{"id":4300,"date":"2020-11-12T13:48:43","date_gmt":"2020-11-12T13:48:43","guid":{"rendered":"https:\/\/paybis.com\/blog\/?p=4300"},"modified":"2024-04-17T12:16:36","modified_gmt":"2024-04-17T12:16:36","slug":"what-is-bitcoin-cash","status":"publish","type":"glossary","link":"https:\/\/paybis.com\/blog\/glossary\/what-is-bitcoin-cash\/","title":{"rendered":"Bitcoin Cash"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you are relatively new in the world of cryptocurrency, you might have noticed more coins that include Bitcoin in their name. While the original Bitcoin (BTC) has the highest market cap in the market and <a href=\"https:\/\/paybis.com\/blog\/what-is-bitcoin-dominance\/\">more than 66% dominance<\/a> at the time of this writing, several spinoffs can be found when scrolling through <\/span><a href=\"https:\/\/coinmarketcap.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">CoinMarketCap\u2019s<\/span><\/a><span style=\"font-weight: 400;\"> list.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Among them, Bitcoin Cash is considered to be the most popular \u201cclone\u201d of the original currency. If you haven\u2019t heard about Bitcoin Cash before, there is an easy way to distinguish it from Bitcoin &#8211; the color of their logo is different:<\/span><\/p>\n<p><picture class=\"attachment-pinterest\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4305 size-full\" src=\"https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/color.png\" alt=\"what is bitcoin cash\" width=\"1075\" height=\"856\" srcset=\"https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/color.png 1075w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/color-300x239.png 300w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/color-1024x815.png 1024w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/color-150x119.png 150w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/color-768x612.png 768w\" sizes=\"auto, (max-width: 1075px) 100vw, 1075px\" \/><\/picture><\/p>\n<p><span style=\"font-weight: 400;\">But what is Bitcoin Cash exactly? Is it necessary in the already overcrowded world of crypto and, if so, what makes it different from its predecessor? In this short article, we take a look at the controversial cryptocurrency, exploring its background, performance, and future potential.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is Bitcoin Cash?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Bitcoin Cash is a cryptocurrency built upon the code of the original Bitcoin blockchain. It is considered to be a \u201cspin-off\u201d, or a \u201ccopy\u201d since the developers behind the project simply used Bitcoin\u2019s code, making a few adjustments to its blockchain along the way.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A more technical definition of this process is known as a \u201chard fork\u201d, meaning that the original blockchain is split into two different paths. Each path operates independently but has the same history.<\/span><\/p>\n<p><picture class=\"attachment-pinterest\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4306 size-large\" src=\"https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/split-1024x761.png\" alt=\"bitcoin vs bitcoin cash\" width=\"1024\" height=\"761\" srcset=\"https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/split-1024x761.png 1024w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/split-300x223.png 300w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/split-150x111.png 150w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/split-768x571.png 768w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/split-1536x1142.png 1536w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/split-2048x1522.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/picture><\/p>\n<p><span style=\"font-weight: 400;\">For the less technical, Bitcoin Cash can be seen as an \u201cupgrade\u201d to the original Bitcoin. It\u2019s like a new version of Microsoft Word, which creates files that can\u2019t be opened by older generations of the software.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, you might also wonder what is BCH. In short, <\/span><b>the 3-lettered word BCH is an abbreviation for the coins of the Bitcoin Cash network<\/b><span style=\"font-weight: 400;\">. Similar to Bitcoin, the coins have the same name as the network itself, which makes the need for a coin-related acronym essential.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How does Bitcoin Cash work and when was it created?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The network split described above occurred on the 1st of August 2017, distributing BCH coins to BTC coin holders in a ratio of 1:1. This means that investors received an amount of Bitcoin Cash coins equal to the amount of BTC in their wallet.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the same day of its issuance, the new coin <\/span><a href=\"https:\/\/money.cnn.com\/2017\/08\/01\/technology\/business\/bitcoin-cash-new-currency\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">started trading<\/span><\/a><span style=\"font-weight: 400;\"> at $240. At that time, Bitcoin (BTC) was trading at a price point of $2700.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What caused the blockchain split?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">To understand what caused the split in Bitcoin\u2019s blockchain, we need to better understand the purpose of the former. According to Satoshi Nakamoto, BTC is a global, decentralized form of money (a.k.a. alternative currency).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And while this is somewhat the case nowadays, the majority of people still use Bitcoin as a store of value since its network is inefficient and slow when it comes to transactions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In hopes of solving this problem, some members of the Bitcoin community (developers and miners) led by Roger Ver decided to split the original blockchain and create a cryptocurrency that can be used primarily as a medium of exchange. The split aimed to increase the number of transactions that the network can process, and this was done by implementing a few key changes into the new network.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What is the difference between Bitcoin and Bitcoin Cash?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">To understand what is Bitcoin Cash (BCH) it is best to point out its unique differences compared to Bitcoin. In other words, let us give a brief Bitcoin Cash vs Bitcoin comparison:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>The transaction blocks of Bitcoin Cash\u2019s network are larger than those of Bitcoin<\/b><span style=\"font-weight: 400;\">. This, in turn, makes Bitcoin Cash superior in block confirmation times (BCH: 2,5 min\/block &#8211; BTC: 10 min\/block). As a result, transactions become both cheaper and faster.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">While the reward halving mechanism is found in both options, <\/span><b>Bitcoin Cash halvings occur slightly before that of the original Bitcoin<\/b><span style=\"font-weight: 400;\">. There are <\/span><a href=\"https:\/\/www.researchgate.net\/publication\/333126580\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">several reasons<\/span><\/a><span style=\"font-weight: 400;\"> for this.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bitcoin\u2019s main function is to operate as a <\/span><b>store of value<\/b><span style=\"font-weight: 400;\">. Bitcoin Cash, on the other hand, acts as a <\/span><b>medium of exchange for commerce<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Bitcoin (BTC) is the only truly decentralized cryptocurrency<\/b><span style=\"font-weight: 400;\"> since its founder is unknown. BCH\u2019s founders are known to the public and hold the majority of BCH coins. This makes the cryptocurrency more prone to manipulation and centralized operability.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Even though it is placed in the most popular exchange platforms, <\/span><b>BCH has significantly lower liquidity compared to BTC<\/b><span style=\"font-weight: 400;\">. This in turn makes it more volatile and thus a riskier long-term investment.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">All in all, the biggest difference between Bitcoin and Bitcoin Cash and the one you should keep in mind the difference in their transaction blocks. Bitcoin\u2019s transaction blocks have a size of 1MB while Bitcoin Cash blocks are upgraded to 8MB. This makes the cryptocurrency better suited for day to day transactions.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is BCH doing in terms of performance?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">To better understand the performance of BCH, it is best to take a look at its performance in a YTD (year to date) chart, and make conclusions. Here is what we can learn from the <\/span><a href=\"https:\/\/paybis.com\/price\/bitcoin-cash\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Bitcoin Cash Price<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<p><picture class=\"attachment-pinterest\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4304 size-large\" src=\"https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/bch-chart-1024x626.png\" alt=\"\" width=\"1024\" height=\"626\" srcset=\"https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/bch-chart-1024x626.png 1024w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/bch-chart-300x183.png 300w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/bch-chart-150x92.png 150w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/bch-chart-768x469.png 768w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/bch-chart-1536x939.png 1536w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/bch-chart-2048x1252.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/picture><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In the first quarter of 2020, Bitcoin Cash experienced its most volatile period. Early in the year, the cryptocurrency grew by 155%, reaching a peak of $493. It\u2019s noteworthy to mention that the coin\u2019s price increase is significantly higher in this particular timeframe compared to other popular cryptocurrencies, including Bitcoin.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Similar to the rest of the market, Bitcoin Cash started crashing rapidly shortly after COVID-19 was declared a pandemic. Most believe that this crash occurred due to fear and uncertainty linked with the lockdowns. This made many investors turn to cash by temporarily exiting the market, anticipating the later confirmed \u201c<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/b\/blackswan.asp#:~:text=A%20black%20swan%20is%20an,they%20were%20obvious%20in%20hindsight.\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Black Swan<\/span><\/a><span style=\"font-weight: 400;\">\u201d event. Over a period of two weeks, the cryptocurrency lost more than 70% of its value, bottoming at $143.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">After BCH found a local bottom, it started to recover rapidly ahead of its reward halving. The coin reached a local top of $271 on the day of its halving (8 April 2020), which translates to an 87% growth in value. The $250-$270 price range became a strong resistance, and it still holds to this day.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Judging from the lower tops (1 -&gt; 4) and the higher bottoms (2 -&gt; 4), BCH will eventually reach a decision-making point. This moment is expected to occur towards the end of the year.\u00a0<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">The direction of the market (and thus of BCH) will highly depend on the sentiment of investors during that time. The most possible scenario at the moment of this writing is for BCH to break towards the upside and finds new support in the green zone shown above (between $320-$500). More negative scenarios point towards a decrease in value compared to BTC over a longer timeframe. If this is to become true, we could see a rather stagnant BCH\/USD chart that remains within the $250-$270 area.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Is Bitcoin Cash a good investment in 2020 and beyond?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">What is Bitcoin Cash going to do in the last quarter and the upcoming year in terms of price? As the cryptocurrency markets continue to recover, new and experienced investors wonder whether BCH has the potential to outperform its peers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In our opinion, Bitcoin Cash is not the ideal investment when it comes to its potential as a store of value. With the average investor being more educated and aware of the background and nature of BCH, there is less interest in obtaining the coin as a long-term investment. Aside from a gradually declining interest, we also observe a decrease in mining participants after the coin\u2019s recent halving.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These points do not relate to BCH\u2019s value changes in the next market cycle. When it comes to price action, we expect to see BCH follow the direction of the market &#8211; positive market conditions lead to positive value appreciation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The point we are trying to make here is that Bitcoin Cash is less likely to experience the size of price gains that other, more popular cryptocurrencies are expected to see.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, there are two things we tend to believe:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><b>Bitcoin Cash is less likely to see the same price appreciation as Bitcoin and Ethereum in the next bull run<\/b><span style=\"font-weight: 400;\">. Therefore, it might not be a great idea to use the majority of your funds to invest in BCH.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>BCH has proven to follow the direction of the market, which makes it a great investment for those looking to diversify<\/b><span style=\"font-weight: 400;\"> into different cryptocurrencies, to hedge risk. If you belong to this category, consider allocating part of your funds to BCH.<\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400;\">What is Bitcoin Cash worth and what can we expect in the future?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">On the 20th of December 2017, just a few months after the hard fork, the Bitcoin Cash reached a peak price of $4,355. Shortly after the peak price point was reached, the cryptocurrency entered into a year-long bear market, which took its value down to $78 (-98%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the past two years, the recovery of the crypto markets has helped the coin regain some of its value, but we are still nowhere near the past peak. Bitcoin Cash is currently trading nearly 95% below its all-time high.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cryptocurrencies with stronger fundamentals have largely outperformed BCH. This interesting development points towards <\/span><b>utility<\/b><span style=\"font-weight: 400;\"> and <\/span><b>user adoption<\/b><span style=\"font-weight: 400;\"> instead of marketing as major drivers of a coin\u2019s price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the introduction of the Lightning Network as a solution to Bitcoin\u2019s scalability issues has made Bitcoin Cash less important than it previously was. The latest will now need to create a new edge against its biggest competitor to remain relevant in the next few years.<\/span><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/rrr_zPmEiME\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2><span style=\"font-weight: 400;\">How to buy Bitcoin Cash (BCH) on Paybis<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Now that we explained what Bitcoin Cash is and how it works, it\u2019s time to walk you through the buying process.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before we get started, make sure you have a wallet to store your coins; you can check our <\/span><a href=\"https:\/\/paybis.com\/blog\/best-bitcoin-cash-wallet\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Best Bitcoin Cash Wallet<\/span><\/a><span style=\"font-weight: 400;\"> article to make a better choice. Once you have a BCH wallet, head over to Paybis and start a new transaction:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">On the dashboard, choose Bitcoin Cash as your payout cryptocurrency from the box on the right-hand side (You receive).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">On the left-hand side, you can choose your payment method and currency. We chose to <\/span><a href=\"https:\/\/paybis.com\/buy-bitcoin-cash\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">buy Bitcoin Cash with Credit Card<\/span><\/a><span style=\"font-weight: 400;\"> since the first transaction with this payment method does not have any fees. Therefore, it is a great option for new users.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">After your payment method is selected, enter the amount you wish to spend and you will automatically see the amount of Bitcoin Cash you are expected to receive.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Once that is done, click on the button labeled as \u201cBuy Bitcoin Cash\u201d to start the transaction.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">From this point onwards, the process is very straightforward and easy to follow. New users will need to verify their account through a short KYC process. After that is done, you will be asked to enter your BCH wallet address and complete the payment. A few minutes later, you will receive the BCH in your previously indicated wallet.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Summing up the key points<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">At this point, you should be able to differentiate BTC vs BCH and better understand how the Bitcoin Cash blockchain works. To sum up what is Bitcoin Cash, here are some key points you should keep in mind:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bitcoin Cash is a cryptocurrency that resulted from a hard fork of Bitcoin\u2019s blockchain.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The purpose of Bitcoin Cash is to create a \u201clighter\u201d alternative to Bitcoin that can be used as a means of exchange instead of a store of value.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Bitcoin Cash blocks are larger and thus able to process transactions faster and cheaper.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In terms of profitability and long-term potential, Bitcoin Cash may not be the best investment choice at the moment. It is, however, a great addition to a balanced portfolio.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This short article is only meant to explain Bitcoin Cash and its functions. The contents are not meant to serve as financial advice and should therefore not be used as such.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Cash is a cryptocurrency built upon the code of the original Bitcoin blockchain. It is considered to be a \u201cspin-off\u201d, or a \u201ccopy\u201d since the developers behind the project simply used Bitcoin\u2019s code, making a few adjustments to its blockchain along the way<\/p>\n","protected":false},"featured_media":0,"template":"","glossary_letter":[287],"glossary_term":[276,284],"class_list":["post-4300","glossary","type-glossary","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Cash - Paybis<\/title>\n<meta name=\"description\" content=\"Are you trying to better understand what is Bitcoin Cash? 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