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What Is Bitcoin Cash?

I have been getting a lot of questions about Bitcoin Cash (BCC) and how it is different from Bitcoin. I won't pretend to be an expert on the underlying software behind Bitcoin, but I do know enough about what happened to give you an overview (and no, Bitcoin Cash it is not the same as Bitcoin). As I understand it, there was a disagreement within the Bitcoin community about some of the functionality of Bitcoin (we won't get into that minutia here), so the disagreement was settled between the factions by Bitcoin splitting into two different digital currencies (aka a 'hard fork' in the blockchain). The split took place at the end of July. As a result, whatever amount of Bitcoin you owned at the end of July, you are entitled to that same amount of Bitcoin Cash.

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To make matters simple, if you owned one Bitcoin when the split took place, you are entitled to one unit of Bitcoin Cash (I should also clarify that you did not need to own one entire Bitcoin to be eligible for Bitcoin Cash - any amount is eligible on a pro rata basis for the equivalent in Bitcoin Cash). A large percentage of digital currency enthusiasts discounted the potential value of this renegade spin-off of Bitcoin. As it turns out, however, it has been doing quite well (reaching $656 today). For those that owned Bitcoin at the end of July, this is tantamount to free money and a bonus on top of all they are already making from Bitcoin itself.

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Depending on what wallet that you use to hold your Bitcoin, there will be a different time frame as to when you will actually receive your Bitcoin Cash. For example, at the largest Bitcoin platform Coinbase, those eligible to receive Bitcoin Cash will receive it in January. Coinbase has also announced that at that time they will be fully including Bitcoin Cash on their trading platform. There is a lot of chatter (and disagreement) about where Bitcoin Cash goes from here. Some believe it could catch up with traditional Bitcoin prices and others expect it to crash. I will probably keep my Bitcoin Cash when I receive it in January and see what happens (of course, other options would be to sell and buy more traditional Bitcoin, another digital currency, or just pocket the money).

Bottom line; if you owned even a tiny amount of Bitcoin as of the end of July, you now have an equal amount of Bitcoin Cash coming your way soon. If you are interested in learning more about how to buy Bitcoin, check out my recent article on this - Click Here.

To learn more about Bitcoin Cash, go to BitcoinCash.Org.

Helping you make the most of God’s money!

James L. Paris 
Editor-In-Chief ChristianMoney.com 
Follow Me on Twitter Twitter.com/jameslparis
Christian Financial Advice 
Jim Paris 24 Hour Radio

 

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