A significant event known as block halving occurs every four years or every 210,000 blocks on the Bitcoin Cash blockchain. During this event, the block reward for miners is reduced by half, transitioning from 6.25 BCH to 3.125 BCH. This intentional reduction in rewards serves a crucial purpose in regulating the rate at which new Bitcoin Cash is produced.
Unlike conventional fiat currencies, which are susceptible to inflation due to central banks or governments increasing the money supply, Bitcoin Cash operates on a fixed supply model. With a maximum cap of 21,000,000 BCH, there can never be more than this predetermined amount in circulation.
Also Visit: Bitcoin Halving Countdown 2024 | Bitcoin four year cycle
The Bitcoin Cash Halving Event can be predicted to occur on 02 April 2024, 20:44 UTC.
Event Block Height -840,000
Current Block Height – 839,676
Block Time – 423.0
Exchange Rate – 0.009834957347047257 BTC
Market Cap- 13.44 m BCH
Difficulty – 791.934 m
What is Bitcoin Cash?
Bitcoin Cash is an altcoin version of the BTC cryptocurrency, resulting from a hard fork in blockchain technology. One of the most substantial changes from BTC to BCH is its size. Before this, Bitcoin had held its size of 1 MB, which caused transaction delays, and the BCH increased its potential block size to 32MB to enable more transactions. Thus, the cryptocurrency grew and competed with many other traditional cryptocurrency platforms.
Price Prediction of Bitcoin Cash 2024
As the Bitcoin halving event soared for a surge in Bitcoin prices amid the Bitcoin Halving frenzy, Bitcoin Cash seized upon this heightened demand. Positioned as a more affordable altcoin and acknowledged for its significant price movements owing to its lower market cap, the altcoin could reach $1000. Consequently, the BCH price prediction indicates a bullish trend anticipated in April 2024.
How to buy Bitcoin Cash in India?
A few steps must be followed to buy Bitcoin Cash in India.
One of the most trusted ways to buy Bitcoin Cash in India is with Bitcoiva, the best cryptocurrency exchange in India. You can deposit INR/USDT in Bitcoiva and buy Bitcoin Cash, which has high liquidity and low transaction fees.
Step1: Sign up on the Bitcoiva Account
To buy and sell Bitcoin Cash cryptocurrency, you must create an account on the Bitociva platform. You can log in with your credentials if you already have an account.
Click the below link to create an account.
Step 2: Set up your Security key
First, activate your Bitcoiva account and generate a six-digit security key in Bitcoiva. Bitcoiva allows 2FA authentication and sends OTP for the registered mobile ID and phone number.
Step3: Complete the KYC process
You have to upload your bank details to complete the KYC process.
Step 4: Deposit Funds
To buy Bitcoin Cash crypto, Deposit fiat currencies. Bitcoiva is the only crypto exchange in India that allows you to buy cryptocurrencies using INR.
Step 5: Buy Bitcoin Cash on Bitcoiva
Your deposited funds are now in Bitcoiva’s main wallet; you must do a wallet transfer to move them to the spot wallet and buy Bitcoin Cash.
Now, enter the total amount you want to buy Bitcoin Cash and click on buy.
Bitcoin cash Price in Bitcoiva
Features of Bitcoin Cash
BCH is a decentralized peer-to-peer electronic cash system that has its features:
Transparent: All transactions are recorded on a blockchain called the public ledger and updated regularly.
Distributed: The blockchain, which serves as the public ledger, is maintained by a network of participants called ‘nodes’ who contribute voluntarily. This collective effort ensures the durability and integrity of the stored information over time.
Security: In a mechanism called Proof of Work (PoW), ‘miners’ compete to append new blocks to the blockchain, which forms the ledger. The expenses related to hardware and energy in PoW mining play a crucial role in fortifying the network’s security. This system operates on game-theory principles, making it financially impractical for attackers to compromise the network, as any potential gains would be offset by the significant costs incurred.
Limited Supply: Only 21 million coins will ever be created, making Bitcoin Cash a hard asset, like land or gold, allowing people to store value in the digital realm over long periods.
Low Fees: Bitcoin Cash facilitates reliable, fast, and cost-effective transactions of any size, regardless of geographical location, including cross-border transactions. It is a possible substitute for payment networks such as Visa and Mastercard.
Where can you use Bitcoin Cash?
As Bitcoin Cash gains wider acceptance, its integration across various sectors enhances its application versatility. Here are examples of popular BCH applications:
Online Retail: Bitcoin Cash is now a payment option for numerous online retailers and e-commerce platforms, enabling customers to utilize BCH for purchases, thus extending its use beyond conventional fiat currencies.
Peer-to-Peer Transactions: With its low fees and rapid confirmation times, Bitcoin Cash is an excellent choice for peer-to-peer electronic cash transactions. It’s ideal for sending money to friends or paying for services efficiently.
Gaming and Entertainment: The gaming and entertainment industries have embraced Bitcoin Cash, allowing users to use BCH for in-game purchases, accessing content, and engaging in online gaming communities.
Remittances: Bitcoin Cash’s global accessibility and minimal fees make it a viable option for international remittances. Users can transfer money swiftly and affordably across borders.
Charitable Donations: Many charitable organizations and non-profits now accept Bitcoin Cash donations, empowering supporters to contribute to causes they care about using cryptocurrencies.
Visit: www.bitcoiva.com