Cryptocurrencies, especially bitcoin, have been gaining momentum for the past few months. Though bitcoin’s latest drop was quite the nerve-wracking moment for bitcoin owners, the cryptocurrency slowly took the rise back to its position. However, did you know bitcoin is not the only cryptocurrency that uses similar technology? Named Bitcoin Cash, the cryptocurrency is a fork from the main bitcoin blockchain. How is it different?
Bitcoin Cash (BCH), according to Investor Junkie, the product of a hard fork from Bitcoin (BTC). The development of this cryptocurrency is based on the issues found in the Bitcoin blockchain. How the cryptocurrency’s technology affect transaction also became one of the considerations. Thus, they decided to establish another cryptocurrency with a different blockchain and currency: Bitcoin Cash.
What do we use Bitcoin Cash for?
Similar to Bitcoin, Bitcoin Cash (BCH) is a functional digital currency for transactions. It can serve as a medium of exchange in a deal to purchase or sell goods and services.
Bitcoin is less practical for quick transactions in everyday life. Thus, the usage of bitcoin is often limited as a store of value for large purchases like cars or houses. Meanwhile, BCH is more convenient for everyday spending as BCH is processed at a relatively faster pace.
BCH is also friendlier for its users. Users can send money to each other through the peer-to-peer system, no matter where they live. The recipients can also convert it to the local currency as they wish.
The final note from Investor Junkie is that BCH can be a tool to diversify one’s portfolio. It may even potentially add growth to someone’s portfolio.
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