There are a lot of cryptocurrency options and ways to spend and mine bitcoin in the world right now, and if you are a newcomer looking to get into the cryptocurrency market you might find yourself confused about what type of Bitcoin you should get into and how you should buy and use it.
If you’ve done some research, then you have probably seen both Bitcoin and Bitcoin cash and wondered what the difference is between both of those options. Well, this article is going to explain the benefits of both options, as well as where they differ, and where you can use them.
First, Bitcoin is a cryptocurrency that is processed, verified, and stored in a digital ledger known as blockchain. Blockchain exists on many different computers around the world and also is ruled by the majority, so it makes it much harder to manipulate what is inside of a blockchain. While this entire process does work and forms the backbone of most cryptocurrency processes, it does have one problem: it is very slow.
Compared to banks that are processing thousands of credit card transactions every single second, Bitcoin can seem like a slow alternative because transactions are very slow and they are getting slower as more and more people join in on the Bitcoin market. Bitcoin Cash was created to solve this problem.
Bitcoin Cash took the typical blockchain focused usage of Bitcoin, but dramatically expanded the size of the blocks in the chain to make everything much faster. This led to transaction times that were much faster and the wait times are a hell of a lot shorter. It also means that Bitcoin cash can act a lot like typical cash.
People can do fast peer to peer payments for low fees and with a low wait time at any location that accepts cryptocurrency. Plus, the settlement of the payment will occur instantly, no matter where the sender or receiver is in the world.
If you find yourself building up a wallet of Bitcoin Cash and have no idea where to spend it, then here are some ways to alleviate the burning hole in your virtual wallet. There are a lot of stores, both smaller online stores and even some modern mainstream ones, that will accept bitcoin. These include Paypal, Whole Foods, Starbucks, and even Home Depot.
Additionally, other locations allow you to buy and sell things in crypto, such as online marketplaces and virtual shops. And some even allow other forms of cryptocurrency, such as buying and trading in NFTs.
Even bitcoin cash casinos are allowing you to make your wagers in Bitcoin. Casinos such as BetOnline, Everygame, and CloudBet are all about gambling and betting cryptocurrency and Bitcoin for their various games and raffles.
Bitcoin cash casinos can make gambling even more fun because you don’t have to put your hard earned dollars and cents on the line, at least not until you trade them in for real cash afterward!
Even with the advantages that Bitcoin cash offers, you shouldn’t rush in and start trading and investing. Make sure to do your research and ensure that you are working with reputable traders and companies, and learn at least a little bit about the inner workings of how crypto works before you start making major trades.
Eventually, you will have a Bitcoin wallet filled with cash and can get started on spending some of that on the things you really enjoy!