Buy Bitcoin Cash (BCH)
Digital currency is called virtual money that is exchanged in the Internet space; thus, digital currencies exist solely in the form of data, without a physical form: they cannot be felt or put in a safe. Ownership of such assets means the existence of some collective agreement confirming that a given amount of currency was created by a legitimate miner and currently belongs to a specific user.
An exchange through a digital currency occurs in much the same way as an exchange of emails, hence the much shorter transaction processing time than through a bank, minimal commissions and the absence of an intermediary.
Unlike conventional currency and cryptocurrency transactions are not regulated by banks or other financial institutions, but are recorded in a special electronic journal called blockchain. With its help, digital currency is accounted for, and it is also used collectively by all network members who have this asset. Each digital currency is programmed and identified with a complex code.
For many people, trading with electronic money has become an integral way to earn money. When there is demand, by default, the number of offers grows. This is how it works with electronic assets, at this point in time it is impossible to calculate the exact number of types of coins. And the reason is that any person who knows a programming language can create and bring his own altcoin to the market.
When the question arises of how to start earning with digital money, the user must first of all choose a suitable asset that has a future perspective or has good reviews from investors and traders right now.
What is Bitcoin Cash (BCH)?
Bitcoin Cash appeared as a result of a hard fork, as an “alternative to Bitcoin”. So, in 2017, the bitcoin blockchain split into two chains and a new digital asset appeared - Bitcoin Cash, which has a common history with bitcoin, but is traded under a different ticker - BCH.
A hard fork refers to blockchain technology, it is a radical change in the network protocol that makes previously invalid blocks and transactions valid, or vice versa. A hard fork requires all nodes or users to update the protocol software to the latest version.
After the hard fork, the chain of digital currency blocks is divided into two blockchains, between which there is no communication at all, because these are two separate currencies. Each chain has its own transaction history, which in most cases inherited the transaction history of the original digital currency.
The reason for the hard fork was the disagreement between developers and miners, which consisted in increasing the speed of transactions. Since Bitcoin had huge popularity as the first digital currency in the world, users made huge block loads. As a result, the transaction speed dropped so much that the sent coins could reach the recipient's wallet after two days.
It was then that the separation took place, since half of the developers and miners did not want to renounce the original idea, and the other part wanted to make changes.
What makes BCH unique?
Bitcoin Cash is easier for everyday use in terms of transfer processing. Transactions are confirmed much faster and cost less. However, BCH blocks, due to low demand, often do not exceed the 1MB size that BTC currently has. Ironic, because it was for this purpose that it was forked, and the advantages of the increased “blocksize” have not yet been tested in practice.
No SegWit support. The original Bitcoin uses it to reduce the memory that transactions take up on its blockchain. This is achieved by storing the information and metadata of only the related transactions in the block. And in the classic form, and with BCH, all the details related to the transaction are stored in the block. But SegWit performed well, with the help of Lightning Networks BTC it is possible to reduce commission costs by 25-40% for the average user, and reduce the cost of the streaming infrastructure of large payment services, exchanges.
How to buy BCH?
Buy Bitcoin Cash in the Philippines is not a problematic task. The user only needs to have access to the Internet to make a purchase. There are several ways to safely buy Bitcoin Cash, the user can choose any of them based on their preferences.
A more popular and safer way to buy Bitcoin Cash is through an exchange. The process goes like this:
- The user registers on the exchange and passes verification (these processes are performed to ensure the security of the investor's or trader's personal data, and the funds that he will acquire).
- Selects the digital asset he needs from the list provided by the exchange.
- Makes a purchase of the desired digital currency.
It is necessary to approach the choice of the exchange carefully, because some of them do not support certain digital currencies.
There is a small list of exchanges that have proven themselves among a large number of traders and investors for their functionality, security, and most importantly support for the Bitcoin Cash currency:
They have a user-friendly interface, as well as a huge number of users.
A faster way to buy BCH is to use an online exchanger. To use the exchanger, the user does not have to register, just log in to the system. The convenience lies in the fact that exchangers offer a list from which an investor or trader can choose the most favorable exchange rate.
The user also chooses which currency to exchange for Bitcoin Cash. He can make an exchange using his bank card.
The way to which you should resort only as a last resort is to buy currency from your friend. This option is possible if the investor trusts a friend, then you can avoid any commissions and agree on the cost individually.
When it comes to buying Bitcoin Cash, it is important to remember that this token can be mined.
Mining is the extraction of digital currency, which is mainly more popular among users and the most in demand on the market at the present time. In fact, the owner of the computer, using its resources for the operation of the virtual payment system, collects and processes information about ongoing transactions with digital currency. This activity is necessary in order for transactions to be carried out, a high degree of their security to be ensured, and the uninterrupted functioning of the entire peer-to-peer decentralized system to be carried out. The greater the number of miners and, accordingly, the resources of computers involved in the process, the more reliable and stable the operation of the system.
Where to store BCH?
Since digital currency cannot be put into a safe, there is another reliable way to store it. It consists in storing special keys that give the user access to their assets, which are always in the blockchain. The storage of these keys is called crypto wallets.
The more the digital currency develops, the more extensive the functions of places for its storage become. Wallets have several types: for long-term storage and for frequent transactions. Now you can find wallets that combine these functions.
It is important that the user chooses a wallet based on the digital currency that he is going to store on them. There are the most suitable wallets for BCH, these are:
1. IQ Wallet
How to invest in Bitcoin Cash (BCH)?
To invest in Bitcoin Cash in the Philippines, the user must decide how much time he can devote to this and what part of the income he wants to increase.
If an investor or trader cannot devote much time to investing, then he can consider a long-term option. Its essence lies in the acquisition of a certain number of coins and waiting until the price of the altcoin rises several times compared to the price at the time of purchase. The user then sells their assets and reaps the benefits.
If a trader or investor can afford to devote a few hours a day to investing, then the CFD method is ideal for him. The point is to use trading platforms, such as, for example, IQ Option.
After registration, the user can open the terminal and find the currency he is interested in. The bottom line is that thanks to the analysis of the price movement, the investor can predict the direction of its movement in the future. If he is sure that the price will fall, then the investor opens a sell trade and when the price falls below the price at the time of opening the trade, the trader can close the position. His income will be the difference between the price of opening a transaction and its closing. Trades work in the same way when the price rises, but a buy is opened instead of a sell.
Summing up, we can say that invest in Bitcoin Cash has good prospects in the market and thanks to it, the user can safely start increasing his capital.
QUESTIONS AND ANSWERS
Can you buy BCH?
Bitcoin Cash can be bought with only internet access and a computer, and besides, you can mine these coins.
Is BCH a good long term investment?
If an investor or trader has enough iron nerves to expect profit from a long-term investment, then this is a good option to make money.
Why does the price of BCH fluctuate constantly?
Due to these fluctuations, traders and investors around the world earn huge profits through contact for difference (CFD).