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Bitcoin Cash (BCH) is a digital currency that is considered an important player in the world of cryptocurrency. BCH is closely related to the largest cryptocurrency, Bitcoin (BTC), but it follows a different path. In this article, you will find answers to many questions about what Bitcoin Cash is, how it works, and how to buy it.
What is Bitcoin Cash?
Bitcoin Cash was born in 2017 as a fork of the Bitcoin network. The fork occurred as a result of growth and scaling debates among the Bitcoin community. Essentially, Bitcoin Cash was developed to support faster transactions and lower fees. Bitcoin Cash is part of the solution offered to the heated debates known as the “block size war” in the cryptocurrency world. In the Bitcoin network, blocks are kept in a limited size of 1 MB, resulting in low transaction speed. Bitcoin Cash, on the other hand, has increased the block size to process more transactions simultaneously and increase transaction speed.
Bitcoin Cash allows faster transaction confirmations and lower transaction fees by using larger block sizes (usually 8 MB or more). This makes it suitable for microtransactions and daily expenses. BCH has the potential to be used as digital cash.
How Does Bitcoin Cash Work?
Bitcoin Cash shares the fundamental features of Bitcoin, which is an open-source Blockchain technology. Blockchain is used in Bitcoin Cash to record and verify transactions. Transaction confirmations are performed by miners in the network. Bitcoin Cash miners add transactions to new blocks and record them in the Blockchain. However, Bitcoin Cash can process more transactions simultaneously because it has larger block sizes compared to Bitcoin. This results in faster transaction confirmations and lower transaction fees.
Bitcoin Cash does not have technical features such as Segregated Witness (SegWit). SegWit is a technology used to process transaction data more efficiently and reduce transaction fees in the Bitcoin network. Bitcoin Cash does not implement SegWit and adopts a scaling approach based on larger block sizes.
Bitcoin Cash uses the Proof of Work (PoW) consensus mechanism to provide mining rewards and maintain network security. This means that Bitcoin Cash miners provide computational power (hashrate) to mine new blocks. Miners are rewarded with the native cryptocurrency BCH when they confirm transactions, which incentivizes them to continue the operation of the network.
How to Buy Bitcoin Cash?
Buying Bitcoin Cash (BCH) is quite easy, just like other cryptocurrencies. You can follow the steps below to buy BCH:
- Choose a Cryptocurrency Exchange: The first step is to choose a reliable cryptocurrency exchange. In Turkey, options include BtcTurk, Binance TR, and more. Popular international exchanges are Binance, Kraken, and Bitfinex.
- Create an Account: You will need to create an account on the chosen cryptocurrency exchange. The account creation process may involve steps such as email verification and identity verification.
- Identity Verification and Security: Some cryptocurrency exchanges may require identity verification for you to fully utilize your account. Identity verification enhances the security of the exchange and ensures compliance with legal requirements.
- Deposit Funds: You can buy BCH by depositing Turkish Lira or another cryptocurrency into your account. Deposits can be made using credit cards, bank transfers, or other cryptocurrencies depending on the cryptocurrency exchange.
- Purchase Bitcoin Cash: You can buy BCH using the deposited funds. The trading platforms of exchanges allow you to perform the buying and selling process in a simple and user-friendly manner.
How Much Turkish Lira is Needed to Buy Bitcoin Cash (BCH)?
The minimum amount of Turkish Lira required to buy Bitcoin Cash (BCH) depends on several factors. Firstly, you need to look at the current price of BCH. The cryptocurrency market is known for its high volatility, and the price of BCH constantly changes over time. Therefore, the minimum amount of Turkish Lira required may vary depending on the desired amount of BCH.
The payment method you use to buy BCH (credit card, bank transfer, other cryptocurrencies) can also affect the minimum amount of Turkish Lira required. For example, if you buy BCH with a credit card, you may encounter additional costs, including the exchange rate and transaction fees determined by the payment provider, which may result in a higher minimum amount of Turkish Lira required to buy Bitcoin Cash.
In short, the minimum amount of Turkish Lira required to buy BCH can vary depending on current market conditions, your choice of exchange, and the payment method used. Before buying BCH, it is important to check the current prices and transaction fees applied by the cryptocurrency exchange and consider the costs involved.
Can I Buy Bitcoin Cash (BCH) with a Credit Card?
Yes, you can buy Bitcoin Cash (BCH) with a credit card. However, this transaction requires support from both the cryptocurrency exchange and your credit card. The first step is to choose a cryptocurrency exchange that supports buying BCH with a credit card. When choosing an exchange, consider factors such as reliability, fees, supported cryptocurrencies, and payment methods.
