Bitcoin Cash is the Buzz right now, but what is Bitcoin Cash?

Bitcoin Cash is the Buzz right now, but what is Bitcoin Cash?

What is Bitcoin Cash?

Bitcoin Cash is the currency that was created as a result of a fork in the Bitcoin blockchain. We’ll explain all of these keywords soon. Essentially, the Bitcoin community was debating over the possibilities of making Bitcoin function at the same rate with the increasing amount of people interested in Bitcoin. Although the debate was much more technical, the general idea behind the debate was that Bitcoin needed to cope with the increasing number of people using Bitcoin.

There were many solutions suggested by the community. These solutions differed and people weren’t able to agree on one solution. One of the prominent groups suggested that the data can be shuffled to make more space on the blockchain so that more transactions can be recorded. Another group’s solution was to develop a way to increase the size of each blocks which are added to the blockchain.

Since this is an ideological debate between the two communities, neither of them is wrong. Both of them have their reasons to develop Bitcoin in a specific way. 

Check out our guide for how to trade altcoins, so that you make sure you secure your investment.

Why was Bitcoin Cash created?

Bitcoin Cash was one of the solutions that had the support of a small majority of people. The major solution which rose was pretty interesting and I’m going to use an example to explain how it works. Imagine that you use one piece of paper to write down a transaction. On this piece of paper, there are a few signatures which are used to verify all the people involved. The major solution was to shift all of these signatures to a separate sheet so that more transactions can be processed.

However, the founders of Bitcoin Cash thought that this was a hack and that it wouldn’t work. That’s why they branched off and created Bitcoin Cash. Bitcoin Cash uses a block twice as big as old Bitcoin’s block to include more transactions per block. That’s why Bitcoin Cash was created.

Who said that Bitcoin Cash should be created?

Technically, since Bitcoin is maintained by the people, the decision was made by miners and exchanges who were involved in “creating Bitcoin” from day to day. The choice to make Bitcoin Cash a reality was due to the support that the idea was able to gain through the mining community. The support and the consequences were evaluated by many independent stakeholders who believed that Bitcoin was unsafe with the Segregated Witness program (putting the signatures on a separate page).

Where can I buy Bitcoin Cash?

You can purchase Bitcoin Cash on CEX.IO. CEX.IO is a simple exchange platform that allows users to exchange cryptocurrency for USD and for other crypto currency. Currently, CEX.IO also has margin trading, a feature that was recently launched.

However, you can purchase Bitcoin Cash on CEX.IO pretty easily and it takes less time than other platforms. The customer support on the website is well-built as you can chat with a professional as soon as you press ‘help’ on the front page. Therefore if you have any questions or issues, you can solve them almost immediately with the help of trained professionals.

In the unlikely event that you actually are hacked, the platform freezes your account and resets all passwords for you. The team is pretty helpful in a case like this, so you can rest assured!

If you’re interested in buying Bitcoin, check out our article on how to buy bitcoin.

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About Article Author

Martina Kelowsky
Martina Kelowsky

Currently working on her Master Degree in Economics & Computer Science she lives in Russia. She is a Bitcoin Enthusiast since 2013 and Investor in various ICO since 2014. She aims to democratize a future where money is decentralized and transaction anonymous.

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