Crypterium is about giving you options. That’s why today we’re adding support for Bitcoin Cash (BCH) — a cryptocurrency created to increase the scalability of Bitcoin as a payment method.
Taking into account the rising popularity of BCH among our community, we’ve decided it was time to add it to the Crypterium Wallet. We’re rolling out the Bitcoin Cash wallet to all users on both iOS and Android devices. Keep in mind that BCH support is activated by default.
Getting Started With Bitcoin Cash
Progressively, all the features of the Crypterium Wallet will support Bitcoin Cash:
Send/Receive Bitcoin Cash
You can send Bitcoin Cash to anyone instantly and commission-free using the Crypterium Wallet. To receive Bitcoin Cash, you can check your address by clicking on “Top Up” and select BCH among your balances. Copy the address or scan the QR code.
Exchange Bitcoin Cash
Time for a change? No problemo… Exchange Bitcoin Cash (BCH) for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) or USD Coin (USDC) straight from the app. Our powerful matching engine always picks the best exchange rate for each of your transactions.
Buy Bitcoin Cash
If you’re looking for a secure and convenient way to buy Bitcoin Cash, look no further. With only a few taps, you can purchase BCH with your debit or credit card. Not only we make sure you get a fair exchange rate, but our commission is also the lowest on the entire market.
Cash Out Bitcoin Cash
Bitcoin Cash is fast and reliable, but there are times when only cash will get the job done. The Crypterium Wallet offers you the best way to cash out Bitcoin Cash to USD or any other fiat currency. Receive funds in your debit or credit card in minutes, hassle-free.
Everything You Need To Know About Bitcoin Cash
What Is Bitcoin Cash?
Bitcoin Cash is a cryptocurrency created by a group of developers concerned with the scalability of the original Bitcoin blockchain. Back in 2017, Bitcoin was rapidly becoming a worldwide phenomenon with thousands of people joining the network each day.
If you think in terms of mass adoption, Bitcoin’s popularity is just perfect. But there is a downside too. As the number of users grows, waiting times increase since there are more transactions to process and the network’s processing capacity remains untouched.
Since each block of the Bitcoin blockchain is limited to 1MB, it quickly started to feel overcrowded. This led to slower, more expensive transactions.
On August 1, 2017, some developers of Bitcoin ABC triggered a hard fork of the Bitcoin blockchain to increase the block size limit from 1MB to 8MB, giving birth to a new chain called Bitcoin Cash (BCH). The size block has already been upgraded to 32MB.
The main goal of this new chain was to keep peer-to-peer transactions fast and affordable. To that end, Bitcoin Cash accelerated the verification process and included an adjustable level of difficulty to guarantee the chain’s survival and transaction verification speed.
Is Bitcoin Cash, Bitcoin?
Bitcoin Cash is a different cryptocurrency. So no, it isn’t the same thing as Bitcoin. There are three key differences between Bitcoin Cash and Bitcoin:
- The BCH network offers lower transaction fees compared to Bitcoin
- The BCH blockchain processes transactions faster than Bitcoin
- The BCH blockchain handles a larger volume of TPS than Bitcoin.
Bitcoin Cash vs Bitcoin
|Founder||Satoshi Nakamoto||Bitcoin Unlimited|
|Scalability solution||SegWit, Lightning Network||Increased block size|
|Mining||Proof of Work, SHA-256||Proof of Work, SHA-256|
Bitcoin Cash Disadvantages
At this point, it’s hard to imagine someone will have strong arguments against Bitcoin Cash. Instead of thinking in terms of disadvantages of Bitcoin Cash, let’s just say there are still a few matters where the original Bitcoin continues to rule.
First, Bitcoin Cash is not as popular as Bitcoin. Even if this currency is ready to scale, Bitcoin has been around for longer and its market penetration is considerably higher.
Second, Bitcoin Cash price is considerably lower than the price of Bitcoin. Yet, the cost of mining is quite similar to BTC, making it a less profitable choice for miners.
Finally, trading BCH is far less exciting than BTC due to lower volumes.
How do you get Bitcoin Cash?
With Crypterium, you can literally do anything you want with Bitcoin Cash. From paying for your coffee to sending money to your parents. But… how do you get Bitcoin Cash in the first place? Well, there are basically three options to acquire Bitcoin Cash:
- Buy Bitcoin Cash using the Crypterium App
- Receive payments in Bitcoin Cash
- Start mining Bitcoin Cash
Purchasing Bitcoin Cash
With the Crypterium App, you can exchange your fiat currency for BCH in only a few minutes. You can pay with any debit or credit card and the BCH is credited to your wallet instantly. Ready to exchange dollars for Bitcoin Cash?
Accepting bitcoin cash
Freelancer? An alternative way to build up your Bitcoin Cash balance is to accept payments in BCH. Transaction speed is a great advantage of the Bitcoin Cash network. If your employer or clients pays you with BCH, you’ll get funds in your Crypterium Wallet immediately.
Mining Bitcoin Cash
This is clearly not for everyone. But if you have enough technical knowledge (and computer power), mining BCH might be an option for you.