How to get started with Bitcoin Cash in 2018
A little over a year ago, bitcoin’s price plunged from $US1,000 to $US0.0020 to just $US8, but the cryptocurrency’s price rebounded in January 2018, with the price soaring to $AU1,800 and climbing as high as $AU3,900.
While the price surge and subsequent collapse is the reason many people are now switching to bitcoin cash, it’s also the reason people are taking to the blockchain.
Blockchain technology allows users to record transactions in a blockchain, where the ledger of all bitcoins and all other cryptocurrencies is stored, ensuring that the total amount of bitcoins and other cryptocurrencies in existence can never be changed.
The blockchain has proven to be a reliable means of transferring value from one currency to another, and a recent survey by the research firm CoinDesk found that people are keen to switch from cash to bitcoin, despite the volatility of the market.
“It’s a big shift in thinking for many people, but also a big opportunity for the Bitcoin ecosystem, because there are a lot of interesting projects out there that can be put to use to create a secure and decentralized financial network,” says Ben Scharfenberg, co-founder of BitPay.
BitPay’s bitcoin wallet is available for iOS and Android devices.
It also supports bitcoin and ethereum, which are two other cryptocurrencies, and offers bitcoin payments to businesses and individuals in the United States, the U.K. and Australia.
A few months ago, Bitcoin Cash surged in price, rising from $1,100 to $1.70 by the end of March.
However, the price of bitcoin continued to fall, with bitcoin cash dropping from $AU6,000 at the beginning of March to $9,800 at the end.
However, the drop in price was offset by a sharp increase in demand for bitcoin cash by merchants and other users.
Scharfenberg says the trend will continue, as people want a cheaper alternative to cash, and he expects the cryptocurrency to continue to outperform bitcoin as the blockchain becomes more widely adopted.
“Bitcoin has always been about the price.
The price is not the important thing.
Bitcoin is about the network,” he says.
“If people are willing to pay a little bit more for a currency that they are confident about, then bitcoin will take off.”
For bitcoin to be truly successful in the future, Scharfenburg says it will have to be used in a variety of ways.
He suggests that bitcoin will be used for payment on the Internet, where it can be transferred from one person to another without having to trust the sender.
For businesses that need to use bitcoin for payments, Schfarfenberg suggests bitcoin can be used as a payment method in restaurants, shopping malls, and online stores.
If bitcoin is used in the payment of goods and services, the blockchain technology can be adapted to accept digital currencies.
It could also be used to send money to people in places where there is no bitcoin infrastructure, such as countries like China, Russia and other emerging economies.
“If you want to get rid of the bitcoin, the problem is, you need to have a centralised exchange, and bitcoin doesn’t have a centrally-controlled exchange,” he said.
In the end, it will all depend on what people buy.
Bitcoin Cash, for example, could be used by users to purchase things from overseas, which could be useful in certain markets.
Bitcoin Cash is currently worth just over $US6,500 at time of publication, and it’s currently trading at around $US7,600.