|Circulating Supply||17,580,400 BCH|
|Max Supply||21,000,000 BCH|
About Bitcoin Cash
When it comes to deciding on which coins to trade on the many cryptocurrency exchanges, traders are certainly spoilt for choice. Bitcoin is obviously the most popular coin and will be the coin that practically everybody has heard of. However, did you know that Bitcoin was forked in August of last year?
As a result of being forked, a new coin was created called the Bitcoin Cash coin that while it used the same blockchain as BTC, it was designed with slightly a different vision. While Bitcoin has always wanted to focus on being decentralized and as anonymous as possible, Bitcoin Cash has that as a second priority instead and wants to be far more efficient than its famous big brother.
If you like what you are hearing regarding the new BTCC coin, you are going to want to continue reading this review to learn further details of their vision.
What is The Bitcoin Coin (BTCC)
Bitcoin Cash is the hard fork of Bitcoin which was created just last year in 2017. It was created with the aim of improving on the original Bitcoin through making improvements to the fundamental drawbacks of the original cryptocurrency. This includes making the transactions faster and the block sizes larger.
BTCC has enlarged the blocks that it sends to 8mb, a size that should eliminate the problem of congestion that is commonplace with BTC transactions. This will make transactions much faster and allow people to get their currencies a lot quicker than what they can when using BTC.
Bitcoin Cash has been received very well and it currently has a market cap of $21,775,941,255 with a daily trading volume of around $450 million. Buying a Bitcoin Cash coin will cost $1,284.83 at the time of writing this review.
Whats Special About Bitcoin Cash (BTCC)
Created with the intention of eradicating the core drawbacks of Bitcoin, BTCC boasts a number of advantages over the original cryptocurrency. As a result, BTCC is faster, safer and cheaper than BTC when making transactions.
- Larger Block Size – Bitcoin Cash uses much bigger block sizes as the bigger the block the faster transactions can be completed. The smaller the blocks are, the more congestion can be created. BTCC blocks are 8mb in size and therefore allow transactions to be completed within minutes.
- Reduction in Transaction Fees – Due to the surge in the value of the Bitcoin, fees have increased the value. Scaleability with BTC has thus become something of a concern. BTCC, on the other hand, has managed to keep transactions down to nothing more than a few cents.
- Better Security for Transactions – Bitcoin Cash is more secure compared to Bitcoin as it makes use of a new replay protection technology that signs off the transactions. Quadratic hashing is also a thing of the past with BCC, something that is a problem for Bitcoin.
- Added Security for Hardware Wallets – Any of you that use hardware-based wallets such as the Ledger Nano S or Trezor can take advantage of an added security feature. This is called SigHash type which provides input value signing.
Where to Buy Bitcoin Cash (BTCC)
This hard forked Bitcoin currency has quickly become one of the most traded coins since its launch in 2017. With a large market cap and trade volume, it is understandable that many cryptocurrency exchanges are more than happy to support the trading of it. There is a good selection of exchanges that will allow you to trade it, so you should have no trouble finding one.
Below are five that we recommend:
Binance is a very popular choice as it allows the crypto-to-crypto trading that allows traders to keep their anonymity. No fiat currencies accepted here so you will first have to buy your BTCC from another exchange first.
This is an excellent exchange that we recommend specifically because it accepts the fiat currencies from more than 30 different countries. It also accepts credit and debit cards as a payment method.
Low fees, credit cards being accepted and the fact it has been running since 2011 are just some of the reasons why Kraken is a popular cryptocurrency exchange. Many other coins can be traded here too.
A relatively new exchange, Gate.io was launched in 2017 and it supports the trading of many cryptocurrencies and fiat currencies and even allows credit and debit card transactions. This is a good choice in our opinion.
CoinEgg is an exchange based in South Korea that allows crypto-to-crypto trading only. This is a good option but if you want to use fiat currencies to exchange for BTCC, you will have to use another platform instead.
Investing in Bitcoin Cash (BTCC)
Bitcoin Cash might not be as popular as its older brother but to experienced traders, it is often seen as the better coin and better transaction system. What makes it attractive is the fact that it has streamlined the transaction process through increase the size of the blocks on the Bitcoin blockchain.
It will also appeal to traders as it is valued at a much lower price on the exchanges at the minute and has the potential to grow in value. Not quite as volatile as BTC, BTCC is a cryptocurrency that definitely seems to be something of a long-term investment.
Do I Need a Bitcoin Cash Wallet
When you consider how much cryptocurrencies can be worth and how much they might be worth in the next few months or years, you are going to want to keep them safe. This means instead of keeping them on exchanges where there is the possibility of being hacked, you should be keeping them in your own wallet whenever possible.
Despite having good security, no exchange is ever completely safe from hacking and there have been many examples of exchanges being hacked over the years. For that reason, you should always be making use of the best security possible for your cryptocurrencies.
Bitcoin Cash is one of the most valuable cryptocurrencies out there and for that reason, you will not have too much trouble finding a wallet that can store them.
- Hardware Wallets
If security is your ultimate priority when considering wallets to store your cryptocurrencies, hardware wallets are the way to go. These are actual devices that you can connect to your computer or mobile devices via USB and they physically store your currencies. There are not too many of them around compared to online wallets but we feel this will change over the coming years.
Here are two hardware wallets that we feel are the best on the market right now:
Ledger Nano S
If you were to ask any experienced trader their opinion on the best hardware wallet, they would more than likely say it is the Ledger Nano S. This is because of its value is cheaper than most and the quality that it provides. It can store Bitcoin Cash as well as many of the other major cryptocurrencies.
Another good option is Trezor, another hardware wallet that can store a good selection of cryptocurrencies offline and even away from your computer. This means that there is practically no way that your wallet can be hacked. You just connect it to your computer when you want to put new currencies into it.
- Software Wallets
While it is fairly common knowledge that software-based wallets cannot match hardware-based wallets when it comes to security, they are still safer than keeping wallets on the exchanges. Mostly these are free to download or create an account but there may be some fees involved when using them to hold your cryptocurrencies.
Here are some of the better options:
Electrum is a lightweight wallet that has been around since 2011 and it is capable of storing Bitcoin and Bitcoin Cash. This wallet also offers up compatibility with some of the more well-known hardware-based wallets as well.
BTC is a hybrid wallet that while operates online, actually allows you to store your cryptocurrencies on your computer. This means that your portfolio is kept safely away from the internet and is kept locally to you.
Pros & Cons
Bitcoin Cash is up there with the most popular cryptocurrencies right now and would be an excellent choice to add to your current portfolio in whatever wallet you choose. This is a strong and reliable currency and there is definitely money to be made whether you are planning a short or long-term investment.
Here are some pros and cons for Bitcoin Cash:
- More secure than BTC transactions
- Faster and cheaper transactions as well
- More scalable than Bitcoin
- Not as focused on decentralization
- Not as well-known as Bitcoin