Ang intensyon sa paglikha ng Bitcoin Cash (BCH) ay mas malalim pa kaysa sa paglikha lamang ng isa pang digital na pera upang makapasok sa merkado. Walang duda na ito ay isa sa pinakamabangis na pagsubok sa desentralisasyon ng bitcoin. Nilikha ito noong 2017 sa pamamagitan ng hard forking mula sa orihinal na Bitcoin, at iyon ang dahilan kung bakit ito ay isang derivative ng Bitcoin. Ito ay naging isang hiwalay na altcoin pagkatapos ng hard fork dahil nais ng ilang mahilig sa cryptocurrency na dagdagan ang laki ng block.
Ang kasalukuyang laki ng block ng Bitcoin Cash ay 32 MB, at sa panahon ng paglikha nito, ang network ay nagpoproseso ng 1000-1500 transaksyon sa isang block.
Ano ang Ibig Sabihin ng Hard Fork?
Ang mga taong interesado sa cryptocurrency ay nalilito kapag nalaman nilang hindi lang iisa ang uri ng Bitcoin tulad ng Bitcoin Diamond, Bitcoin Gold, Bitcoin Cash, at iba pa. Ang lahat ng ito ay aktwal na mga fork ng orihinal na Bitcoin na nangangahulugang ang lahat ng ito ay mga alternatibong bersyon o iba't ibang baryasyon ng orihinal na cryptocurrency. Sa pangkalahatan, mayroong dalawang uri ng fork na soft at hard fork, ayon sa pagkakabanggit.
Ang mga soft fork ay may kakayahang gumana sa parehong orihinal at alternatibong bersyon ng orihinal na cryptocurrency. Kaya, ang isang bagong user ay maaaring magsimula sa soft fork na bersyon nang hindi masyadong nag-aalala. Sa kabilang banda, ang mga hard fork ay medyo mas naiiba, at hindi sila gumagana nang maayos sa orihinal na bersyon. Nangangahulugan ito na ang isang bagong user ay kailangang i-update ang kanyang software upang makitungo sa hard fork na bersyon; kung hindi, kailangan niyang manatili sa orihinal. Sa simpleng salita, ang Bitcoin ay medyo katulad ng orihinal na Bitcoin, ngunit hindi ito magkapareho. Ang mga hard fork na bersyon na mayroon ang Bitcoin ay resulta ng mga upgrade na iminungkahi sa umiiral na protocol, ngunit hindi lahat ng user ay sumang-ayon sa mga ito. Kaya, ang mga hard fork na bersyon ay nilikha para sa mga user na kailangang gamitin ang mga iminungkahing update na iyon, at ang mga bersyon na ito ay naging alternatibong mga coin din.
Bakit Nilikha ang Bitcoin Cash?
Ngayon na naiintindihan mo kung ano talaga ang Bitcoin Cash, oras na upang maunawaan kung bakit ito nilikha. Para diyan, kailangan nating bumalik sa nakaraan ng ilang taon upang tingnan ang isa sa mga pinaka-kontrobersyal na punto tungkol sa code ng Bitcoin. Ito ay walang iba kundi ang laki ng block ng Bitcoin at ang mga isyu sa scalability nito. Ang mga transaksyon ng bitcoin ay hindi madaling makumpirma, at kailangan nilang isama bilang bahagi ng transaction block sa Bitcoin blockchain.
Isang bagong transaction block ang idinagdag sa ledger pagkatapos ng bawat 10 minuto sa average, na nangangailangan ng espasyo. Bukod pa rito, ang maximum na kapasidad ng block sa Bitcoin ay 1 MB lamang na kayang maglaman ng humigit-kumulang 2700 transaksyon. Nangangahulugan ito na 2700 transaksyon ang nagaganap pagkatapos ng bawat 10 minuto, na nangangahulugang 4.6 transaksyon lamang ang nagaganap bawat segundo, na napakaliit. Mayroong mga portal na kayang magproseso ng hanggang 1700 transaksyon bawat segundo, at kapag mas marami pang tao ang gustong magpadala ng Bitcoin, ang mga transaksyon ay naiipit. Kung nais ng sinumang user na lampasan ang pila, kailangan niyang magbayad ng karagdagang bayad para doon, at hindi ito isang bagay na gusto ng mga tao. Dahil sa isyu ng scalability na ito, dalawang grupo ang nilikha, at isa sa kanila ay sumali sa Bitcoin Cash.
Bitcoin Laban sa Bitcoin Cash
Dahil ang Bitcoin Cash ay ang fork ng orihinal na Bitcoin, ito ay niraranggo bilang isa sa mga pinakamahalagang cryptocurrency sa buong mundo. Ito ay pinakamalapit sa Bitcoin, ngunit may ilang pagkakaiba, tulad ng nabanggit namin, tulad ng mas malaking laki ng block at mas kaunting isyu sa scalability. Sa simula, ang laki ng block ay 8 Mb, ngunit noong 2018 ito ay nadagdagan sa 32 MB. Bukod pa rito, hindi tulad ng Bitcoin, hindi rin nito sinusuportahan ang Lightning Network o SegWit, ngunit nag-aalok din ito ng mas mabilis na oras ng pagmimina.
Pagkatapos ng paglikha ng Bitcoin Cash, dalawang magkaibang grupo sa loob ng komunidad ng cryptocurrency na ito ang lumitaw (na ABC at Bitcoin SV), at isa pang fork ang naganap. Dinagdagan ng Bitcoin SV ang laki ng block sa 128 MB ngunit gayunpaman, ang Bitcoin Cash kasama ang grupong ABC ay mas popular at itinuturing na tunay na Bitcoin Cash.
Paano Kumuha ng Bitcoin Cash?
Tulad ng karamihan sa mga cryptocurrency, mayroong dalawang magkaibang paraan upang makakuha ng Bitcoin Cash na ang mga sumusunod:
- Pagmimina ng Bitcoin Cash
- Pagbili ng Bitcoin Cash
Paano Magmina ng Bitcoin Cash (BCH)?
Before getting into the mining process, it’s important to get yourself the right hardware to have an effective and efficient mining experience. These days your mining can only be profitable if you have an ASIC miner, which is a specialized computer built for cryptocurrency mining. It might cost you a good amount of money, and other than your budget, you also need to consider the electricity consumption and hash rate of the miner.
Hardware for Bitcoin Cash Mining
Here are some of the best ASIC miners with their hash rate and power consumption stats.
| Miner | Hash Rate | Power Consumption |
| Antminer S9 | 12.93 TH/s | 1375W +- 7% |
| Antminer R4 | 8.6 TH/s | 845W +-9% |
| Antminer S7 | 4.73 TH/s | 1293W |
| Avalon 7 | 6 TH/s | 850-1000W |
Software for Bitcoin Cash Mining
Other than hardware, having the right software tools is also important. You can use many programs especially built for mining Bitcoin Cash, but the following are the best ones.
If you don’t feel comfortable with the command line interface, then we recommend you go with EasyMiner that you can use for both pool and solo mining.
The following are the different methods to mine Bitcoin Cash
- Solo Mining
- Pool Mining
- Cloud Mining
If you’re familiar with cryptocurrency mining, then you would already know that these three are the most common ways to mine any cryptocurrency.
Solo Mining
If you have enough money to buy a powerful miner and you can also bear its electricity consumption, then solo mining will suit you the best. It allows you to keep the complete reward of mining to yourself.
Pool Mining
Unlike solo mining, in pool mining, the reward is split between a group of miners who are contributing their processing power to confirm a Bitcoin Cash block. Currently, the most successful and the largest pools to mine Bitcoin Cash are as followed:
Cloud Mining
If you want to avoid all the hassle of spending money on hardware and setting it up in your close environment, you can opt for cloud mining. In cloud mining, you can access the shared computing power from a company that charges you yearly or monthly. It allows you to simplify the whole mining process where all you need to do is to buy a contract, a simple computer, and a stable internet connection. However, it comes with certain risks that you need to completely understand before making your decision. First of all, you need to stay away from the scammers, and you also need to understand whether the amount for the contract that you’re paying is worth it or not.
How to Purchase Bitcoin Cash?
If you want to invest in Bitcoin Cash for the long term then, purchasing Bitcoin Cash from a reliable vendor is your best choice. There are many online stores that allow you to buy Bitcoin Cash and the most popular one is Coinbase. If your country doesn’t allow you to work with Coinbase, then you can choose any of the following online stores as well:
Bitcoin Cash Wallets
You cannot even start your mining process without having wallets to store your Bitcoin Cash. The cryptocurrency wallet consists of a couple of long random letters and numbers set. One of them is your private key that you keep to yourself, and the other is a public key that you share with other people to transfer or receive BCH. You have to make sure that you never share your private key with anyone to keep your BCH safe and secure because all of your funds can easily be transferred with your private key. Here are some of the wallet types that you can use to store your Bitcoin Cash.
Paper Wallet
A paper wallet is basically a combination of private and public keys printed together generally in the form of a QR code for convenient use. It’s one of the safest ways to store your cryptocurrency as it’s the cold storage type (zero contact with the internet). No one can possibly hack it or steal it from sitting somewhere else, and this makes paper walled entirely safe. Once you have printed your key on paper, you can save it wherever you want, such as a safe deposit box, in your basement, etcetera.
The most convenient way to create a paper wallet is to print the wallet.dat file from your computer located in the wallet. Once you have your private keys printed, you can erase the soft file from your computer to ensure safety. You can also use some online services for the same purpose as well such as:
These tools are open-source and generate random addresses and keys and use the JavaScript engine of your browser to generate the wallet. In simple words, it means that they don’t even use the internet to send you keys.
Bitcoin Cash Software Wallets
Software wallets, as the name suggests, are installed on your mobile or computer, and most of them store your secret information offline. All you need to do is to choose the software wallet and read the instruction manual to install it correctly. Most of the software wallets allow you to store multiple currencies, and you can also create multiple wallets as well. Moreover, some of the wallets also come with the ShapeShift integration that you can use to perform instant exchange between multiple cryptocurrencies. Here’s a list of some of the most popular and safe software wallets that you can use on your device
Hardware Bitcoin Wallets
Hardware wallets are considered to be the safest way to store your cryptocurrencies. They look like typical USBs or portable hard drives, but they are specifically designed to store your digital currency. They can generate your transactions on the fly offline, which means that you can carry them with you wherever you want and connect to any computer to make your transactions.
They are also immune to cyber-attacks like paper wallets as they have no internet connectivity. The latest hardware wallets also offer a backup option, and you can also use multifactor authentication to add another security layer. The best thing about the modern hardware wallets is that they come with a dedicated screen that allows you to use only the wallet to make transactions. But there is a downside to such hardware wallets as they need to connect to the internet. However, you will need to pay for hardware wallets, unlike other types, but they are worth the investment, especially if you have a considerable amount of Bitcoin Cash that you want to store. Here are some of the best options that you can opt for:
Advantages of Bitcoin Cash
As mentioned, Bitcoin Cash is one of the most popular and successful cryptocurrencies available in the market. Just like all the other cryptocurrencies, Bitcoin Cash is also decentralized, and you don’t need to provide any personal information to make transactions. It means that your identity remains safe, and no one can steal it.
Instant Transactions and Bigger Block Size
You can receive and send any amount instantly, as unlike other merchants, there is no waiting time. The block size of Bitcoin Cash is 32 times bigger than the original Bitcoin, which also ensures quick transactions. Not only does it make Bitcoin Cash cheaper and faster, but it also makes it more scalable as compared to most of the major cryptocurrencies. It’s one of the biggest reasons why more and more people are adapting this cryptocurrency.
Lower Fees
As Bitcoin Cash offers more scalability because of its larger block size and quicker transactions, the fees of the transactions are negligible. Not only does it create a win-win situation for the users, but it also eliminates the situation where users need to pay more for quicker transactions. That’s why people like to invest in Bitcoin Cash as it comes with multiple merits. The transaction fee is about 0.20 US dollars per transaction that allows you to save more as compared to Bitcoin.
Customizable Transactions
Not only Bitcoin Cash offers cheap transactions, but it also offers customization as well. It comes with EDA (Emergency Difficulty Adjustment) and an immutable and secure blockchain.
One of the Most Popular Cryptocurrencies
Bitcoin Cash is listed as one of the best cryptocurrencies on all the top crypto exchanges. Not only does it ensure a high level of convenience and ease in investing in this digital currency, but it also brings more people to the community each day.
Disadvantages of Bitcoin Cash
There are also some downsides of dealing with Bitcoin Cash, and some of the most important ones are as following:
Computing Complexity Automatic Adjustment
Bitcoin cash has the automatic adjustment of the computing complexity of the network. It means that the complexity of the mathematical problems is directly proportional to the speed to block confirmation. In simple words, the complexity of the puzzles decreases if the miners don’t get a sufficient number of blocks and vice versa. The miners started exploiting it and started confirming the clock in the time of complexity recession, even with less processing power. It led to the destabilization of the whole network, and it also increased the price volatility of Bitcoin Cash. This problem still resides as it has not been solved, but the development team has included some algorithms that restrain it very efficiently.
Trust Issues
Although the mechanism of this cryptocurrency, just like all the major ones, is decentralized, as the only one elite group decides its roadmap, it appears to be centralized indirectly. This increases many concerns among the existing users, and it also keeps many people from joining the community. Moreover, Bitcoin Cash is still unable to define a distinctive line between itself and Bitcoin that also increases trust issues of new investors.
Lack of Adoption
One of the biggest disadvantages of Bitcoin Cash is the lack of adoption and not having more use cases. The overall crypto community has raised this issue many times that no matter how effective the blockchain mechanism of Bitcoin Cash is, it will stagnate if not many platforms are using it.
Less Investor Confidence
Bitcoin Cash still hasn’t earned the full confidence of investors; that’s why its market penetration and overall use cases are much lower than its competitors. As compared to the original Bitcoin, it also has far fewer trading partners, which essentially makes it less tradable. That’s why big investors still don’t spend their money on this cryptocurrency.
No Cross-Border Payment Protocol
Bitcoin Cash doesn’t offer any cross-border payment protocol such as Ripple (which allows the platform to accept payments from multiple types of vendors). The company is still trying to compete with the other Bitcoin forks, and that’s why such functionalities are missing.
People Call it Copycat
As we have mentioned already, Bitcoin Cash is the hard fork of the original Bitcoin. That’s the reason many people call it a copycat or even a fake coin. Not only does it affect the repute of this cryptocurrency negatively, but it also keeps new people from joining.
The fact of the matter is that there are many functionalities and features that Bitcoin Cash offers that you can’t enjoy with Bitcoin. It comes with no surprise why it’s regarded as one of the best cryptocurrencies of the current time.
What Can You Buy with Bitcoin Cash?
The real purpose of money, regardless of its type, is to buy things, and when it comes to the question of what you can buy with Bitcoin, there are a whole lot of different things that you can enjoy already with this cryptocurrency. The first thing is to find a suitable online store that accepts Bitcoin Cash as an acceptable payment method. Because of the dramatic emergence of cryptocurrency, more and more online stores are adding multiple cryptocurrencies as acceptable payment methods to their portals. One of the best such examples is Coinsbee.
Coinsbee is an online portal that is accessible in over 165 countries, and here you can buy gift cards with Bitcoin Cash, Mobile Phone Topup with Bitcoin Cash, etcetera. This platform also offers eCommerce vouchers, such as Amazon Bitcoin Cash, game vouchers such as Steam Bitcoin Cash.
If you own any other major cryptocurrency, then you can also spend that to get Giftcards for Bitcoin cash, Mobile Phone Topup with BCH as it supports more than 50 cryptocurrencies.
Future of Bitcoin Cash
Bitcoin Cash came with long-term goals and aims, and it’s still on its way to achieving them. But the way it’s handling all the current problems and offering people with better crypto experience makes it a great option to invest in. It’s also considered as the PayPal of the landscape of the crypto world because of its fast, cheap, and easy transactions.
According to the crypto experts, the time of Bitcoin Cash’s peak is still yet to come, and the increasing value of the cryptocurrency backs the claims.
Konklusyon
This hard fork of the original Bitcoin demonstrates the unbiasedness of the decentralized system and how a larger block size can help the community. We hope that this information will allow you to understand whether it’s the right cryptocurrency for your investment or not.
