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Buy Bitcoin Cash in Canada with Einstein Exchange
Bitcoin Cash (BCH) is a direct result of a Bitcoin fork that occurred on August 1st, 2017. It is an alternative version of Bitcoin that makes use of new features and rules, and has a different development roadmap. Bitcoin Cash is available to buy, sell and trade on the Einstein Exchange platform.
A Bit of History
Rising fees on the Bitcoin network contributed to a push by some in the community to create a hard fork to increase the blocksize. This push by some to increase the block size met a resistance. Since its inception up to July 2017, Bitcoin users had maintained a common set of rules for the cryptocurrency. Eventually, a group of Bitcoin activists, investors, entrepreneurs, developers and largely China based miners were unhappy with bitcoin's proposed improvement plans meant to increase capacity and pushed forward alternative plans for a split which created Bitcoin Cash.
On August 1st 2017 Bitcoin Cash began trading at about $240, while Bitcoin traded at about $2,700.
In November 2018, a hard-fork chain split of Bitcoin Cash occurred between two rival factions called Bitcoin ABC and Bitcoin SV. On November 15th 2018 Bitcoin Cash ABC (BCH) traded at about $289 and Bitcoin SV traded at about $96.50, down from $425.01 on November 14th for the un-split Bitcoin Cash.
The split originated from what was described as a "civil war" in two competing Bitcoin cash camps. The first camp, led by entrepreneur Roger Ver and Jihan Wu of Bitmain, promoted the software entitled Bitcoin ABC (short for Adjustable Blocksize Cap) which would maintain the block size at 32MB.
The second camp led by Craig Steven Wright and billionaire Calvin Ayre put forth a competing software version Bitcoin SV, short for "Bitcoin Satoshi's Vision," that would increase the blocksize to 128MB.
Bitcoin SV has since been delisted on many exchanges. Einstein Exchange never listed Bitcoin SV.
What is Bitcoin Cash?
Bitcoin Cash is a digital currency that you can send to other people. This may be as a gift, for services or for a product. You get the idea — it’s just like the money we use in our bank accounts (USD, EUR etc.). But it’s only digital; it isn’t physical.
However, that isn’t all that makes it different. It’s also decentralized, meaning it doesn’t rely on a bank or third party to handle it — which is explained in this article [LINK] about cryptocurrency.
As with Bitcoin, with Bitcoin Cash each transaction happens directly between users — it’s called a peer-to-peer network. This is all possible thanks to the blockchain. Bitcoin introduced blockchain technology to allow users to send and receive Bitcoin without using a third party.
Because you don’t need a third party, you don’t need to identify yourself. You can make payments without revealing who you are etc.
How Is Bitcoin Cash different to Bitcoin?
Bitcoin Cash is the forked counterpart to Bitcoin, and while it works in a very similar way to the former, it’s actually much faster and usually comes with lower transaction fees.
Due to the success of Bitcoin, Bitcoin Cash usually goes overlooked, or is confused with the original cryptocurrency but it’s paramount to know the difference – if you try and send Bitcoin Cash to a Bitcoin address, you’re likely to lose the money altogether.
Bitcoin and Bitcoin Cash are obviously very similar in how they operate, but understanding that they are different cryptocurrencies in and of themselves is a must. While Bitcoin Cash has lower transaction fees and faster speeds, Bitcoin takes the cake as far as popularity and ability to spend are concerned.
Bitcoin Cash Explainer Video
Note: This video is from the Bitcoin Cash website and may be biased. For more information about Bitcoin Cash, please visit https://www.bitcoincash.org.