Bitcoin Cash (BCH), created in 2017 by splitting from Bitcoin (BTC), aims to provide lower transaction fees and higher transaction capacity. Bitcoin Cash can store more data per block by increasing the block size to 32 MB, reducing the fees users pay during high demand periods. While BCH prioritizes consumer payments by adding rapid updates and new features, this approach increases the risk of network splits and software errors. The future of Bitcoin Cash will be shaped by its ability to offer transactions with low fees and whether users prefer BTC as a store of value or BCH as a payment method. In this article, you can find answers to two frequently asked questions: What is Bitcoin Cash (BCH) and how to buy Bitcoin Cash (BCH) with TRY.
What is Bitcoin Cash (BCH)?
Bitcoin Cash (BCH) is a cryptocurrency that emerged as an alternative to Bitcoin (BTC), the world’s oldest and most widely traded cryptocurrency. Bitcoin Cash, launched in 2017, was created by a group of Bitcoin users who disagreed with the direction proposed by Bitcoin’s main developer group, Bitcoin Core. They believed different technical decisions were necessary to make Bitcoin more accessible and competitive on a global scale.
Bitcoin Cash advocates aimed to make the cryptocurrency more competitive with traditional payment systems like Visa and PayPal. To achieve this, they sought to lower transaction fees and shift costs to other parts of the network. This led to changes in Bitcoin’s code and the release of a new software version incompatible with Bitcoin, resulting in two blockchains and two separate assets: BTC and BCH. As a result, any user who owned BTC at the time of the split could claim an equal amount of BCH.
One of Bitcoin Cash’s most important features is its ability to store more data per block by increasing the block size to 32 MB. This change allows Bitcoin Cash to process more transactions per block, reducing the fees users pay during high demand periods. In contrast, Bitcoin has adopted a different system for counting transaction data.
Bitcoin Cash has also incorporated features from other cryptocurrencies, such as the ability to launch new coin types on its blockchain. However, the larger block size means that downloading and maintaining a copy of the blockchain could be more costly for users, and more frequent software upgrades may be necessary.
There are significant differences in design philosophy between Bitcoin and Bitcoin Cash. Bitcoin Cash developers prioritize consumer payments to increase BCH’s value in the short term, making it more suitable for online spending. On the other hand, Bitcoin is often seen as a store of value similar to digital gold.
Bitcoin Cash’s aggressive approach to adding new features and frequent upgrades has led to network splits. The most notable of these splits resulted in Bitcoin Cash and Bitcoin SV. This approach also increases the risk of software errors and bugs. Having multiple developer teams can enhance security but also lead to costly mistakes.
As an experimental cryptocurrency, Bitcoin Cash faces various questions about its future. Key issues include whether BCH can continue to offer low-cost transactions without relying on fees as mining rewards decrease and whether frequent upgrades will enhance its features or lead to more network splits. Additionally, it remains to be seen whether users will prefer to hold BTC as a store of value or spend BCH as an alternative to traditional payment systems like Venmo or PayPal.
How to Buy Bitcoin Cash (BCH) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Bitcoin Cash (BCH). On Binance TR, where an account can be quickly created, more than 100 cryptocurrencies, including BCH, can be bought and sold. To buy Bitcoin Cash (BCH) with TRY on Binance TR, follow these steps.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. To do this, go to trbinance.com and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as your email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and accurately, email/SMS verification will be performed to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or through Binance TR’s official website. Note that you will also need your mobile phone to perform identity verification from the website.
On the Binance TR website, hover over the “Profile” option in the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” You will then need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on “Copy URL” to have the identity verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first tap on “Identity” to continue.
Then a screen like the one below will appear. To continue the verification process, first select the document type that is suitable for you.
After selecting the document type, tap on “Upload Front Side” to continue. After taking a photo of the front side of the document you selected, tap on “Upload Back Side” and take a photo of the back side of the document and upload it. Make sure the images are clear and the information in the photos you take is easily readable.
Then tap on “Selfie” to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible once the camera opens.
After completing all these steps accurately and completely, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and trade seamlessly from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. For other banks, you can deposit up to 50,000 TL 24/7 with FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first, go to trbinance.com, hover over the “Wallet” option in the top left corner of the homepage, and click on “Deposit” from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST. All you need to do now is to transfer the amount you want to deposit into your Binance TR account using the information shown on the bank’s page.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy BCH Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to BCH coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the following page will open. You can go to the TL to BCH purchase page by typing “BCH” in the search bar on the right side of this page and clicking on the BCH/TRY option from the results.
Now the following BCH trading page will open. On this page, in the red-marked area, you need to enter the price at which you want to buy BCH in the first box and the number of BCH you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy BCH” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY pairs via Binance TR.
Users supported by Binance’s core functions can access market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.
