This write-up explains how to buy Bitcoin cash (BCH) with INR on KoinBX crypto exchange App (Android & iOS).

Bitcoin Cash (BCH) is a peer-to-peer (P2P) electronic cash system that intends to become global money because of its fast payments, low fees, secrecy, and large block size. BCH requires no trusted third parties since it is a permissionless, decentralised crypto.

Bitcoin Cash was launched as an alternative to Bitcoin (BTC), the first and most valued crypto. BCH developers updated the Bitcoin code in 2017, releasing their software version as well as a fully competing product that separated Bitcoin into two blockchains: BTC and BCH. Bitcoin Cash is the outcome of a blockchain hard split caused by community disagreements about Bitcoin scaling and the Segregated Witness (SegWit) upgrade. In addition, another hard fork in 2018 split Bitcoin Cash into two pieces, Bitcoin ABC and Bitcoin SV.

Small block proponents were opposed to raising block size since it would lead to blockchain centralization and insecurity by making it more difficult to host complete nodes. Large block advocates argued for a speedier solution, fearing that higher transaction costs would stifle growth.

Founders:

Bitcoin's mystery developer Satoshi Nakamoto published the whitepaper “Bitcoin: A Peer-to-Peer Electronic Cash System” in 2008. The first Bitcoin programme went online in 2009.

For numerous years, the transaction costs were minimal and the transactions were dependable. As Bitcoin's popularity grows, so does the number of transactions on its network, resulting in slower processing times and higher fees by 2016. Bitmain, a mining gear company, recommended the hard fork to increase the block size limit to allow for more transactions per block. On August 1, 2017, this went live, culminating in the introduction of Bitcoin Cash (BCH). It was well accepted by the Bitcoin community.

BCH has had its own set of challenges and accomplishments since its beginning. Another major occurrence was a hard fork in November 2018, which resulted in the establishment of Bitcoin SV (BSV), a new crypto. The split was triggered by differences within the BCH community over suggested protocol improvements. As a result, two competing implementations have emerged: Bitcoin ABC and Bitcoin SV. Bitcoin ABC continues while BCH and Bitcoin SV separate into their own coins.

How does Bitcoin Cash (BCH) Work?

BCH works faster and has lower transaction fees because of its higher block size and supporting smart contracts and ecosystem apps.

With only 21 million coins, BCH is undeniably scarce and readily spent like cash. Transactions are completed quickly, and costs are often less than a tenth of a cent.

BCH may be used to pay participating businesses for products and services both in-store and online, in addition to P2P payments between individuals. Low fees allow for the creation of new micro-transaction marketplaces, such as paying content providers and app users. BCH also lowers the costs and time it takes to settle remittances and cross-border transactions. Tokens, simpler smart contracts, and private payments with tools are some further applications.

How does BCH differ from Bitcoin?

Bitcoin Cash was widely regarded as a credible extension of Satoshi Nakamoto's idea of Bitcoin as a peer-to-peer electronic cash. At the time of the hard fork, all Bitcoin holders instantly became BCH owners.

From a technological standpoint, BCH is comparable to the Bitcoin algorithm. Both the BTC and BCH projects have a maximum supply of 21 million coins and employ the Proof-of-Work (PoW) consensus mechanism and validator nodes to validate transactions.

Unlike BTC, BCH intends to scale in order to meet the increasing demands of a worldwide payment system. During the split, the block size of BCH was increased from 1 MB to 8 MB. Because of the increased block size, BCH can now handle much more Transactions Per Second (TPS) at low transaction costs, resolving the payment delays and excessive fees faced by certain BTC network users. BCH has a block size of 32MB as of 2023, compared to Bitcoin's block size of 1 MB.

Security:

BCH, like Bitcoin, is secured through a PoW consensus method in which miners solve computationally difficult problems to validate transactions and produce new blocks.

Mining Bitcoin Cash:

Mining is the process of adding new blocks to the network and confirming new BCH transactions. Miners employ processing power and electricity to solve hard riddles and generate new transaction blocks. If the network accepts one of their blocks, the miner receives a block reward in the form of newly minted BCH.

Mining is highly competitive. As the market price of BCH rises, more miners are encouraged to introduce higher hash rates into the miner competition in order to generate and accept blocks by the BCH network. More miners increase and distribute the hash rate, making the blockchain network more secure. This prevents a single miner from controlling the whole web.

Pros:

Highly Scalable – Larger BCH blocks let the blockchain to scale up, allowing for more transactions and reduced fee.

Accessible – Apart from the hundreds of cryptos accessible on the market, BCH is the most popular and is available on the leading exchanges.

Rapid and Low-Cost Transactions – BCH offers a reduced transaction cost and the ability to process more than 100 transactions per second.

Decentralized Money – Investors are frequently concerned about the financial system's centralised character. As a result, they choose BCH because it provides a decentralised currency system that is not controlled by one single authority.

Tokenomics:

Token Name: Bitcoin Cash

Ticker Name: BCH

Total Supply: 19,426,556.25 BCH

Circulating Supply: 19,426,556.25 BCH

Max Supply: 21,000,000 BCH

Market Cap: $3B

Future of Bitcoin Cash:

When it comes to the future of cryptos, BCH is unquestionably carving out its own niche in the market. While BTC has the most mindshare, BCH is gaining traction as more exchanges accept crypto assets. BCH is a fast and inexpensive network.

How to Buy, Sell and Trade BCH on KoinBX Crypto Exchange App?

How to Buy BCH?

Follow the below steps to buy BCH coins,

Download KoinBX Android App or KoinBX iOS App.
Signup with Basic Details.
Fill in the required details to create an account.
Complete your KYC verification process.
Add your bank account.
Deposit Fiat to your KoinBX account.
Click Buy to start buying BCH with Indian rupees (INR) & Tether (USDT).