Making its way to the mainstream market is Bitcoin. Since its introduction in 2009, many followed its footsteps, which led to a sizeable selection of cryptocurrency payment methods. Meanwhile, in August 2017, a new crypto coin called Bitcoin Cash (BCH) was derived from Bitcoin Classic. For those keen to know more about how the new decentralized system operates, stick around and get all the information you need. Here are Bitcoin Cash facts and how it was instituted from the original cryptocurrency and what makes it unique.
Bitcoin Cash (BCH) became apparent after transaction-related subjects started to transpire due to the increasing block size. Since the Bitcoin code is not monitored by a central authority, changes to the code require buy-in from developers and miners. This consensus-driven process meant longer transaction processing. As a result, several groups started to form their own blockchain ledgers that observed new standards, often referred to as a fork. A few forks occurred in the past years, but none was able to capture a wider market. This time, however, Bitcoin Cash attempts to exceed expectations.
By providing another decentralized payment channel, Bitcoin Cash opens up the world of online payments. Of course, this is good news for esports bettors out there. As more gaming portals cater to cryptocurrency payments, more and more are able to enjoy convenient online betting.
Going back to Bitcoin Cash, the major difference it presents is an increased blocksize limit, which lets miners on the BCH chain process more transactions. This means quicker payment processing along with the standard advantages of Bitcoin payments like anonymity, low cost, and no regulations or restrictions to worry about wherever you transact.
The mining side is what makes BCH shine. As it improves the number of transactions processed in a certain span of time, it also brings profitable mining opportunities. This means if you want to start mining, you do not have to worry about larger companies overpowering your efforts. Bitcoin Cash gives everyone a fair chance to mine due to the modest competition.
Bitcoin Cash for payments
Giving Bitcoin Cash the power of Bitcoin Classic makes it a viable medium for esports betting as well. Not only do you get to benefit from using it as a payment for services or goods through Bitcoin Cash-accepting sites, there are also esports betting platforms that support the new cryptocurrency. Hence, if you are an esports fan and love betting at the same time, Bitcoin Cash is one of the few payment methods you shouldn’t overlook. Try it out and experience the advantages for yourself.
Learning how to buy and sell Bitcoin Cash (BCH) is an essential skill if you want to enjoy its numerous perks. As more and more esports betting sites open their doors to the cryptocurrency, it has become more apparent that decentralized payments are the way to go for enthusiasts of both esports and online betting. Therefore, we bring you a section dedicated to the processes involved in buying and selling BCH.
Before anything else, we emphasize on the fact that a quality exchange can go a long way. This means that you first have to find a reliable platform where you can buy and sell Bitcoin Cash before you proceed with any transactions. Keep in mind that you should highlight the following attributes of an exchange before moving forward: speed of transactions, payment methods available, and its reputation. You can find plenty of reviews online, which discusses the different characteristics, pros, and cons of a cryptocurrency exchange.
Buy Bitcoin Cash
Once you have an exchange you can go to with peace of mind, it’s time to create an account. This process should take more than a few minutes. After making an account, it’s time to top up your funds. Do this by choosing any of the available payment methods, which typically includes debit and credit card payments, bank transfers, PayPal, and other popular payment gateways. Enter the amount you want to deposit and wait for it to be processed.
Now that you have funds to purchase Bitcoin Cash (BCH), it’s time to place a buy order. The exchange will then match your buy orders accordingly. Some exchanges allow users to buy directly from them, while other exchanges facilitate the deal between outside buyers and sellers. Wait for the platform to finalize the transaction and your BCH will be credited to your accounts. You can then proceed to move your crypto coins to another Bitcoin Cash wallet for further security.
Sell Bitcoin Cash
There’s almost no difference when it comes to selling Bitcoin Cash. Once you’ve decided that you want to convert your BCH to fiat, a reliable exchange should be able to complete the action as well. Place a sell order and wait for the platform to match you with a buyer. Keep in mind that transaction times will differ from one exchange to another, so make sure you find one with reasonable processing times.
Ultimately, before heading over to NitrogenSports or any other esports betting platform that supports BCH payments, you must first get a good grasp of how to buy and sell Bitcoin Cash. Tipify promises to walk you through the ins and outs of the cryptocurrency in order to fulfill all of your needs and wants.
Notwithstanding the upgrade, Bitcoin Cash is different from regular Bitcoin. The new features are already given, but the system does hold a few tricks up its sleeve. Yes, you actually own the same amount of Bitcoin Cash at the time of the forking block, but you cannot send or transact from a Bitcoin address to a Bitcoin Cash address because the nodes running the previous version of Bitcoin will no longer be accepted by the new version. However, it’s good to know that the process of storing Bitcoin Cash remains essentially the same. The user-friendly characteristics of the cryptocurrency are in attendance from start to finish, making it a great payment option. From online betting to making daily payments, there’s always a way for Bitcoin Cash to make transactions easier and more convenient for all.
Storing Coins in Bitcoin Cash Wallets
Storing your new Bitcoin Cash means getting a wallet of your own. If you’re already familiar with storing bitcoins, the process should be easy for you to follow. Meanwhile, first-time Bitcoin Cash users can easily get a hold of storing crypto coins inside their newly-created wallets.
Just like Bitcoin, Bitcoin Cash also offers numerous wallet options. Currently, you have the option to store your BCH inside software wallets, hardware wallets, mobile wallets, and web wallets. Each one has its own unique features, so make sure you choose one that fits your needs best. For example, if you want unparalleled security, you’re always better off with hardware wallets, which offers the portability of a flash drive. Meanwhile, if you want easy access, a mobile wallet might be your best choice among the selection. Ultimately, you have to spend time deciding on a Bitcoin Cash wallet that suits your requirements for hassle-free storing of crypto coins.