bitcoin Cash as an easy and convenient way to make payments. However, it should be noted that the cryptocurrency’s price fluctuates, which lends itself to being inconvenient for making payments.

Most users would choose to make payments with stable coins. However, Bitcoin Cash is traded frequently, and users buy and sell Bitcoin Cash frequently on most exchanges.

The main utility of Bitcoin Cash over Bitcoin is cheaper and faster transaction processing.

Where To Buy Bitcoin Cash (BCH)

Bitcoin Cash (BCH) is the 25th largest cryptocurrency in the world by market cap.

BCH tokens are commonly available and frequently traded on most centralized crypto exchanges. However, before you’re able to purchase BCH, you’ll need to deposit fiat money onto an exchange, and sequentially BCH tokens will be credited to your BCH digital wallet on the exchange.

The crypto exchanges below are the safest place where you can buy, sell and store BCH tokens.

Five of the most popular crypto exchanges are:

1. Binance (US Customers use Binance.US)
2. Gate.io
3. Coinbase
4. KuCoin
5. Bitfinex

All of the above exchanges allow users to buy, sell, transfer and store BCH tokens in a digital wallet on the exchange. In addition, you can use your debit or credit card to purchase BCH tokens on centralized exchanges.

If you intend on transferring your BCH tokens to a wallet off of the exchange – you can choose to send them to a wallet such as Trezor.

How long has Bitcoin Cash (BCH) existed?

Bitcoin Cash was created in August 2017. Bitcoin Cash SV is pioneered by Craig Wright – he claims to be the original Nakamoto.

There’s speculation surrounding Wright, who created Bitcoin Cash, and whether he is truly Satoshi Nakamoto.

What’s controversial about Bitcoin Cash (BCH)?

When researching various cryptocurrencies, it’s important to consider the controversies surrounding them. It’s very common for projects not to be as transparent as they promise, especially given that cryptocurrencies’ legal framework is still being finalized.

Let’s take a look at the top two controversies surrounding Bitcoin Cash (BCH)

• Attacks On The Network – There have been attacks on the Bitcoin Cash network (Bitcoin Cash Blockchain) from a group of old-guard miners and whales. This stemmed from the proposed 8% miner tax. The attacks resulted in an outcry of concern from the community and negative price impacts.
• The Price Has Plummeted – Among the most concerning controversies surrounding Bitcoin Cash is the plummeting price. After surging above $4000 in 2018, the price has decreased drastically and is currently trading at around $300. Many people consider Bitcoin Cash to have been a rug pull and failed project – though frequent trading still exists today.

How many Bitcoin Cash tokens are there?

At the time of writing, BCH has a circulating supply of 19,036,206.25 BCH (91% of the total supply).

The total supply of BCH is 21 million.

Can Bitcoin Cash be mined?

Bitcoin Cash is a mineable cryptocurrency. Although BCH is not as profitable to mine as other cryptocurrencies, it can still be mined. Miners require a sufficient mining rig to mine BCH.

The Bitcoin community and Bitcoin users, in general, prefer to mine Bitcoin over Bitcoin Cash.

Some centralized exchanges also offer minimum APY (Annual Percentage Yield) if individuals stake their BCH tokens for a certain duration.

What is the market cap of Bitcoin Cash (BCH)?

The market cap of Bitcoin Cash (BCH) is:

Bitcoin Cash (BCH) market cap = total amount of coins in circulation x current market price of BCH

Bitcoin Cash (BCH) Market Cap = 19,036,206.25 BCH x $339.41 = $6.46 billion (25th largest market cap)

The previous market cap of Bitcoin Cash was significantly higher, but since the drastic price drop, it has fallen out of the top 20 largest cryptocurrencies in the world list.

The market cap fluctuates according to circulating supply and market price.

Biggest Competitors Of Bitcoin Cash (BCH)

It’s important to understand that BTC and Bitcoin Cash serve to fulfil separate roles in the crypto space. BTC is a store of value, and Bitcoin Cash is positioned as a digital asset that is spent.

Although BCH is a fork of Bitcoin, it doesn’t necessarily cater to the same users. What makes Bitcoin Cash work is its scalability in comparison to Bitcoin – it has cheaper and faster transaction processing.

However, an upcoming alternative has gained significant traction and implementation recently – The Lightning Network.

Lightning Network is a Layer2 payment protocol that optimizes Bitcoin and Litecoin payments, essentially improving the scalability and cost of paying in Bitcoin.

This Layer2 has seen massive user adoption, and some are even calling it the ‘BCH killer.’

Essentially, it provides a solution to network congestion typically characteristic of the Bitcoin network by allowing micro-payment channels.

What are the future plans for Bitcoin Cash (BCH)?

Bitcoin Cash has endeavored to improve its current utility and functionality, allowing users the benefits of faster and cheaper transactions. The system is perfect for money payments in a peer-to-peer network.

Future plans include maintaining the efficiency of the network and scaling as is necessary. With a growing Bitcoin ecosystem, BCH is likely to attract more attention and retail investment.

It’s developed on Bitcoin’s blockchain, which is seen as one of the most trustworthy blockchains by many users.

While it is difficult to predict what the future of BCH might look like, it is expected that the founders will aim to speed up the growth and adoption of the project.

Pros and Cons of Bitcoin Cash (BCH)

Pros:

• Can Process More Transactions – The larger block size limit means that BCH can process more transactions than the standard Bitcoin network. It also has nominal fees compared to the Bitcoin network.
• Smart Contract Functionality – The deployment of smart contracts means that the network has more utility. This is majorly appealing to many users and has garnered the project a significant amount of investment.
• Decentralized – The Bitcoin Cash network remains decentralized, which is seen as an attractive value proponent to many retail investors. It maintains the ethos of Bitcoin in that sense – by upholding a decentralized network.
• Efficient For Retail Payments – An improvement in transaction speed and cost makes BCH an attractive option for users seeking to make smaller payments on goods and services.
• BCH Is Available On Most Exchanges – BCH tokens are available to purchase on most reputable cryptocurrency exchanges. Some centralized exchanges also incentivize BCH holders with rewards if they stake their BCH tokens.

Cons:

• Doesn’t Contain Segwit Upgrade – The Bitcoin Cash network didn’t implement the Segwit upgrade, which was a proposed soft fork that would reduce transaction fees.
• BCH Price Has Plummeted – After garnering a substantial amount of retail investment and hype, the price of BCH has drastically lowered in recent years. It originally surged to more than $4000, but currently, it’s trading at $330 (less than a tenth of its all-time high).
• Bitcoin Cash Mining Isn’t As Profitable – Among the major cons of BCH is that it isn’t very profitable to mine. Although it is mineable, the expenses incurred to mine Bitcoin Cash tokens make mining BCH less profitable than other cryptocurrencies.
• The BCH Network Has Previously Suffered Attacks – The BCH network has been the victim of hacks in the past, which has caused significant concerns in the community. Previous network attacks have tainted the project’s reputation, and many feel cautious about investing in BCH.

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