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What is the use of BCH coin? The concept, value and practical application of BCH coin

BCH Coin possesses practical utility as a medium of exchange for retail payments, gift card purchases, online casino gaming, and international remittances, thanks to its lower transaction fees and faster confirmation times.

Oct 13, 2024 at 08:23 am

What is the Use of BCH Coin?

1. Origins and Background of BCH Coin

Created in August 2017 as a fork of the Bitcoin blockchain
Intended to address scalability limitations of Bitcoin

2. Key Concepts of BCH Coin

Larger Block Size: BCH increased the block size to 8MB, allowing for more transactions per block
Fast Transaction Confirmation: Transactions on BCH typically confirm within 10 minutes
Low Transaction Fees: Transaction fees on BCH are typically lower than on Bitcoin

3. Value and Utility of BCH Coin

Medium of Exchange: BCH can be used to purchase goods and services at a growing number of merchants
Store of Value: Like Bitcoin, BCH can be held as a long-term investment
Transaction Speed: The faster confirmation times of BCH make it suitable for everyday transactions

4. Practical Applications of BCH Coin

Retail Payments: BitPay supports BCH for online and in-store purchases at companies like Microsoft and Newegg
Gift Cards: Gyft allows you to purchase gift cards from popular retailers using BCH
Online Casino Gaming: BCH is accepted at various online casinos for quick and secure deposits and withdrawals
Remittances: BCH can be used for international remittances, providing faster and cheaper transfers than traditional methods

5. Future Potential of BCH Coin

Ongoing development aims to improve scalability and transaction speeds
Growing adoption by merchants and service providers
Potential as a store of value due to its limited supply of 21 million coins

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