Bitcoin Cash started to gain prominence when thousands of Bitcoin owners saw a sudden hype in their wealth due to a simple change – Coinbase started showing balances of Bitcoin cash in peoples’ wallets. These Bitcoin Cash holders had no idea of its technical usability and they also had no idea if using their newfound wealth.
This intrigued them to find out the answers to the questions like What is Bitcoin Cash? How is it different from Bitcoin, and how can you invest in it?
Bitcoin Cash has been an intriguing coin since its launch in the cryptocurrency market and it is still really being widely accepted. This coin is a good investment opportunity to get in on this cryptocurrency – and it could even compete with what investors have been seeing with the original Bitcoin.
To start your journey with Bitcoin Cash, you need a digital wallet. Coinbase could be a good and reliable option for this. Also, you should be fully aware of the risks involved in using Bitcoin Cash. Let’s start our discussion and learn about its investment in detail.
What Is Bitcoin Cash?
Bitcoin Cash is a hard fork released from the Bitcoin blockchain. This split occurred on August 1, 2017. It is very important to know for the new people in Bitcoin Cash investment with an immediate edge that a hard fork is basically a split from the original blockchain. You can understand it with an example from olden times As in ancient times Catholic Church was a central point and there were multiple “hard forks” along the way. The most prominent of them was Protestantism splitting from Catholicism. This is very similar.
The algorithm used by both Bitcoin and Bitcoin Cash is the same but they have different ways of representing it. After splitting off. They both started to use their own protocols.
How Bitcoin Cash Is Different?
Speaking technically, Bitcoin Cash needed even bigger block sizes than Bitcoin. The size of the block increased to 8MB. However, all else is pretty much the same.
The last common block of Bitcoin and Bitcoin Cash was Block 478558. At the time of this split, the owners of Bitcoin (on the blockchain) also received an equal value of Bitcoin Cash. That was shockingly good news for Bitcoin holders. All the holders of Bitcoin at that split received Bitcoin Cash.
It is also the fact that accessing Bitcoin Cash was a hard task especially for non-tech savvy investors until Coinbase made it visible onto its wallet publicly. Bitcoin Cash is not a costly coin rather it’s much cheaper than Bitcoin.
How To Invest In Bitcoin Cash?
For the people who are planning to invest in Bitcoin Cash, they should remember that Bitcoin Cash is a currency. You cannot use it as a stock or bond. So when you are buying shares of Bitcoin Cash, you are in a way, swapping your currency for Bitcoin Cash currency.
Like we can say that $1 USD is equal to about $4,329 in Bitcoin Cash. Here, the target for Bitcoin Cash is to rise in value, in which case, you could exchange your coins back to dollars.
Now the point is where to do this in a good way? You can not invest in Bitcoin Cash at your stockbroker. You need to have Instead, a digital wallet. You can choose any wallet available on the web allowing you to buy and sell Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, etc.
Another option to invest in Bitcoin Cash is through the eToro platform which is a full-service brokerage offering cryptocurrency investment.
Bitcoin Cash is one of the newly introduced cryptocurrencies available to consumers. Although it is a new currency, you should not forget that it originated from Bitcoin which is one of the oldest. It is getting more and more popular due to its easy to access feature, its adoption by world-leading finance companies, and also by famous Hollywood celebrities. The same is the case with the coin Ripple, which is not easy to access, but as that changes, you might see an explosion in popularity.
Investing in Bitcoin Cash is full of risks. You can only earn or If you’re thinking about investing in Bitcoin Cash, remember, there is an incredibly high degree of risk involved. You can make money only when you see that the price is going up.- meaning other people are willing to buy it from you. This isn’t an asset, but more of a gamble on price.