Bitcoin cash, also known as Bitcoin Cash ABC was created in 2017 from the original Bitcoin blockchain with the primary aim of fixing and resolving several connected Bitcoin’s scalability and transaction fees.
Hence, this was done by increasing the block size limit which automatically allows more transactions per block than Satoshi Nakamoto initially designed. It also made the following changes: dynamic mining difficulty adjustment, smart contracts, and token issuance support.
However, despite these changes, Bitcoin Cash has the same Proof of Work elements as the original Bitcoin network: Both have a 10 minutes target time per completed block and 21 million maximum supply reach.
To show it’s flexibility, at the time of the hard fork, any Bitcoin wallet is expected to receive an equal amount of Bitcoin Cash.
How to Buy Bitcoin Cash
There are several ways to buy Bitcoin cash. You can buy Bitcoin Cash with:
Bank Transfer :
Here, you have to transfer transfer money from your account to the sellers of these coins in order to buy the coins listed on Binance. After the aforementioned is done, you can use these stablecoins to buy Bitcoin Cash on Binance exchange.
Trade Bitcoin Cash:
This is another simple and safe way of buying Bitcoin. Since Binance allow the deposit of over 300 cryptocurrencies, you can choose any of these currencies to exchange for Bitcoin Cash at some of the best rates in the market.
Credit Card/ Debit Card :
Your credit card is one of the surest way to buy a Buy Bitcoin Cash. Here, you can directly purchase Bitcoin Cash with credit card or debit card on Binance as mentioned in the steps above.
Where can one purchased BCH?
- From Another individual
Interested persons can buy BCH from another person or over the web.
- Crypto ATM
You can also buy BCH from a working BCH machine. It is worthy to note that ATM rates have now skyrocketed hence the difficulty in trading.
This is one of the simplest ways to purchase bitcoin cash. Here, one can purchase BCH via a digital asset exchange, like Kraken. Additionally, you also trade other cryptocurrencies like bitcoin and ethereum or use your local cash to purchase BCH.
With that said, Bitcoin is extremely volatile, hece, if you are willing to take the risk, first make sure you understand what you are investing in and have a crypto investment strategy .