Bitcoin Cash is a derivative of Bitcoin, this is called a fork. The name of this cryptocurrency already indicates a bit of its purpose: to be used as digital money. Whereas the original Bitcoin is increasingly becoming a store of value, Bitcoin Cash is increasingly trying to act as a global currency.
According to their own website, it is "The best money in the world." You see that more often with butchers judging their own meat.
Bitcoin once held the promise of becoming a "peer-to-peer electronic cash system", as proposed in Bitcoin’s famous white paper by Satoshi Nakamoto.
As time went on, that changed little by little, as more and more people started using Bitcoin, but the speed of processing transactions did not improve. This caused transaction costs to rise, which of course meant that there could hardly be a peer-to-peer electronic cash system anymore, because who is going to pay a few euros for a cup of coffee with Bitcoin when the transaction costs are 25 bucks?
There were people in the community who felt that things needed to change. The original vision was that ordinary people could use Bitcoin to transfer money to each other and pay for goods and services. Certain people therefore proposed a fork of Bitcoin namely: Bitcoin Cash.
In 2017, Bitcoin dominance went down from 95% to 40%. That did not come out of thin air. Bitcoin was becoming increasingly expensive and unreliable to use.
The biggest cause of this was Bitcoin’s limited network capacity. Because of a maximum block of 1MB on their blockchain, not that many transactions fit into their blocks, which were made every 10 minutes. Sometimes you had to wait for hours for a transaction to be validated, and miners mainly took transactions in a block for which they could charge high gas fees.
There were proposals like SegWit and the Lightning Network, but this was not what a large group was waiting for. They wanted a larger block of 8MB so that more transactions per block could be validated every 10 minutes.
This group included users, developers, businesses, and investors.
On Aug. 1, 2017, the hard fork on the Bitcoin blockchain followed and Bitcoin Cash was born. For every Bitcoin you had then, you also got 1 Bitcoin Cash. After that, blocks were mined in the same way as on the Bitcoin network. But miners on the Bitcoin Cash blockchain no longer received Bitcoin, but Bitcoin Cash.
About a year later, the block size was increased to 32MB, which meant you could validate many more transactions per block being mined, which of course makes it much more like peer-to-peer electronic money, as Satoshi wanted. There is constant research to increase this block size or other ways to dampen transaction costs.
Some people, such as the controversial Craig Wright, were still unhappy with the Bitcoin Cash project, and another Bitcoin Cash fork followed in 2018: Bitcoin Satoshi Vision (Bitcoin SV or also known as BSV).
So, Bitcoin Cash is actually a continuation of Bitcoin with some modifications. Therefore, there are no real founders or inventors, Satoshi Nakamoto is its creator. The only difference is that more Bitcoin Cash transactions can be done for a lower price.
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Their vision is: "Creating sound money accessible to the whole world." So, they want to be a strong currency that can be used throughout the world.
They succeeded in doing just that. Bitcoin Cash is very easy to purchase, put in a wallet and send to anyone in the world at acceptable transaction fees.
If you are going to send Bitcoin Cash (BCH ticker symbol) you can do so day and night. The Internet is never closed, neither is the Bitcoin Cash network. A new 32MB block is mined every 10 minutes and a lot of transactions can fit in it, which has become much cheaper as a result.
You also don’t need permission to work with BCH. There are no parties that can prohibit you buying Bitcoin Cash or paying for a cup of coffee with it. They call this permissionless networking, and BCH is also borderless. It can rightly be called a decentralized means of payment.
So, with Bitcoin Cash, you are your own bank, and if you have the private keys, you also have complete control over your money.
According to their website, Bitcoin Cash is voluntary, decentralized, and non-aggressive. This reminds us of the principles of libertarianism.
When you deposit money in a bank, the bank can be closed, go bankrupt, your funds can be frozen and some more of these fun things. That’s because the money sitting in your bank doesn’t really belong to you. If you have Bitcoin Cash in your possession, no one can touch it.
With Bitcoin Cash, you also enjoy more privacy than with a bank or credit card company. As you need more privacy, you can arrange this with Bitcoin Cash.
Some companies choose to offer discounts if you pay with BCH because it is cheaper than using a credit card.
Bitcoin Cash has also created a sidechain for compatibility with Ethereum Virtual Machine (smart contracts). This is called smartBCH. This allows them to piggyback on all the things you can do on Ethereum, such as apps or DeFi.
The exchange Bitcoin.com is even built around this coin.
All kinds of companies and networks use Bitcoin Cash, in addition to, of course, wallets.
Think of payment systems for all sorts of things, such as hotels, debit cards and gift cards. Also, all kinds of projects are already using BCH as a payment method, such as eatBCH or GiveCrypto.
Their smartBCH network is becoming increasingly filled with apps and DeFi exchanges.
Of course, Bitcoin Cash can be purchased on virtually any exchange worthy of its name.
A transaction costs less than a penny. Exchanging for fiat money is still much cheaper than a credit card transaction.
Reversing transactions is impossible. This prevents sellers from surprises such as returns, shipping costs and other unexpected additional costs.
More and more merchants and buyers prefer Bitcoin Cash as a payment method. This will help you attract new customers.
Because you accept BCH as payment, you will be listed on the website for free, giving you free advertising and acquiring new customers.
Because Bitcoin Cash is a hard fork of Bitcoin and they have not changed any rules except the block size there will be the same total number of Bitcoin Cash as Bitcoin, 21 million.
As a result, inflation of the coin is minimal, just like with Bitcoin.
Because miners mine less BCH every four years, it is quite possible that in the future Bitcoin Cash will become and remain worth more and more after each halving, so people will continue to mine. However, this principle is much more observable with Bitcoin than with Bitcoin Cash.
Bitcoin Cash went to the top of CoinGecko’s list since its inception. As such, it is not expected to leave the top 50 anytime soon.
Bitcoin Cash makes the occasional outlier and may then make the top 20 or even the top ten. The value of BCH will remain fairly stable, we estimate, depending on the stage of the market’s surge.
It is impossible to quote precise prices, but the strength of this coin also lies in its liaison with Bitcoin. Therefore, we consider it likely to remain high, moving mostly between place 5 and 50 in terms of market cap.
Occasionally he may shoot out of this range, but those will probably prove to be exceptions.
We expect Bitcoin Cash to continue to be the rock that does not roll south.