About Bitcoin Cash
Bitcoin Cash (BCH) is a cryptocurrency that emerged as a result of a hard fork from the original Bitcoin network in 2017. It was created to address the scalability issues of Bitcoin and increase the speed and efficiency of transactions on the blockchain. Bitcoin Cash aims to be a peer-to-peer electronic cash system that is decentralized and can be used for everyday transactions. It has a larger block size than Bitcoin, allowing for more transactions to be processed at a lower cost.
How to buy $BCH with a payment card
1. Enter the amount of $BCH and fiat currency that you wish to purchase.
2. Verify your phone and email.
3. Enter or create $BCH wallet
You are given the option to enter your $BCH wallet address or create one using the Swipelux widget.
4. Pass KYC flow
This verification process helps protect you from fraud and other malicious activities.
5. You're now ready to buy $BCH with a credit and debit card.
Market Position and Adoption: Bitcoin Cash (BCH) is a peer-to-peer electronic cash system and one of the leading digital currencies based on market capitalization. As of February 2023, BCH has a market cap of $2.5 billion and is ranked 28th among cryptocurrencies. BCH has a strong user base and community support, and is widely accepted by merchants around the world. Its adoption has been boosted by its low transaction fees and fast confirmation times compared to Bitcoin (BTC).
2. Technology and Platform: Bitcoin Cash was created in 2017 as a fork of the original Bitcoin blockchain, with the aim of improving its scalability and transaction speeds. BCH uses the same Proof of Work consensus algorithm as Bitcoin, but with a larger block size limit of 32 MB. This allows for more transactions to be processed in each block, resulting in faster confirmation times and lower fees. BCH also implements the Schnorr signature algorithm, which improves the privacy and security of transactions.
3. Team: Bitcoin Cash was created by a group of developers led by Roger Ver, who is a prominent figure in the cryptocurrency industry. The development team is decentralized, with contributions from developers around the world. The Bitcoin Cash community is also active in promoting the adoption and use of BCH, with various initiatives and campaigns to encourage merchants and users to accept and transact with the digital currency.
4. Competition: Bitcoin Cash faces competition from other cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, which are also widely adopted and have large user bases. While BCH has advantages such as lower fees and faster transaction times, it also has challenges such as regulatory uncertainty and potential for security vulnerabilities.
5. Supply: The total supply of Bitcoin Cash is capped at 21 million, with approximately 19.3 million BCH currently in circulation. BCH is mineable using the SHA-256 algorithm, and rewards are given to miners who solve complex mathematical problems to add new blocks to the blockchain. The block reward is halved every 210,000 blocks, with the current reward at 6.25 BCH per block.
1. Regulatory risks: BCH and other cryptocurrencies face regulatory risks as governments around the world are trying to regulate the use and trading of cryptocurrencies. Changes in regulations could negatively impact the adoption and use of BCH.
2. Volatility risks: Cryptocurrencies are known for their price volatility, and BCH is no exception. The value of BCH can fluctuate significantly in a short period of time, which can result in substantial losses for investors.
3. Competition risks: BCH faces intense competition from other cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. These cryptocurrencies have larger market capitalizations and are more widely adopted, which can make it difficult for BCH to gain market share.
4. Technology risks: BCH's technology is based on the same underlying technology as Bitcoin, but it has some key differences. If the technology behind BCH fails to deliver on its promises or is found to have security flaws, this could negatively impact the adoption and use of BCH.
5. Adoption risks: BCH's adoption as a means of payment by merchants and individuals is critical to its success. If adoption is slow or fails to gain traction, the value of BCH could be negatively impacted.
6. Mining centralization risks: BCH uses a proof-of-work consensus algorithm, which is vulnerable to mining centralization. If a small group of miners gain control of the majority of the network's mining power, this could pose a risk to the security and decentralization of the network.
Potential market development triggers
1. Increased merchant adoption: As more merchants begin to accept BCH as a payment method, it could increase the demand for the cryptocurrency.
2. Regulatory clarity: Clear and favorable regulations for BCH could attract more investors and increase adoption, as it would provide a more stable and secure environment for businesses and individuals to use the currency.
3. Increase in transaction speed: The ability to process more transactions per second would make BCH more attractive for use in everyday transactions, and could lead to greater adoption.
4. Improvement in network security: Enhancements to the network's security and resistance to 51% attacks could increase trust in the currency and lead to more widespread adoption.
5. Partnerships and collaborations: Collaborations with other cryptocurrencies, fintech companies, or traditional financial institutions could expand the use cases for BCH and increase its overall adoption.
6. Market speculation: Positive speculation around the potential of BCH to outperform other cryptocurrencies or to become more widely adopted could drive up its price and generate more interest from investors.
7. Integration into wallets and exchanges: Integration into more wallets and exchanges could make BCH more accessible to investors and traders, which could lead to increased adoption and usage.