Today I am going to answer your questions about Bitcoin Cash:
"What is Bitcoin Cash? Is Bitcoin Cash a good investment? Is Bitcoin Cash worth buying in 2018 (and beyond)? Bitcoin Cash vs Bitcoin - Which one is better?" And other crucial questions.
I am 100% sure that you will find my article helpful and valuable. If you need any further help, you can always ask me in the comments below and I will be more than happy to help you out.
Summary: Bitcoin Cash was supposed to be a better version compared to Bitcoin. However, there was a lot of controversy during the whole Bitcoin fork.
Most people in the cryptocurrency community believe that Bitcoin will thrive and Bitcoin Cash was mainly supposed to make a few people extremely rich.
Is Bitcoin Cash Recommended? I haven't personally invested much money on Bitcoin Cash. I don't recommend it to other people either. Put your money into Bitcoin or other cryptocurrencies.
See my #1 recommended cryptocurrency exchange here.
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Is Bitcoin Cash Worth Buying? - My Video Review
Before you dive into my article below, I want to give you an opportunity take a look at my Bitcoin Cash video review below.
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What Is Bitcoin Cash?
You probably already know Bitcoin. It's the first cryptocurrency in the world that was created back in 2009. Since then the market cap of Bitcoin has grew into hundreds of billions of dollars and more than 1,600 other cryptocurrencies were created.
One of the biggest cryptocurrencies is called Bitcoin Cash.
Bitcoin Cash was launched in the Autumn of 2017 with so-called Bitcoin fork. It means that everyone who owned Bitcoin back then, received also Bitcoin cash cryptocurrencies for free.
- If you owned 1 BTC (Bitcoin), you got 1 BCH (Bitcoin Cash).
- If you owned 5 BTC, you received 5 BCH.
- If you owned 4,123 BTC, you received 4,123 BCH.
- And so on.
Bitcoin Cash was now designed to become the best cryptocurrency in the world with
- Real decentralization
- Fast transaction times
- Low transaction fees
- And other benefits.
However, real "Bitcoin believers" heavily criticized Bitcoin Cash and said that it was just Roger Ver's strategy to make himself tons of money. Roger Ver has been one of the biggest influencers in the cryptocurrency space for years.
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He said that Bitcoin is not enough and there are too many downsides to he and some other people wanted to create something better. Well, at least that was their plan...
How Does Bitcoin Cash Work?
In this article, I don't want to go into the technical details of the Bitcoin Cash because most of my readers prefer explanations using layman's terms.
That being said, let me explain a few important details about BCH
- is decentralized. The network is spread out all over the world in different locations. However, there has been a debate whether it's truly decentralized or not. More on this later..
- is a peer-to-peer cryptocurrency. Anyone can send BCH to any person anywhere in the world without a middleman like bank.
- is secure. BCH uses a strong encryption and it's pretty much impossible to hack.
- uses blockchain. All transactions are logged to a public ledger called blockchain.
At this point you could easily say, "Well, all those 4 elements apply to Bitcoin as well" and you would be completely right.
However, there are also several crucial differences between Bitcoin and Bitcoin Cash that I am going to explain you in the next chapter.
Bitcoin vs Bitcoin Cash
Some "true Bitcoin believers" almost hate Bitcoin Cash. In this and the following chapters you will find out why.
But before that, let me explain the reason why some people think that Bitcoin Cash is better than BTC.
A main difference between Bitcoin and Bitcoin Cash is that the block size was raised from Bitcoin's 1MB to 8MB. The purpose of this change was to try to lower the transaction fees and make transactions faster.
In many cases BCH transactions have been faster and cheaper than with Bitcoin but that's not the whole story.
There has been so much controversy around BCH that I couldn't include everything in this article. Bitcoin Cash and Roger Ver has numerous times been attacked for several reasons regarding to Bitcoin Cash.
The most common reasons have been:
- Bitcoin Cash Price Manipulation
- Bitcoin Cash Centralization
Let me explain more details in the following chapters.
Bitcoin Cash Price Manipulation
Roger Ver has without a huge influence within the cryptocurrency space. He has thousands, if not millions of followers on different media channels over the Internet, television and newspapers.
Some people call him "Bitcoin Jesus" while other claim him to be a "Bitcoin betrayer". In addition, he may face soon a lawsuit because of the controversial propagation of Bitcoin Cash.
He has been pumping the price of Bitcoin Cash in all possible media channels. There was also some controversy when Bitcoin Cash was added to Coinbase. The price jumped to the sky right away after it was added and most likely Roger Ver and other "inner circle" made big money.
Ver and his companions have created propaganda showing the superiority of Bitcoin Cash using controversial methods. This has lead some people to buying Bitcoin Cash when they were actually planning to buy Bitcoin.
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Is Bitcoin Cash Really Decentralized?
In 2017 the research showed that 92% of the Bitcoin Cash mining was operated by 2 major mining farms.
In the other words, 2 miners controlled the whole action within Bitcoin Cash. Some rumors said that even those 2 mining farms were owned by the same people. I don't know what is the truth there but it doesn't sound very good compared to Bitcoin where mining is more decentralized.
I wouldn't be too surprised if Roger Ver and his "army" would control the whole Bitcoin Cash mining business.
Bitcoin.com And Bitcoin Cash
In the Autumn of 2017, the founders leaders of a highly popular website Bitcoin.com announced something like, "Bitcoin is not good anymore. We are going to sell our Bitcoins now!"
That of course enticed many people to read the articles because they knew that before the same website had been promoting Bitcoin very strongly.
If you read the articles, you quickly found out that the whole purpose was just to pump up the price of Bitcoin Cash. They said Bitcoin is not good anymore and now it's time to buy Bitcoin Cash.
Bitcoin.com is still a place that highly promotes Bitcoin Cash. It also provides information on Bitcoin because of the public demand but the founders are really more into Bitcoin Cash than BTC.
Where Can I Use Bitcoin Cash?
One of the downsides of Bitcoin Cash compared to Bitcoin is that you can't yet use it very widely.
Bitcoin hasn't been adopted by masses yet either but you can already use it in way more places than BCH. Hundreds and thousands of companies all over the world would accept payments with Bitcoin but only a few accept Bitcoin Cash.
Even though that may not feel like a big issue at the moment, you must take that into consideration. The more people use Bitcoin, the stronger the networking effect will be.
A friend recommend BTC to his friend. That recommend it to another. And so on. The network will grow fast like a social media site like Facebook. Any social media site wouldn't be valuable unless a strong networking effect. People naturally think, "If other people are using Facebook, I need to use it as well."
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Even though Bitcoin is far from being a social media site, the same effect still applies. Lots of users bring even more users. While Bitcoin Cash has only a few users and it will not grow so fast.
Is Bitcoin Cash Worth Buying?
As I explained at the beginning of this post, I don't personally own much Bitcoin Cash.
I received some Bitcoin Cash during the fork in 2017 because I owned Bitcoin but since then I have sold almost all of my BCH to other cryptocurrencies.
There has been so much controversy around BCH that it doesn't feel like a legitimate investment. My prediction is that over the time course it will die away. Not completely but at least go lower from the current price.
The peak of Bitcoin Cash was in December 2017 when the price of one coin was over $4,000 and the market cap was around $70 billion. Since then it has been going down along the whole cryptocurrency market.
If you still decide to buy Bitcoin Cash, you can do so on Coinbase or on Binance. My #1 recommended cryptocurrency exchange is certainly Binance because you can buy and sell there for only 0,05% which is probably the lowest in the whole industry.
In addition, it's the biggest cryptocurrency exchange by the trading volume.
Conclusion - Which Cryptocurrency Should You Buy?
I don't want to give individual recommendations in this article but let me give you a few guidelines.
If you are looking for the biggest gains, you would probably want to invest cryptocurrencies with a smaller market cap like BitDegree, Medicalchain or carVertical. However, you need to consider that even though they can provide big gains for investors, there is also a huge risk of losing money.
Such smaller cap tokens are not decentralized like Bitcoin so you are pretty much relying on the company that is running the show.
Another option is to invest in the mid-cap cryptocurrencies like Binance Coin or Kucoin Shares. Investing in their cryptocurrencies will pay you dividends based on the fees that users pay on their cryptocurrency exchange platforms.
The "safest" option is to invest in cryptocurrencies with a bigger market cap like Bitcoin, Ethereum or Litecoin. I personally believe that those 3 coins will have a good future and their market cap will keep on rising over the years.
I also strongly believe in the mass adoption of cryptocurrencies. I have explained the reasons in my other articles and YouTube videos. If you want to learn to make money with cryptocurrencies, you can grab my course on Udemy for just $10.
That being said, cryptcourrency market is still very volatile and it contains risks. If you are looking for more secure and proven ways to make money online, I recommend having a look at the step-by-step training below.
What do you think about Bitcoin Cash?
Do you prefer Bitcoin or Bitcoin Cash?
What cryptocurrency will give the best returns in 2018, 2019 and the coming years, in your opinion?
Let me know in the comments below!
If you have any questions, just leave a comment below and I will be more than happy to help you out.
Disclaimer: This article is not a financial investment. You should only treat it as information and entertainment.