What is Bitcoin Cash (BCH)?
Bitcoin Cash ABC (BCH) is a permissionless, decentralized cryptocurrency arising from a Bitcoin hard-fork in August 2017. BCH uses the same SHA-256d-based Proof-of-Work consensus system used by Bitcoin and, like Bitcoin, its total supply is capped at 21 million for mining. BCH introduces several improvements to Bitcoin’s underlying code, including raising the size of the block to 8 megabytes, a new algorithm for modifying difficulty, and Schnorr Signatures. The BCH protocol quadrupled its block size from 8MB to 32MB in May 2018. Sign up to the Swyftx crypto exchange to buy Bitcoin Cash in NZ.
The Bitcoin Cash blockchain underwent another hard-fork in November 2018 that resulted in Bitcoin Cash SV and Bitcoin Cash ABC. The BCH ticker was maintained by Bitcoin Cash ABC and continues to be referred to as Bitcoin Cash. Twice a year, BCH has protocol upgrades, and to implement these protocol upgrades, all node operators are needed. Bitcoin Cash ABC and BCHD are the nodes of BCH. To Buy Bitcoin Cash in New Zealand, simply sign up for a free trading account with Swyftx. Deposit NZD, select how much BCH you wish to purchase and select ‘buy Bitcoin Cash.’
Check out our guide to Bitcoin Cash on Swyftx learn to find out more.
How to buy Bitcoin Cash (BCH) in NZ
Signing up to a registered Cryptocurrency Exchange is the easiest way to buy Bitcoin Cash in New Zealand. Swyftx is one of the countries top crypto exchanges, offering low spreads and fees on all trades. To create your free trading account, click the ‘Sign up’ button at the top of this page, and provide your name, email address and phone number. Following that, you’ll be required to verify your ID by submitting a piece of government-issued photo identification. You won’t have to wait hours or days to verify your account. ID verification typically takes 3 minutes or less. Once verified, you can deposit NZD into your account via bank transfer. Once the funds have successfully landed in your account, then you can buy BCH and other listed cryptocurrencies.
Why use Swyftx to buy BCH?
Swyftx is a feature-rich cryptocurrency exchange designed to offer a seamless trading experience to our NZ users. If you’re a crypto newcomer, Swyftx offers a user-friendly platform that is easy to navigate and understand. Our demo model allows to mock trade different cryptocurrencies, without committing yourself financially. When you’re ready to buy Bitcoin Cash and other assets for real, you’ll enjoy some of the lowest fees and smallest spreads in the country. For more experienced, traders, our NZ cryptocurrency exchange offers advanced features such as recurring orders, stop, limit and market orders, simple tax reporting, assets viewing charts and more. To buy Bitcoin Cash (BCH) and over 250 other digital assets, sign up to the Swyftx trading platform today.
What is the difference between Bitcoin (BTC) and Bitcoin Cash (BCH)?
Since its founding, there have always been concerns surrounding Bitcoins scalability. The main issue with Bitcoin and the blockchain network it runs on is that it can only process 7 transactions per second. When compared to credit card giant, Visa, which can process up to 1,700 transactions per second, this is incredibly small. With ongoing debates about Bitcoins’ capability to effectively scale, Bitcoin Cash was developed as a result of a BTC hard fork. Bitcoin blocks are limited to 1 megabyte (MB) whereas Bitcoin Cash blocks can be as large as 32 MB. This increase in block size accelerates the verification process, thus making transactions quicker and cheaper than that of BTC.
