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CEO, PhD in data science with 3 years solid experience in blockchain and cryptocurrencies, 10 years in IT. Konstantin is well-known as the co-founder and CEO of Changelly.com, biggest cryptocurrency instant exchange with over 2 millions active customers monthly and $0.5bln in monthly turnover. Konstantins interests are: decentralization, custody-free solutions, p2p exchangers.
Strategic Advisor and Visionary, is an American entrepreneur and bitcoin advocate. In 2011 he co-founded the now-defunct startup company BitInstant, and is a founding member of the Bitcoin Foundation, formerly serving as vice chairman. The Bitcoin Foundation is a nonprofit founded in 2012 with the mission to standardize, protect and promote the use of bitcoin cryptographic money.
What is Bitcoin Cash?
Bitcoin is the first and one of the most important cryptocurrencies today. However, it has been forked many times to create better versions. One such fork is Bitcoin Cash which CEO Roger Ver started in August 2017. Bitcoin Cash was brought into the crypto space to solve the inefficiencies of Bitcoin as a primary goal.
Bitcoin Cash is a cryptocurrency and a payment network that is used and accepted by many places across the globe. Based on Bitcoin’s whitepaper, it was designed to be a trustless peer-to-peer electronic cash network. However, today, it is more seen or accepted as a store of value.
So why did the hard fork happen? Usually, there are some disagreements with the direction of the project or an act by a member that should not have occurred. With Bitcoin Cash, the issues were that some of the investors and miners in the project favored a different protocol.
The team believes that Bitcoin Cash should be as close as possible to the original principles and objectives set out by Satoshi Nakamoto’ for the Bitcoin protocol. Since the hard fork and disagreement, another coin was also created by the other side of investors know as Bitcoin SV, which stands for Satoshi’s Vision and Bitcoin Cash ABC. These two new cryptocurrencies were created due to the hash war by miners on the network.
Since the launch of Bitcoin Cash by Roger Ver and his team, it has been one of the most popular and successful Bitcoin forks . Even after the disagreement, Bitcoin Cash maintained its position on the cryptocurrency charts in the top 5.
Another key thing about Bitcoin Cash is that it is accepted at almost every outlet where Bitcoin is accepted and is the preferred payment method for many cryptocurrency holders due to its fast transaction times and low transaction fees. This is possible because Bitcoin Cash developers increased the transaction size per block to accommodate more transactions.
What is a Bitcoin Cash wallet?
A Bitcoin Cash wallet is a safe and secure application used to store, send and receive Bitcoin Cash (BCH). There are two types of Bitcoin Cash wallets that you adopt and use based on your personal needs and goals. Light wallets and full node wallets are great places to start. However, they are slightly different.
Light wallets are currently the most popular because they tend to use the least amount of resources. Bitcoin Cash light wallets use minimal amounts of RAM and processing power. They can connect to the blockchain and fetch and download the necessary information regarding transactions or other updates.
Bitcoin Cash full node wallets on the other side of the spectrum tend to be a little different. This is primarily because full node wallets download the entire Bitcoin Cash blockchain network and its transactions so that the user’s wallet is always up-to-date. Full node wallets are not for everyone because they can be resource-hungry. This means that they will use a lot more RAM and processing power. Users who have minimal specs should differ from Bitcoin Cash light wallets instead of being less resource hungry.
Whether you use a Bitcoin Cash full node or light wallet, your transactions will get confirmed in the same manner over the blockchain, and transactions are updated quickly. The significant difference here is that full node wallets are never behind on the entire blockchain transactions. When it comes to transaction fees, both Bitcoin Cash full node and light wallets only cost a tiny fee of 0.0000048 BCH (USD 0.0025) per transaction. These transactions are also confirmed under 10 minutes.
Bitcoin Cash wallet Features:
Bitcoin Cash wallets have tons of features that you users can take advantage of, but there are exceptions. These exceptions are present depending on whether you are using an exchange or a decentralized full or light node wallet. An exchange wallet will not allow you to have custody of your private keys since they are stored on a centralized server.
Additionally, all your data is stored on the server, and you will have to trust them to take care of that information and keep it safe. Another critical thing to note here is that you cannot use a centralized exchange without signing up and verifying your account. On the other hand, a decentralized full node or light node wallet is the complete opposite. With a decentralized or light node or full node wallet, you are in total control of your private keys , and you are not required to sign up or verify yourself before you can use it.
Both these wallers allow users to stay up to date with all the transactions on the blockchain. However, a decentralized Bitcoin Cash light or full node wallet still has more features than a centralized exchange wallet. With Bitcoin Cash decentralized wallets, there is the possibility to buy, exchange, and store or manage multiple assets securely.
There is a list of additional features that a decentralized full node or light Bitcoin Cash wallet makes possible:
- Built-in exchange with over 300 different cryptocurrencies
- Purchase BCH with a credit card
- Password, PIN, and Fingerprint security (mobile wallet)
- Mobile and Desktop platform availability
- QR code scanning to easily send and receive BCH
- Display BCH balance in your local supported currency
- Password/fingerprint required on each transaction
How to store Bitcoin Cash Safely?
When dealing with cryptocurrency, users need to ensure that they are not leaving any stones unturned in security. To store your Bitcoin Cash (BCH) safely, you will need to ensure that you have a dedicated wallet such as the Atomic Wallet that fully supports Bitcoin Cash (BCH).
After creating a new wallet, you will need to safely write down your 12-word seed phrase and ensure that you never store it digitally or on any online platform. This information is very important and should be treated as such. Once you create your wallet, you can safely purchase a credit card or send BCH directly to your Atomic Wallet. This is a relatively easy and straightforward process to store your Bitcoin Cash safely.
If you should ever lose your device or get locked out because of forgetting your password, you can always restore your wallet on another device with your 12-word seed phrase . This is possible since your BCH is kept on the blockchain and not essentially in your wallet. Your wallet is only an interface used to connect to the Bitcoin Cash blockchain network on the internet. With an Atomic light wallet, your BCH is always safe as long as you keep your seed phrase safe!
Once you deposit, purchase or exchange other cryptocurrencies for Bitcoin Cash (BCH), you can be sure that it will be protected within the Atomic Bitcoin Cash light wallet as long as you take the necessary measures outlined above.
You can also write down your public keys and store them outside of your wallet if you wish to access your assets without logging into your wallet, in a public setting, for instance. A public key is entirely safe to share if you want to receive funds, but your private key should never be shared with anyone. Following these steps will allow you to successfully store your BCH safely when using the Atomic Wallet!
Top 5 things to know about Bitcoin Cash:
- Bitcoin Cash is everywhere- When it comes to payments and sending and receiving cash, Bitcoin Cash is the obvious choice. Because of this reason, it is accepted in every major outlet that accepts cryptocurrency payments. Moreover, Bitcoin Cash has speedy transaction times and su[per low fees.
- Bitcoin Cash was created to support a larger block size- Because transactions are too slow on the Bitcoin network. Bitcoin Cash aims to solve this by an increase in the block size per transaction.
- The max supply is 21 million- Similar to Bitcoin, Bitcoin Cash (BCH) only has 21 million tokens which is a fixed supply.
- A hard fork in 2018 lead to the creation of two other cryptocurrencies- After the hard fork, Bitcoin Cash, ABC, and Bitcoin Satoshi’s Vision (SV) were created.
- Coinbase reconsidered Bitcoin Cash- Bitcoin Cash was initially blocked from the largest US exchange- Coinbase. However, due to customer demand and sentiment, they have retracted their view to not list BCH. Bitcoin Cash is now trading on Coinbase.
To conclude, it must be made clear that Bitcoin is the first and one of the most important cryptocurrencies. It should not be confused with Bitcoin Cash or other forks since they are similar but not the same. Bitcoin Cash, however, is the most successful fork of Bitcoin and aims to solve the problem of high fees and slow transaction times.
Since Bitcoin Cash is already accepted at a wide variety of places globally, it will be around for a very long time. Likewise, there are numerous price projects for Bitcoin Cash that many analysts predict going forward. During the 2017 bull market, Bitcoin Cash went as high as 4000USD. It is a project that Bitcoin Cash could go as high as 24,000USD by 2025. While these are only price predictions, the project certainly has a bright future.
Additionally, The most secure and safest Wallet to store your Bitcoin Cash is the Atomic Wallet. Our wallet allows you to store Bitcoin Cash (BCH) along with over 300 different cryptocurrencies. You can also send, receive and exchange Bitcoin Cash for other cryptocurrencies, vice versa. Have no Bitcoin Cash as yet? That’s not a problem, you can easily purchase Bitcoin Cash (BCH) with a Visa/Mastercard, and your funds will be deposited directly into your wallet.
Most importantly, the Atomic wallet is free to download and is used on all major platforms. You can download the latest version of Android, iOS, Mac, PC, and Linux platforms. Our wallet is frequently updated, too, so you are getting the latest security features. Stay tuned to our blog for more news on the latest news in the cryptocurrency space by subscribing to your blog!
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Bitcoin cash Avg. transaction Fee chart. (n.d.). Retrieved March 08, 2021, from https://bitinfocharts.com/comparison/bitcoin%20cash-transactionfees.html
Frankenfield, J. (2021, January 20). Bitcoin cash. Retrieved March 08, 2021, from https://www.investopedia.com/terms/b/bitcoin-cash.asp
Nyaga, W., Crispus Nyaga Crispus Nyaga is a self-taught, Nyaga, C., & Crispus Nyaga is a self-taught financial analyst and trader with more than seven years in the industry. He has worked for some of the biggest brokers in Europe and Australia as an analyst. (2021, March 04). Bitcoin cash price Forecast: Technicals Suggest Bch could Spike Soon. Retrieved March 08, 2021, from https://www.investingcube.com/bitcoin-cash-price-forecast-technicals-suggest-bch-could-spike-cryptocurrencies/
What is bitcoin cash? (n.d.). Retrieved March 08, 2021, from https://www.cmcmarkets.com/en/learn-cryptocurrencies/what-is-bitcoin-cash