Beginners Guide To Bitcoin Cash In Plain English

Bitcoin Cash is a fork of Bitcoin.

A fork is an upgrade to Bitcoin where new rules apply. Like a fork in a road, Bitcoin Cash takes a left hand turn and Bitcoin carries along right. The two run concurrently.

What was wrong with Bitcoin?

One of the problems with Bitcoin is the slow transaction speed. Bitcoin can only manage seven transactions per second . This speed is not suitable for a payments system that requires faster throughput. Bitcoin cash, meanwhile, can handle 61 transactions per second.

 How do you buy Bitcoin Cash? 

You can do so on the following exchanges:

What Is Bitcoin Cash?

Bitcoin Cash is cryptocurrency. A cryptocurrency is a digital currency secured by cryptography.

Bitcoin Cash isn’t a coin. It isn’t a note or a bar of metal. Bitcoin Cash takes the form of a number and it resides in computers. You can send Bitcoin Cash to someone else just as easily as you send an email.

Due to the new architecture, Bitcoin Cash is able to process transactions more quickly than Bitcoin. Transaction fees are also lower, on average. However, since Bitcoin is more popular, it is likely to have higher liquidity than Bitcoin Cash for sometime yet.

Why does it have value?

Bitcoin Cash has value because people choose to give it value. That’s also true of art, precious metals and currency. It can be worth a lot or a little, depending on the value people choose to give it.

What makes Bitcoin Cash different from currency?

The main concept to understand is that Bitcoin Cash is decentralized.

This means that Bitcoin Cash transactions don’t require a third party to validate a financial transaction. Any two people, anywhere in the world, can send Bitcoin Cash to each other without the involvement of a bank, government, or other financial institution.

Many people like the idea of having control of their own money, rather than letting banks control it.

How can Bitcoin Cash eliminate third party verification?

Every transaction involving Bitcoin Cash is tracked on a blockchain.

A blockchain is simply a ledger. Blockchains are historical records of every transaction ever made using Bitcoin Cash. Bitcoin Cash goes one step further. It uses a series of bridges and other connectors to enable on blockchain to talk to another.

Why is Bitcoin Cash attractive as an investment?

At this point, Bitcoin Cash is a highly speculative investment class. Investors should consult an investment advisor before making investments decision and risk no more than they can afford to lose.

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