What is Bitcoin Cash?

Bitcoin Cash forked from the Bitcoin blockchain last 2017. It allows the processing of more transactions by increasing the block size. From 1MB, it increased the block size to 8MB. This was made possible by removing the Segregated Witness function to free up block space. The main goal of Bitcoin Cash is to increase the number of transactions to be processed, with the hopes of competing with the volume of transactions of PayPal and Visa.

Bitcoin miners started the Bitcoin Cash because it has the ability to scale effectively. These miners had their reservations on the adoption of SegWit technology. However, they felt that it is not capable of solving the problem of scalability. Aside from this, it failed to follow the concept outlined by Satoshi Nakamoto.

Business Models

The blocks’ size on the blockchain sums up the difference between Bitcoin and Bitcoin Cash. By increasing the block size, Bitcoin Cash can increase the number of transactions in one block. It works by processing large transaction volume faster with lower fees.

Another distinction between the two is the level of difficulty in mining. Bitcoin Cash’s mining difficulty depends on the computing power in the network for each period, not on a fixed amount of blocks. For this reason, many miners have migrated due to the faster rate of gaining profits and mining using Bitcoin Cash.

How to Deposit Bitcoin Cash with Bluebelt

1Go to https://www.bluebelt.asia/ and Register for an Account

2You can deposit your Bitcoin Cash (BTH) into your Bluebelt General Account wallet and Exchange wallet, both of which use multisignature technology, for safekeeping

Frequently Asked Questions

1. Where can I use Bitcoin Cash as payment?

As Bitcoin Cash continues to grow, more and more exchanges will list BCH. If you are looking to use cryptocurrency for buying goods and services, take note that most vendors are not yet accepting it since it’s relatively new.

2. How can I get Bitcoin Cash?

If you have acquired your Bitcoin before August 1, probably you already have Bitcoin Cash. The good news is that the private keys connected with your Bitcoin wallet can be used to access equal holdings in BCH.