As a direct result of the usability issues, Bitcoin’s dominance has fallen from 95% to as low as 40% by 2017.
Fortunately, a sizable segment of the Bitcoin community, including developers, investors, users, and companies, remained committed to Bitcoin’s initial vision: a low-fee, peer-to-peer electronic payment system that could be used by everyone on the globe.
They took the natural step of raising the maximum block size on August 1st, 2017, and Bitcoin Cash was born. Anyone who had Bitcoin at the moment (block 478558) became a Bitcoin Cash owner (BCH).
The network now supports up to 32MB blocks, and research is being conducted to allow for massive future increases.
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Bitcoin Cash has shown to be immune to political and social threats to protocol development. It is not under the jurisdiction of any particular organization or initiative.
Multiple implementations also provide stability, ensuring that the network remains operational at all times.
What Are the Benefits of Accepting Bitcoin Cash?
You can transfer money to anyone, anywhere in the globe, 24 hours a day, 365 days a year, using Bitcoin Cash. The network, like the Internet, is constantly on. There is no such thing as a little or large transaction. And you never need anyone’s permission or approval to do anything.
The Bitcoin Cash protocol assures that no more than 21 million coins will ever exist. Governments print money out of thin air regularly, increasing the supply and devaluing everyone’s savings. Because Bitcoin Cash has a limited quantity, it is considered fair money.
Because it is hard to identify who holds a Bitcoin address, Bitcoin Cash provides greater privacy and anonymity than traditional payment mechanisms such as bank transfers and credit card payments. Depending on how it is utilized, Bitcoin Cash provides varying amounts of anonymity. Before using BCH for privacy purposes, it is critical that you completely educate yourself.
Token processing and storage on a blockchain give better transparency and integrity than traditional asset accounting and trading methods. Token protocols that power a range of applications are supported by Bitcoin Cash, and it is simple to construct your token-backed projects.
Why Is Bitcoin Cash a Good Choice For Merchants?
Bitcoin Cash introduces sound money to the globe, fulfilling Bitcoin’s initial promise of “Peer-to-Peer Electronic Cash.” Low costs and reliable confirmations empower merchants.
A typical Bitcoin Cash transaction incurs a net cost of less than one cent. If you wish to exchange your BCH for fiat currency, like US dollars, you may do so through merchant processors at a considerably cheaper cost than credit card processing.
In contrast to credit cards, there are no automatic cancellations, refunds, chargebacks, or other unexpected expenses. The solution includes fraud prevention at no extra expense to the business.
A rising percentage of customers use Bitcoin Cash as a payment option. They prefer and actively seek out shops that accept this payment method.
What Is The Best Bitcoin Cash Payment Gateway?
CoinRemitter is also one of the most used cryptocurrency payment gateways, providing one of the best crypto services to merchants around the world. Apart from accepting payments in cryptocurrency, Coinremitter is providing services such as gas stations, coin listing and many more.
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One of the major things about coinremitter is their withdrawal charges because Coinremitter has one of the lowest fees – 0.23% compared with other crypto payment gateways.
Apart from that coinremitter is accepting payments in 9 major cryptocurrencies and providing free support and open source plugins, so that merchants can integrate the coinremitter plugins on their websites and start accepting payments without any hassle.
GoCrypto functions as a worldwide payment method that connects all stakeholders involved in crypto-crypto consumers. Furthermore, there are cryptocurrency wallets, cryptocurrency exchanges, cashier system providers, payment solution providers, and merchants.
GoCrypto is well-known all around the world. They also have a lot of security constraints. GoCrypto does not demand any sensitive information to keep your cash secure. Furthermore, your cash is kept in a cold wallet; additionally, you can choose a quick transfer into fiat.
GoCrypto supports multiple cryptos including Bitcoin Cash, and its fee is 1.45% but the first three months id for free, providing plugins and API for 6 platforms.
CoinPayments is a global crypto payment gateway that has been simplified and made available to everyone.
CoinPayments is a digital currency payment system that enables retailers to accept Bitcoin Cash, Bitcoin, and over 2000+ altcoins in their shop using simple plugins, APIs, and POS interfaces.
CoinPayments.net is also the world’s most comprehensive multi-cryptocurrency network, with approximately three million user accounts and merchants spread across 200+ countries.
CoinPayments is more than just a payment gateway; it can also serve as your cryptocurrency wallet! Only one wallet. More than 2,200 coins Countless functions are available on the move. You can easily deposit and withdraw funds from your CoinPayments wallet.
Bitcoin Cash can process transactions faster than the Bitcoin network, resulting in shorter wait times and reduced transaction processing costs. The Bitcoin Cash network has a far higher transaction rate than the Bitcoin network.
The speedier transaction verification time has certain drawbacks as well. One possible risk with BCH’s greater block size is that security in comparison to the Bitcoin network can be affected.
Choosing the right cryptocurrency matters to protect, and grow your business, Bitcoin cash can be one of the best payment methods.