What You Must Know About Bitcoin Cash

The Early Days

Time was when you could claim Bitcoins Cash through Bitcoins Classic.

Remember the little story we told about Bitcoin cash being created via a hard fork off the Bitcoin classic blockchain network? Well, it happens that it was an avenue for Bitcoin owners (prior to the fork) to acquire some of the fresh and newly created Bitcoin Cash. Just by virtue of possessing Bitcoins before the first of August 2017 (the date when the Bitcoin cash hard fork was done), you are entitled to an amount of Bitcoin cash.

Claiming the Bitcoin cash was a good way to acquire the cryptocurrency without necessarily having to buy. Those days have elapsed and now, you need to buy the coins to have it. After acquiring the coins, you need to store them in a wallet.

For a full node wallet, one on which you have the whole blockchain downloaded, you can simply back it up. All you then have to do is import the backup into your new Bitcoin cash wallet, and you’ll have your Bitcoin cash units available. For other simpler wallets that don’t require the complete blockchain being downloaded, the process is similar but slightly different. What you have to backup in this case are the private keys to your wallet. Using this recovery seed on a wallet, especially a hardware cryptocurrency wallet, will provide you access to your Bitcoin cash tokens.

Accept it in exchange for products or services

This is a smart way, both to purchase Bitcoin cash and also to encourage the acceptance and popularity of cryptocurrencies as a whole. When you offer a product for sale or carry out a service, rather than request for fiat currencies as payment, you can ask your client to pay you in Bitcoin cash instead (if they have the cryptocurrencies).

This is a seamless method of acquiring Bitcoin cash without having to first be in possession of any other cryptocurrency. Also, even if your client is not in possession of Bitcoin cash prior to your making a request for it as payment, this will make them aware of it. And perhaps they will be interested enough to invest in some Bitcoin cash themselves.

Final words

As is the case with any technology, progress is made only by improving, fixing any problems, and developing better and more efficient solutions. Bitcoin cash is a clear example of this iterative approach of technological progress. It is a beacon of progress in blockchain technology. Therefore, if you’re interested in being a part of the future of blockchain, then you should seriously consider Bitcoin cash to your cryptocurrency stash. You will be proud of this decision a few years down the line.