BCH

Overview of BCH

Bitcoin Cash (BCH), established in 2017 by Amaury Séchet, Shammah Chancellor, and Jason Cox, stands out as a prominent DeFi currency offering an alternative to traditional financial systems.

With faster transaction speeds and lower fees, Bitcoin Cash positions itself as a reliable global monetary system, staying true to Bitcoin's original 'peer-to-peer digital cash' ethos. It guarantees merchants and users low transaction costs and secure payment verifications, epitomizing unfettered growth, widespread commercial acceptance, and a commitment to innovation without requiring permission.

As a fork of Bitcoin, BCH upholds the decentralized principles of the cryptocurrency movement, garnering significant support from major exchanges such as Binance, Coinbase, Kraken, Bitfinex, and Huobi, as well as storage solutions like ELECTRON CASH, Cashonize, Paytaca, zapit, Bitcoin.com, Stack Wallet, Bitpay, Ledger, and flowee pay, among others.

Pros and Cons

Crypto Wallet

The official wallet for Bitcoin Cash (BCH) is known as the “Secure Bitcoin Cash Wallet,” a user-friendly application designed to cater to both seasoned cryptocurrency enthusiasts and those new to the digital currency world.

This wallet stands out for its simple and intuitive interface, ensuring that managing BCH is straightforward and secure. The Secure Bitcoin Cash Wallet supports both iOS and Android platforms, meaning it's versatile for use on a wide range of mobile devices.

Users can download the wallet directly from the Apple App Store for iPhone users or the Google Play Store for those on Android devices. There's also a desktop version available for those who prefer managing their BCH on a computer, ensuring a seamless experience across different devices.

What Makes BCH Unique？

Bitcoin Cash (BCH) emerged as a cryptocurrency fork from Bitcoin (BTC) in 2017, primarily to tackle scalability issues by increasing the block size limit. The network comprises various nodes, each with unique features：

Low-Cost Global Transactions: BCH enables nearly fee-less transactions worldwide, akin to the Internet always being on. You can send any amount at any time without requiring permission or approval.

Financial Autonomy: With BCH, you become your own bank, avoiding risks associated with traditional banking like freezes, fees, or account closures. You have complete control over your funds from anywhere in the world.

Fixed Total Supply: Similar to Bitcoin, BCH has a fixed supply capped at 21 million, offering a sound currency compared to fiat currencies susceptible to unlimited printing.

How Does BCH Work？

Bitcoin Cash (BCH) operates on a blockchain, a decentralized and distributed ledger technology. Here's a simplified explanation of how BCH works:

1. Blockchain Technology: Like Bitcoin, BCH uses blockchain technology. The blockchain is a chain of blocks, each containing a list of transactions. This chain is maintained across a network of computers (nodes), making it decentralized and resistant to censorship.

2. Decentralized Network: The BCH network consists of nodes, which are computers running the BCH software. Nodes validate and relay transactions, maintaining the integrity of the network.

3. Mining: Transactions are grouped into blocks, and miners compete to solve complex mathematical problems to add a new block to the blockchain. This process is called mining, and miners are rewarded with newly minted BCH and transaction fees.

Exchanges to Buy BCH

Bitcoin Cash (BCH) is supported and can be purchased from several major cryptocurrency exchanges. It's important to note that the availability might vary depending on the region or country of the user. Here are some well-known exchanges that support BCH:

1. Binance - This globally recognized exchange supports a wide range of cryptocurrencies, including BCH. Users can purchase BCH directly with fiat or exchange it with other cryptocurrencies.

You need to log in and register a Binance account first. The purchase steps are as follows.

Create a Binance Account:

Register on the Binance website or app and complete the ID verification.

Choose Payment Method:

Select how you want to buy Bitcoin Cash (BCH) - options include credit/debit cards, bank deposits, or third-party payments.

Check Payment Details:

Review payment details and fees. Confirm your order within the specified time.

Store or Use BCH:

After purchase, store your BCH in your Binance account or transfer it to a personal wallet.

Explore trading or staking options for potential earnings.

2. Coinbase - Another popular platform for buying, selling, trading, and storing cryptocurrencies, Coinbase provides support for BCH. The exchange allows users to buy BCH with fiat currencies or trade it with other digital currencies.

3. Kraken - Known for its robust security measures, Kraken supports a variety of cryptocurrencies and offers several trading pairs for BCH. Users can either purchase BCH with fiat currencies like USD and EUR or trade it with other cryptocurrencies.

4. Bitfinex - This exchange, known for serving professional cryptocurrency traders, supports a wide array of cryptocurrencies including BCH. Bitfinex allows users to buy BCH using fiat currency, or trade between BCH and other supported cryptocurrencies.

How to Store BCH？

Storing Bitcoin Cash (BCH) securely is a crucial aspect of managing and using this cryptocurrency. Heres a detailed guide on the various wallets available for BCH storage and how to utilize them:

For wallets like Electron Cash or the Bitcoin.com Wallet, users are prompted to create a new wallet, followed by a series of steps that ensure its security. The process involves generating a new private key—a random sequence of words known as a seed phrase—which must be written down and stored securely, as it will be the only way to recover the wallet if access is lost.

Once the wallet is created, the user sets up a password for additional security, especially for actions like sending transactions or viewing the recovery phrase.

For hardware wallets such as Ledger and Trezor, the login process is inherently secure due to their physical nature. To access their BCH, users must connect the hardware wallet to a computer or a smartphone. They initiate the process by entering a PIN directly on the device, which protects against keylogging and remote theft attempts.

The hardware wallet will then interact with a compatible application on the computer or smartphone, allowing the user to manage their BCH. Transactions must be physically confirmed on the hardware device, which ensures that even if the computer or smartphone is compromised, the BCH cannot be accessed without the hardware wallet and its PIN.

When logging in to manage their BCH on mobile wallets such as Zapit or Edge, users typically use a PIN code or biometric authentication, like a fingerprint or facial recognition, for quick and secure access. These methods ensure that even if a device is compromised, the security measures in place will prevent unauthorized access.

On the other hand, web-based wallets may require users to log in using a username and password combination. They might also offer two-factor authentication (2FA) for an added layer of security, where a code from an app or an SMS must be entered along with the password to gain access.

This multi-layered approach across different wallet types ensures that users have both secure and convenient ways to manage their BCH holdings, catering to a wide array of preferences and security requirements.

Is It Safe？

Bitcoin Cash (BCH) is well-equipped when it comes to security, particularly with the provision of hardware wallet support. Hardware wallets like KeepKey, Ledger, Trezor, and Satochip offer a level of security that is ideal for long-term storage of cryptocurrencies.

By keeping the private keys offline, these hardware wallets minimize the risk of online attacks and unauthorized access, making them a secure choice for holding BCH.

In terms of exchange security, platforms that list Bitcoin Cash are expected to implement industry-standard security measures. These measures typically include the use of encrypted token addresses, which ensure that transactions and wallet addresses are not exposed during transfers, thereby mitigating the risk of hacking and theft.

Exchanges also employ various other security practices such as two-factor authentication (2FA), SSL encryption, and regular security audits to protect users' assets.

How to Earn BCH Coins？

Earning Bitcoin Cash (BCH) coins is possible through a variety of methods for those interested in acquiring cryptocurrency.

One common way to earn BCH is by mining it, which involves using computer hardware to solve complex cryptographic puzzles. Successful miners are rewarded with BCH for their efforts in securing the network and processing transactions.

Another method to earn BCH is by participating in affiliate marketing programs. Many cryptocurrency-related services offer rewards in BCH for referring new users. By promoting these services and referring others, participants can earn a commission paid in Bitcoin Cash.

Furthermore, individuals can earn BCH through various online platforms that pay users in cryptocurrency for completing tasks, answering surveys, or providing freelance services. There are also platforms that offer micro-earnings or cryptocurrency faucets that give out a small amount of BCH for interacting with ads or completing captchas.

Lastly, trading is another avenue. Users with knowledge of the cryptocurrency markets can trade BCH against other currencies on exchanges. By buying BCH when prices are low and selling when they're high, traders can potentially earn profits.

FAQs

Q: In what way does BCH differ from other cryptocurrencies？

A: BCH primarily stands out due to its increased block size and lower transaction fees, which were introduced to address Bitcoin's scalability problems.

Q: How does Bitcoin Cash's mining process work？

A: BCH utilizes a Proof-of-Work algorithm for its mining process, similar to Bitcoin, but larger block size allows faster transaction processing.

Q: Which digital platforms facilitate the purchase of BCH？

A: Digital platforms such as Binance, Coinbase, Kraken, Bitfinex, and Huobi support the purchase of Bitcoin Cash.

Q: What are the various types of wallets available for storing BCH？

A: BCH can be stored in various types of wallets including ELECTRON CASH, Cashonize, Paytaca, zapit, Bitcoin.com, Stack Wallet, Bitpay, Ledger, flowee pay and so on.

Q: Who should consider purchasing BCH？

A: BCH may be worth considering for traders and investors, high-volume transactors, cryptocurrency miners, and early adopters or tech enthusiasts.