What is Bitcoin Cash, and here’s why you will favor it over many cryptoassets
As stated on their website, “Bitcoin Cash brings sound money to the world, fulfilling the original promise of Bitcoin as “Peer-to-Peer Electronic Cash.” Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development.”
WHY USE BITCOIN CASH?
- Send Money Anywhere In The World, Almost for Free
With Bitcoin Cash, you can send money to anyone, anywhere in the world, 24 hours a day, 365 days a year. Like the Internet itself, the network is always on. No transaction is too big or too small. And you never need anyone’s permission or approval.
- Be Your Own Bank and Have Full Control Over Your Money
The seizing of capital from account holders (“bail-ins”) in Cyprus and nearly in Greece demonstrated that bank deposits are only as safe as political leaders decide. Even under the best of conditions, banks can make mistakes, hold funds, freeze accounts, and otherwise prevent you from accessing your own money.
Banks can also decide to block your transactions, charge you fees, or close your account without warning. Bitcoin Cash gives you complete, sovereign control over your funds, which you can access from anywhere in the world.
- A Scarce Digital Currency with a Known, Fixed Supply
The Bitcoin Cash protocol ensures there will never be more than 21 million coins in existence. Governments constantly print money out of thin air, endlessly inflating the supply and devaluing everyone’s savings. Bitcoin Cash has a fixed supply and therefore represents sound money.
- Increase Your Privacy and Operate Anonymously
Bitcoin Cash offers more privacy and anonymity than traditional payment systems like bank transfers and credit card payments since it’s usually impossible to know who controls a Bitcoin address.
Bitcoin Cash offers various levels of privacy depending on how it is used. It’s essential to educate yourself thoroughly before using BCH for privacy purposes.
- Enjoy Exclusive Discounts
Many merchants offer discounts for paying in Bitcoin Cash because it eliminates credit card fees and helps grow the adoption of this new payment system.
- Token Ecosystem
Storing and managing tokens on a blockchain provides greater transparency and integrity than traditional asset accounting and trading forms. Bitcoin Cash supports token protocols that power a variety of projects, and it is easy to create your token-backed projects.
- Support Freedom Worldwide
Bitcoin Cash is a permissionless, open network. It empowers you to engage with your fellow human beings without intrusion. It’s decentralized, voluntary, and non-aggressive. As usage grows, old power structures will erode while fresh ideas blossom. It may help usher in the greatest peaceful revolution the world has ever known.
BENEFITS FOR MERCHANTS
- Ultra Low Fees
The network fee for a typical Bitcoin Cash transaction is less than one penny. If you want to convert your BCH into fiat currency, such as US dollars, you can do that through merchant processors for a cost that is still much lower than credit card processing.
- No Chargebacks
There are never any automatic voids, refunds, chargebacks, or other unexpected fees, unlike credit cards. Fraud protection is built into the system with no cost to the merchant.
- New Customers
A growing number of patrons choose Bitcoin Cash as a preferred payment method. They favor merchants who offer this payment option and actively seek them out.
- Free Marketing and Press
By accepting Bitcoin Cash, merchants can gain free listings in website and app directories, gaining even more customers. They can also take advantage of this new trend and generate press for their business.
IS BITCOIN CASH A GOOD INVESTMENT?
- Bitcoin Cash offers great utility in terms of being used as a medium of daily transaction with hassle-free instant processing, which is leading to it increasing adoption. Additionally, the continuous development of infrastructure and new innovations being built on Bitcoin Cash will contribute to its growing popularity. Cryptocurrencies are highly volatile assets, making them riskier than other potential investments. Whether BCH is a good investment for your portfolio depends on your risk tolerance and personal financial position, as well as your investing goals. Evaluate the level of risk you are prepared to accept before investing.
- Bitcoin Cash results from a Bitcoin hard fork that occurred in August 2017.
- Bitcoin Cash was created to accommodate a larger block size compared to Bitcoin, allowing more transactions into a single block.
- Despite their philosophical differences, Bitcoin Cash and Bitcoin share several technical similarities. They use the exact consensus mechanism and have capped their supply at 21 million.
- Bitcoin Cash itself underwent a fork in November 2018 and split into Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision). Bitcoin Cash ABC is referred to as Bitcoin Cash now.
i hope you had a fantastic reading, this lovely article. remember this is not financial advice. cryptocurrencies must be invested with proper risks.
Bitcoin Cash — Peer-to-Peer Electronic Cash. https://bitcoincash.org/