When you are becoming interested in cryptocurrency investing, there are a lot of different currencies that you can choose from. Some are more established than others, and some are just brand new and it is yet to be seen whether they will become viable investments or will fade into obscurity.
Of course, you should be sure to perform a lot of research before investing in any cryptocurrency as there are many scams and bad investments out there. While there are no “sure things” in the world of investments, some investments are better than others.
There are many exciting cryptocurrencies out there, one of which being Bitcoin Cash. This article will not only introduce you to Bitcoin Cash and what it is all about but will also provide you with some solid reasons to invest in it. So without any further ado, let’s learn some good reasons to buy Bitcoin Cash as an investment.
What is Bitcoin Cash?
Bitcoin Cash is a cryptocurrency that came to fruition in August of 2017. It is a hard fork of Bitcoin and came about when a group of Bitcoin developers wanted to increase the block size limit, which would, in turn, help increasing the number of transactions the ledger can process.
As of the writing of this article (11 July 2018), Bitcoin Cash is the 4th largest cryptocurrency on the market, according to market capitalization. Don’t be shocked to potentially see it creep into the top 3 sometimes later this year.
Now that you know a little bit about what Bitcoin Cash is and how it was created, let’s look at some of the reasons to buy Bitcoin Cash.
To Buy or Not to Buy
1. It Is Built for More and Faster Transactions
Most blockchain networks out there have fees that are quite high. This can obviously hurt the number of people that make transactions as they don’t want to pay an arm and a leg to make a transaction.
Thankfully, Bitcoin Cash is different.
The network fees within Bitcoin Cash are cheaper than many other blockchain networks, and scaling over time should help the fees stay pretty low, as well.
The network fees in Bitcoin Cash are also fairly consistent, which gives investors and traders some peace of mind. An average network fee for Bitcoin was reported to be around 70 cents per transaction, with Bitcoin Cash’s being well under a cent. While both of those are small numbers, it is very clear that the fee associated with Bitcoin Cash is lower and more manageable if many transactions are being made.
In addition to cheaper transactions than most other networks, Bitcoin Cash also offers faster and more plentiful transactions. The biggest reason for this is the increase in block size. By increasing the block size from 1 MB to 32 MB in order to scale up, Bitcoin Cash can provide more transactions at a much faster speed.
So while a typical Bitcoin transaction could take an average of 10 minutes to complete, a Bitcoin Cash transaction will normally only take a couple of minutes at most. Once again, that doesn’t seem like a ton when only a single transaction is made, but when thousands are being made, it can definitely be noticeable. This increase in the speed and abundance of transactions makes Bitcoin Cash more adaptable to widespread use as digital cash.
2. It is Among the Most Secure Cryptocurrencies
When dealing with cryptocurrency, security is a major concern and the thing you always need to consider when investing in something. Thankfully, Bitcoin Cash has its security very high up on their list of priorities.
They claim enhanced security over Bitcoin and also say that they offer the most robust security of any blockchain technology. It has many benefits and security features of Bitcoin, with a few added enhancements to security. Of course, claims like this should always be researched yourself and you shouldn’t simply take a company or platform’s word for it.
3. It is Supported by a Strong Community
Many of the biggest supporters of Bitcoin Cash are individuals and groups that have been around since the beginning of Bitcoin itself, many years ago. A strong community was forming in support of the hard fork before Bitcoin Cash ever became official. So, while the currency itself is only about a year old as of the writing of this article, it has roots that go much deeper than that.
In addition to the support of many people, Bitcoin Cash is also accepted by many different merchants, with likely more coming in the near future. As a result, this cryptocurrency can be beneficial not only as an investment but also as a digital currency if you so choose.
4. It is Widely Available
In addition to support from a dedicated community of individuals, many exchanges and wallets also support Bitcoin Cash, making it widely available and accessible. Many of the largest exchanges such as Bittrex, Kraken, Binance, Coinbase, CEX.IO support it and serve millions and millions of investors, collectively. A large number of well-known wallet providers such as Jaxx, Ledger and Trezor also support the BCH blockchain, which gives you as an investor a lot of flexibility.
Because of its availability through many high profile-exchanges and reputable wallets, you can rest assured that you will not be scammed when you invest in Bitcoin Cash. This is great during a time where there are thousands of cryptocurrencies out there, many of which are scams or simply not widely available, which doesn’t instill a lot of confidence in investors.
In conclusion, Bitcoin Cash is an exciting investment, and it should be no surprise why it is one of the biggest and most successful cryptocurrencies out there today. Hopefully, this article has helped illustrate some of the many reasons why it could be a good investment for you. As always, however, be sure to conduct your own research to make sure that Bitcoin Cash is the right investment for your needs.
The views expressed in this article do not necessarily represent those of the bitnewsbot editorial staff.
Author: Mary Ann Calahan