Bitcoin was invented in January 2009 and was perhaps the best thing that happened to technology in 2009. As a result of its uniqueness and potentials, Bitcoin grew very rapidly in popularity. Now, due to this rapid popularity, it became increasingly difficult to process Bitcoin. The process of Bitcoin transaction also became slower in addition to an increase in the cost of transaction. As a remedy to the challenges that are associated with processing Bitcoin because of its popularity, Bitcoin Cash was invented. Although it was invented in August 2017, Bitcoin Cash is now one of the highest ranked cryptocurrencies.
The Birth of Bitcoin Cash
Bitcoin Cash is a cryptocurrency that came into existence as a result of disagreements on how the Bitcoin technology can be improved. The need to improve the Bitcoin technology became pressing as more people accepted it. This was simply because the presence of more people on the Bitcoin system made it very slow to process and also brought about a hike in transaction fees.
To help remedy the issues associated with Bitcoin, two ideas were brought up. The first idea was all about altering the format of each block while the second idea was about increasing the size of each block. Although this two ideas of how to remedy the flaws of Bitcoin were both great, a majority of the participants in the Bitcoin system voted for altering the format of each block.
Now, due to the fact that not everyone agreed with the idea of altering the format of each block, there was a disagreement which led to the minority group performing a hard fork and hence the birth of Bitcoin Cash.
What is Bitcoin Cash
This is a cryptocurrency that was made available to the public in August 2017. Just like Bitcoin, Bitcoin Cash has 21 million coins and was invented to be used in making payment. However, unlike Bitcoin which is relatively slow, this makes use of a technology which ensures lower transaction fees and faster transactions.
Although Bitcoin Cash has been in existence for less than a year, it has made very tremendous progress. One major stride that has been made by this cryptocurrency is being on Coinbase’s list of cryptocurrencies. Although this might not mean much to non-cryptocurrency enthusiasts, it is considered a huge achievement by every cryptocurrency devotee. The reason for this is Coinbase is one of the biggest exchanges in the world and only lists very few cryptocurrencies.
How to Buy Bitcoin Cash
In as much as there are more than one way to buy Bitcoin Cash, the simplest way to buy one is through a broker exchange . You can purchase this through the use of your bank account or by using your Fiat Currency.
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