Bitcoin Cash is a cryptocurrency launched in 2017. The crypto came to be from a hard fork of the Bitcoin blockchain, which resulted from diverging views within the community regarding what Bitcoin should be and how it should work.
But what exactly is Bitcoin Cash? And, how can you spend it?
What Is Bitcoin Cash?
A fork of the Bitcoin blockchain, Bitcoin Cash is nearly identical to Bitcoin, with some very key differences. Namely, faster on-chain transactions and lower fees. Bitcoin Cash is sometimes labeled as an altcoin, but that is a label applied to all cryptocurrencies other than Bitcoin.
Why Bitcoin Cash?
When Satoshi Nakamoto launched Bitcoin, he made it clear that it was intended function as peer-to-peer electronic payment system. However, by 2017, it had become clear that this was not the direction Bitcoin had taken. Bitcoin’s volatile nature coupled with an increasingly congested network were translated into long transaction times and high fees.
So, a group of miners and developers from within the Bitcoin community created Bitcoin Cash to address Bitcoin’s shortcomings. How? By increasing block-size to 32MB, meaning each block can fit more transactions.
While today a Bitcoin transaction can take around 10 minutes, one on the Bitcoin Cash network takes only around 2 minutes. Also, Bitcoin Cash transaction fees are only around 20 cents. This makes Bitcoin Cash more suitable as a peer-to-peer electronic payment system.
How Can You Spend Your Bitcoin Cash?
Although cryptocurrencies aren’t yet widely adopted, there are some places and some ways to spend your Bitcoin Cash without the need to convert it into fiat currency.
Spending Your Bitcoin Cash Online
There are many online stores accepting Bitcoin Cash right now. You can check out a full list of online stores that accept Bitcoin Cash at Acceptbitcoin.cash.
Spending Your Bitcoin Cash in Store
As cryptocurrency adoption continues to grow hand in hand with the development of the technology, there are already some stores where you can spend your Bitcoin Cash directly. You can check out this map to see which stores are close to you.
Bitcoin Cash Debit Cards
While Bitcoin Cash is intended as a peer-to-peer electronic payment system, it is still far from widespread adoption. So, if a store or merchant doesn’t accept Bitcoin Cash you have to find other way to pay.
However, there are some providers issuing crypto debit cards that support Bitcoin Cash, including Coinbase and Wirex. These work like pre-paid debit cards and can be used wherever credit cards are accepted.
About Bitcoin Cash
Although Bitcoin Cash is sometimes labeled as just a Bitcoin clone there are some who believe Bitcoin Cash is what Satoshi Nakamoto intended Bitcoin to be. All things considered, its faster transaction time and lower fees make they effectively different in the way both cryptocurrencies are used.
Bitcoin Cash still remain one of the most popular cryptocurrencies out there, and there are plenty of places you can spend your own Bitcoin Cash.
This news is republished from another source. You can check the original article here
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