Buy Bitcoin Cash (BCH)
Many economists are inclined to believe that in the future paper money will disappear altogether and will be replaced by electronic money, i.e. the essence of money will remain unchanged, but their form will change: money will move into the sphere of virtual reality, becoming “invisible”. The place of electronic money in modern monetary theory is still ambiguous, but in practice, virtual cash is rapidly becoming the currency of the world economy and its financial markets. The foregoing determines the relevance of this work.
In 2017, Bitcoin took center stage and began to rise in price at a notable rate. Digital currency trading has become a widespread trend, and the number of people investing in electronic money has exceeded 500 million. Digital currency enthusiasts claim that Blockchain and altcoins are here to change the modern economy in a drastic way.
Digital media is creating a new era for the modern economy, a utopian system in which everyone can be sure of the privacy of their assets, transferring them around the world without restrictions. This gives us new opportunities, and making a profit is one of them.
In addition to what changes digital assets may bring in the future, it is important to note that at the moment they are widely used by investors and traders. Helping to increase passive or active income, digital currency is valued around the world by many users. But which digital currency to choose for work?
At the moment, it is impossible to count the number of types of electronic coins, this is due to the fact that even any student who is good at programming can create his own coin right from home.
For investment, as a rule, more popular coins are used, the price movement of which can be analyzed.
What is Bitcoin Cash (BCH)?
Bitcoin Cash is a popular digital currency with the ticker BCH. It was formed in July 2017 as a result of a hard fork of the classic Bitcoin. The project is distinguished by low transaction fees, with which the developers want to "fulfill the original promise of Bitcoin."
Bitcoin is the earliest and most popular digital currency. During its use, shortcomings were revealed, among which are problems with scalability and low transaction speed. At first, one operation within the network took 7 minutes. As the number of users increased, transfers began to take more and more time to be confirmed. Miners and developers were looking for solutions. A part of the community chose a method that led to the emergence of a new Bitcoin Cash coin.
Bitcoin Cash is a digital currency from the top 10 by market capitalization, a fork of Bitcoin, which is in many ways similar to its predecessor in terms of mining algorithm, maximum emission, block creation time. The difference is in the block size (8MB versus 1MB for BTC) and the frequency of difficulty adjustments (every 6 blocks instead of 2016). The coin enjoys public recognition, and the high level of capitalization confirms this.
Altcoin BCH has its advantages, for which many users fell in love with it:
- Complete openness. No one controls or owns the coin. You don't need to get permission from anyone to use it.
- Anonymity. Owner identification is not tied to transactions. This allows payments to be made without censorship and without the mandatory disclosure of identity, as in centralized banking systems.
- Transparency. All transactions are recorded on a global open blockchain. Anyone can trace the entire history of coin ownership.
- Network distribution. Its work is supported by a large community, whose members use special equipment. This ensures the reliability and long-term storage of information.
- Clear rules. The nodes follow a protocol to agree on the state of the ledger. It can change, but this requires serious action and the support of the majority of network participants. This makes the digital currency a system where users create something similar to a social contract.
- Immutability. The technology works in such a way that once a record is made in the blockchain, it remains there forever and does not change.
- Safety. The proof-of-work protocol means that miners compete with each other to add blocks to the chain that forms the ledger. The energy costs and high hardware requirements associated with Proof-Of-Work increase network security. The principle is based on mathematical game theory, when a blockchain attack is so complex that a hacker even hypothetically cannot profit from a hack.
What makes BCH unique?
In addition to the larger block size, BCH is allocated by a transaction signature system called SigHash. The hash flag determines which parts of the operation will be unchanged after the signature is added. Another technical innovation is Emergency Difficulty Adjustment (EDA). This ensures that parts of the internal Proof-of-Work protocol can be changed quickly and on-the-fly. Miners can easily migrate from the legacy chain without the users being affected by hash rate fluctuations.
Using the Simple Ledger protocol, programmers can issue new tokens on the blockchain. This is similar to how ERC-20 coins work on the Ethereum network. For example, Tether, the largest issuer of dollar-denominated stablecoins, issued USDT tokens on the Bitcoin Cash network. Participants send and receive coins of this type very cheaply using non-custodial (the owner has full control of the keys and their funds) digital wallets.
How to buy BCH?
Bitcoin Cash can be bought in several ways:
Exchanges. To do this, the user goes through registration and verification in order to keep their personal data and funds safe from hacker attacks. Then the investor selects the desired digital currency and makes a purchase.
Each exchange has its own peculiarities of work, for example, a method of buying a currency or a transfer fee. But despite all these small details, buying Bitcoin Cash on the exchange is considered the safest option.
Before you start working in a particular exchange, you need to check whether it supports a particular digital currency.
There is a list of the most popular exchanges through which you can safely and easily buy Bitcoin Cash in Nigeria:
Exchangers. With it, you can exchange the user-friendly currency for Bitcoin Cash. This does not require registration, the user simply enters the exchanger and selects from the list the exchange rate that suits him best.
The investor needs to create an exchange request, indicating the number of coins he wants to receive, filling in the fields from where he gives the currency and where he wants to receive Bitcoin Cash. After processing the application, the user receives coins.
This method of acquiring BCH is considered the fastest, but inferior to exchanges in reliability, since registration occurs at will.
Crypto wallets. With the help of special wallets for storing currency, you can also purchase BCH, but you need to find out which wallet supports this digital currency.
Mining. For solid followers of the Bitcoin Cash ideology, there is a way to earn money, which at the same time helps to keep the network in working condition - this is mining. Miners confirm all transactions added to the blockchain and are responsible for issuing new units of digital currency into circulation.
Where to store BCH?
Before buying, it is important to study the issue of coin storage. Since digital assets do not have a physical body, the user needs to find out which crypto wallet is suitable for his tokens.
The meaning of wallets for storing digital currencies is to hold special keys that give access to the digital currency, which is always on the blockchain.
For BCH, there are several wallets that provide the best level of security and allow you to make all kinds of transactions without obstacles:
1. IQ Wallet
How to invest in Bitcoin Cash?
When an investor or trader thinks about how to invest in Bitcoin Cash in Nigeria, there are several options for him:
The first one is investing for a long period, this method is based on buying a digital currency and holding it in the wallet for a long time, in order to wait until the price of the asset increases several times relative to the purchase price.
This method is considered safe, but at the same time, a positive investment result can be expected by the user for years.
The second method is considered to be the most popular among traders and investors, as it can bring profit daily or weekly. It consists in using trading platforms, such as, for example, IQ Option.
The user is guided by the analysis of price fluctuations of the selected digital currency and predicts the direction of its movement. So, if an investor is sure that in a couple of hours the price of an asset will increase, then he opens a buy deal. If the analysis was correct, then after the price increase, the user closes the deal, receiving the difference between the price of the start of the deal and its closing. This method is called CFD or Contract for Difference.
The popularity of this method lies in the huge number of “helpers” for analyzing price movements, they are called indicators and you can find them right on the trading floor.
QUESTIONS AND ANSWERS
Can you buy Bitcoin Cash?
Buying BCH is possible for any user from any country.
Is Bitcoin Cash a Good Buy?
A lot of users are interested in BCH as a digital coin for purchase, because despite the fact that it cannot overtake Bitcoin coins in popularity, it surpasses it in many aspects.
Is Bitcoin Cash a good long term investment?
If the investor or trader is ready to wait for a profit for more than a year, then the answer is: yes. But many users prefer to make a profit with this digital coin every month.
Where can I buy Bitcoin Cash?
The user can use exchanges to buy if he is looking for the safest method, but if the speed of the transaction is important, then it is better for him to use an online exchanger.
How to buy Bitcoin Cash in Nigeria?
In order to buy BCH in Nigeria, all you need is internet access and an electronic asset wallet that supports the coin of your choice.
Why does the price of Bitcoin Cash keep fluctuating?
Constant fluctuations occur due to the high volatility of digital currencies, and this allows traders and investors to earn on price fluctuations.