Bitcoin-Cash is one interesting cryptocurrency made to be used for transactions, as an alternative to Bitcoin’s demand as an investment/trading vehicle. In this guide, we let you know everything about Bitcoin-Cash.
Everyone has heard of Bitcoin. It was perhaps the first cryptocurrency. Unfortunately, most people were using Bitcoin to speculate – to attempt to buy it when it was low, hold it, and sell it when it was high.
That didn’t sit well with the people who wanted to create a new international currency. So those Bitcoin holders pushed for and were successful in creating a fork in the Bitcoin community. That led to the creation of Bitcoin-Cash, which was designed to be spent and not held. Its transactions are quicker which allows people to have a much more stable buying and selling environment.
In July of 2017, many investors in Bitcoin were unhappy. They had tried to make a universal cryptocurrency, but it was mostly being used by investors trying to profit on the ups and downs of the market. For the most part, they were not using it to buy goods and services.
So, they started pressing for a split of Bitcoin into two separate things – Bitcoin, which would be used as an investment; and Bitcoin-Cash, which would be used to buy and sell items and services. This led people to use Bitcoin-Cash to fulfill transactions online.
In effect, the cryptocurrency was split into two. Now when people buy Bitcoin-Cash, they do not look at it as an investment but as a way to make purchases. This has helped Bitcoin-Cash trading become normalized.
While it is still unclear if Bitcoin-Cash will be used for transactions and not a place to simply store money, it has allowed many sites that could not accept Bitcoin to accept Bitcoin-Cash, and it’s been fairly successful. If more people continue to use Bitcoin-Cash, it could end up being the primary way things are bought and sold on the Internet.
Bitcoin-Cash was developed the same way Bitcoin was – by people mining for Bitcoin-Cash, keeping some of it for their efforts, and then releasing it to the world. Because they had already developed Bitcoin, this was not hard to do. So, Bitcoin-Cash trading software was launched fairly easily.
It is just not compatible with Bitcoin itself. One Hong Kong newspaper explained the difference between Bitcoin and Bitcoin-Cash as a software upgrade. When you buy a new version of Microsoft Word it is not compatible with the older version. That is what Bitcoin-Cash was to the original Bitcoin.
People buy Bitcoin-Cash because they see it as a natural evolution of Bitcoin. And this is also why Bitcoin-Cash trading is so popular. People have complained that the name Bitcoin and Bitcoin-Cash are too similar and will lead to confusion in the market. It has yet to be seen if that will be a problem in the future.
There are currently 18,419,780 Bitcoin-Cash coins in the world. People are still mining for new Bitcoin-Cash. That leaves plenty out there for people who want to buy Bitcoin-Cash.
Bitcoin-Cash trading is done by nearly every cryptocurrency exchange app and site in the world. While it has a far lower value than the original Bitcoin it is still trading at about $250 per Bitcoin-Cash. That is far lower than when Bitcoin itself hit its highs a year or so ago but still seems to be retaining value. It has been far less volatile over last year than at its inception.
This suggests that people spend it and don’t speculate, which has made Bitcoin-Cash trading fairly stable. It seems like Bitcoin-Cash is set to accomplish the goals of its founders and become a medium of exchange instead of an investment vehicle.
When it comes to any cryptocurrency, security is tantamount. Because Bitcoin-Cash was built on the foundations of Bitcoin it seems to have its security down pat. There was one incident when Bitcoin-Cash noticed a vulnerability but that was quickly patched.
Bitcoin-Cash seems to be so reasonably complicated that to make counterfeit versions of it would be more hassle than it is worth. Its main feature is that people can spend it anonymously at any number of online vendors. And because the price is much more stable than Bitcoin, you can be fairly sure that what you buy will be worth approximately what you get. It is not designed for people to hold onto. Those people tend to go for the regular Bitcoin.
People seem to generally have trust for the Bitcoin-Cash name. This is why people are willing to buy Bitcoin-Cash. There is, however, a small group of people who claim that Bitcoin-Cash is making money out of nothing and will eventually collapse. Bitcoin-Cash detractors call the cryptocurrency “Bcash,” “Btrash,” or “a scam,” while its supporters maintain that “it is the pure form of bitcoin”. It is too soon in the development of Bitcoin-Cash to tell which side is right. It is certainly one of the most controversial cryptocurrencies in terms of security because people simply don’t know how secure it is. It is simply too new.
That said, Bitcoin-Cash trading is very robust. That suggests a fairly high level of confidence in the currency itself. Bitcoin-Cash has a very dedicated community of supporters who are constantly trying to improve security for the cryptocurrency. Hopefully, this means there will be no major security issues down the line. Time will tell.
The best Bitcoin Cash trading sites include any exchange that accepts cryptocurrencies. In general, when it comes to Bitcoin-Cash they will push you to exchange it for other cryptocurrencies and not cash. Bitcoin-Cash trading reviews tend to all pretty much be the same. It’s an easy currency to exchange. That said, most people use it to buy goods and services online.
There have been no reports of Bitcoin Cash trading scams as of yet. That could change in the future because the currency is relatively new. Whenever you buy crypto online you face some level of risk. Bitcoin-Cash however seems low on the list of cryptocurrencies to try to scam. While Bitcoin-Cash price was at one point very up and down it has since stabilized. The Bitcoin-Cash price prediction is that it will remain worth roughly $250 per coin. Most Bitcoin-Cash predictions are positive.
To trade Bitcoin-Cash simply go to a cryptocurrency exchange. You will have to register for it. Once you do you can buy Bitcoin-Cash with a credit card or a direct wire transfer. Then simply look for sites that advertise that they accept Bitcoin-Cash and you can spend your money.
Of course, you can also get Bitcoin-Cash simply by mining the cryptocurrency yourself and taking what you get as a reward. It is somewhat worrying that cryptocurrency exchanges tend to try to encourage you to exchange it for a different type of alternate currency rather than paying out in cash. That said all of the cryptocurrency sites will give you cash in exchange for your Bitcoin-Cash. This makes it fairly safe to buy Bitcoin-Cash.
Bitcoin-Cash trading has never been accused of being involved in any wrongdoing. That said, it is not meant to be an investment. Its primary purpose is to create a universal currency that people can spend online. The design is not for it to ever be cashed out but rather to remain in constant circulation.
This differentiates it from Bitcoin which people have decided to use as an investment vehicle – they buy it, hold it and then exchange it for cash at a profit. Bitcoin-Cash was not designed for this and therefore operates differently. Bitcoin-Cash may very well be the future of transactions on the Internet. Its followers seem determined to make that happen. It does however have people on the other side who consider Bitcoin-Cash simply a way to create money out of thin air that will eventually disappear. It is far too early to know which side of the debate has the right answers.
For now, it is an interesting cryptocurrency. We see no reason not to buy Bitcoin-Cash. Bitcoin-Cash transactions seem at least as safe as any other cryptocurrency.
The future outlook of Bitcoin-Cash will depend on whether or not it is accepted in the general community. This is not completely certain. On the one hand, you have hundreds if not thousands of retailers willing to accept the currency. On the other hand, you have the small but vocal group of people who claim Bitcoin-Cash is a straight-up scam.
If the people who are convinced it is a scam get a louder voice you could see all of the value of Bitcoin-Cash disappear overnight. If its supporters get traction then you could see Bitcoin-Cash remain stable forever. It’s a fight of very strong-willed people right now and it is unclear who will win.
For us, we suspect that Bitcoin-Cash will remain stable. It does have the basic technological framework of Bitcoin and that is a huge plus in our books. We see no problem with the urge to buy Bitcoin-Cash. And Bitcoin-Cash trading seems fairly stable.
Bitcoin-Cash has the most split reputations of any cryptocurrency we’ve looked at. On one side you have people who are convinced it is going to become the main way to buy and sell things on the Internet. On the other side, you have people who believe it is a giant Ponzi scheme. There is no middle ground between the two sides.
Because Bitcoin-Cash is so new there simply isn’t a lot of evidence one way or another. If you want to buy Bitcoin-Cash, you need to take a look at both sides and decide which one you are on. Bitcoin-Cash is either the future or is something just waiting for a reason to collapse.
For years, Bitcoin was not living up to its intended purpose: as a way to buy and sell things online. Instead, they were trading it as an investment vehicle. At some point that had to change. Bitcoin-Cash was the form of change that came about in the Bitcoin world.
Since then it has generated a ton of admirers. But it has also created huge numbers of people who feel that it is a scam. So far, the people who admire it seem to greatly outnumber the people who feel that it is a giant rip off. That bodes well for the future of Bitcoin-Cash.
That said, the people who view Bitcoin-Cash as a scam may be right. What we would advise people to do is to buy Bitcoin-Cash when they need to make a transaction online and then once the transaction is done, sell the Bitcoin-Cash. That should keep you reasonably well protected.
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