Bitcoin Cash is a peer-to-peer electronic cash system. It's a permissionless, decentralized cryptocurrency that requires no trusted third parties and no central bank.
The maximum block size in the Bitcoin blockchain is limited to 1 MB, which limits the number of transactions that can be validated at any given time. As a result, people who send transactions are waiting longer and longer for confirmation as Bitcoin usage continues to grow. Those who choose to pay higher transaction fees get priority, but overall congestion is evident. The average time to verify Bitcoin transactions has dropped significantly, and this trend is likely to continue. The solution to this problem may seem simple at first glance: just add a block size. However, it is not that simple, as there are many important pros and cons to consider when making such changes. Many in the Bitcoin community advocate leaving things as they are, while others criticize the larger maximum block size. Finally, Bitcoin is hard forked. The split happened on August 1, 2017, marking the creation of Bitcoin Cash as its own cryptocurrency.
Long months of stress in anticipation of the fork’s implementation is finally coming to its logical conclusion, and it seems that Bitcoin Cash Node will take the place of the leading token. Bitcoin ABC, the historically dominant implementation of Bitcoin Cash (BCH), has given way to a community-led riot in the form of a Bitcoin Cash Node (BCHN). However, Guarda supports both coins so as not to be controversial in the community, moreover, we have the split functionality available.
After the hardfork, your address and balance were duplicated in ABC/BCHN networks. Any transaction will also be duplicated in both Networks. In order to avoid losing funds, you can split your address using Guarda BCH Split functionality and automatically get two separate addresses with current balances.
You will instantly send and receive the amount of money you want. No more waiting time like when you choose another trader. A block of Bitcoin Cash in a blockchain is eight times larger than a block of Bitcoin. This makes BCH faster, cheaper, and easier to scale than Bitcoin. As of May 15, 2018, the block size is increasing. The current block size of BCH is 32 MB. BCH provides faster authentication and transaction processing with larger blocks. The overall scalability of the network is increasing and transaction fees are dropping, creating a win-win situation for everyone. BCH can now be scaled well so that the data processing is even smaller. This leads to lower transaction fees. Bitcoin Cash has a cheaper transfer fee (about $0.20 per transaction) compared to BTC, so performing a transaction in BCH will save you more money than with BTC.
2. Greater scalability and potential threats to Bitcoin
As Bitcoin inventor Satoshi Nakamoto suggested, Bitcoin should be used as a "peer-to-peer" cryptocurrency for daily transactions. Although bitcoin is gaining momentum and its price has skyrocketed over the years, bitcoin serves more as an investment vehicle than a currency.
Its blockchain has scalability problems because it cannot handle the growing volume of transactions. Verification times and transaction fees in the bitcoin blockchain are increasing. This is mainly due to the 1MB block size limit for bitcoins. Regular transactions delayed verification, and all because the block could not handle the increase in transaction size. Bitcoin Cash proposes to remedy the situation by increasing the block size. The idea itself is about Bitcoin's limitations because Bitcoin fans fear the "centralization" of Bitcoin. If Bitcoin Cash can perfectly realize its original idea, Bitcoin will slowly lose value.
FAQ
1.What is the best Bitcoin Cash wallet?
Guarda is one of the best wallets according to Investopedia.com and Hackernoon.com for Bitcoin Cash. Guarda is a non-custodial wallet that supports more than 400K+ assets. Use an online wallet right in your browser or download a web/mobile version.
2.How do I get an Bitcoin Cash wallet?
You can download the application from the Apple AppStore, or Google Play, or install a desktop wallet. You can also use an online wallet. Create an account on Guarda; Set a strong password and save your wallet backup; Create a wallet and add your BCH.
3.How to get an BCH wallet for Android or iOS?
Download Guarda from AppStore or Google Play; Create an account on your Guarda Wallet; Tap the “Receive” button in app; Paste the generated address or scan the QR code when sending coins from an external wallet or exchange to Guarda.
4.Is Guarda Wallet app safe?
Guarda is a non-custodial crypto wallet. Guarda stores no private data, backup files, or keys, and no one has access to the user's wallet. Users are the only ones who have access to private information. Security features include: fingerprint authorization; PIN code; backup file
