Bitcoin Cash – BCH
After years of struggling and building, Bitcoin Cash has finally found its feet and is back on the rise. What’s changed?
This is a Project Review on BCH.
Bitcoin Cash is a hard fork of the leading blockchain, Bitcoin which launched in 2017 with the mission to offer a faster and cheaper experience to its counterpart. Before we go more into depth, it’s best you understand what a hard fork is.
Without too much detail, a hard fork is simply when a blockchain splits the network into two individual networks. Each network will run with different rules and a separate currency, which in our case we have Bitcoin with $BTC and Bitcoin Cash with $BCH.
Long story short, in 2017, the Bitcoin community were in a conundrum as to how Bitcoin should be used. Most people believed #BTC should be used primarily as a store of value (original Bitcoin).
Those who sided with Bitcoin Cash on the other hand believed that the network should focus on commerce with their currency being used as a means of exchange. For this to have been possible, the only way was to fork the original or start from scratch like other blockchains.
Bitcoin Cash runs on the Proof-of-Work (PoW) consensus mechanism and was primarily created to be used as a cheap payment network for businesses, large corporations and of course the average user. The network boasts cheap fees of $0.01 compared to Bitcoin which averages $2.5.
Although Bitcoin Cash primarily focuses on commerce, they also believed it was a great idea to introduce DeFi to the network, so they created a side-chain called SmartBCH which is EVM compatible (Ethereum Virtual Machine).
On the SmartBCH chain, you can buy/sell other cryptocurrencies and NFTs by utilising Decentralised Exchanges or NFT marketplaces. Currently, there is not much to do on the SmartBCH chain, however, it is still relatively new and requires the integration of popular EVM dApps.
$BCH is the native currency and is primarily used to send/receive on the Bitcoin Cash network, to interact on the SmartBCH EVM side chain and most importantly, $BCH can be used to buy or pay for goods and services through integrated merchants!
Recently, $BCH has been pumping extremely hard and this is supposedly because of the Bitcoin ETFs that are launching and because it was also selected as a tradable asset on EDX markets. Word on the street is, Bitcoin Cash ETFs could be next on the list…
At the time of writing, $BCH is priced at $296.03 with a market cap of over $6B. $BCH has seen an ATH of $4,355.62 and seems to be heading back into the thousands. Bitcoin Cash is currently the 14th largest crypto by market cap and could easily make its way into the Top 10!
Website – https://bitcoincash.org/
Website 2 – https://bch.info/en/
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