Bitcoin Cash is a top 10 cryptocurrency in terms of market capitalization, a fork of bitcoin, which is very similar to its predecessor in terms of the mining algorithm, maximum emission, and block creation time. The difference lies in the block size (8 MB versus 1 MB for BTC) and the frequency of difficulty adjustments (every 6 blocks instead of 2016). The coin enjoys public acceptance, and the high level of capitalization confirms this. The value of the coin for May 2021 is $ 1442 and shows steady growth (57% per week, 123% per month).
In this article, the Profinvestment.com editors will answer questions about how to get and earn Bitcoin Cash. Consider such opportunities as mining, making money on faucets, buying on crypto-exchanges, in exchangers and in other ways.
Bitcoin Cash (BCH) Cryptocurrency Outlook
Bitcoin is usually the catalyst for the position of the crypto market, and BCH was initially distinguished by a particularly strong correlation with the first cryptocurrency. Both coins are today mostly positively evaluated by experts and have good growth prospects. However, there are also negative forecasts. A few examples of estimates from analytical services:
- Long Forecast expects BCH to reach $ 4,200 by the end of the year, but will drop to $ 989 in 2024 in subsequent years.
- Wallet Investor estimates the possible level of the rate by the end of the year at $ 1137. However, subsequently, within five years, the rate will rise to $ 1700.
- According to the Digital Coin Price website, Bitcoin Cash will rise to more than $ 2,000 in 2021 and will continue to grow in subsequent years ($ 4,000 in 2025).
- According to the analytics of the PrimeXBT trading platform, in 2022-2023 BCH is able to rise to $ 7,000, but after that a significant decrease is possible.
It is impossible to accurately predict the course movement. This largely depends on the development of the platform itself and the useful functions that it offers to users. If it is really successful in this direction, it will attract the interest of institutional investors, and this always causes rapid growth.
It is also worth noting that Bitcoin Cash Node v23.0.0 will be updated on the network on May 15. It includes the following changes: removal of unconfirmed transaction chain limits, introduction of the beta version of Double Spend Proofs, enabling multiple OP_RETURN (while maintaining the total storage medium size limit), removing the default limit for mining up to 8 MB, as well as a few small fixes for optimization. The current growth of the exchange rate is largely due to this upcoming event.
Forecast for Bitcoin Cash for May 2021 from Currency.com exchange analysts:
How to buy Bitcoin Cash (BCH)
If you want to invest in Bitcoin Cash and make money on rate changes, there are several ways to do this:
- Cryptocurrency exchanges. The coin is listed on Binance, Currency.com, EXMO, Cex.io, Huobi, FTX, OKEx, Kraken, etc.
- Exchangers. For example, services such as 365cash, Platov, ExchangeKey, Kassa, Delets.Online.
- Cryptocurrency wallets. You can buy Bitcoin Cash using a bank card through Atomic Wallet, Jaxx, Trust Wallet.
- p2p exchanges. Of these services, Bitzlato is currently working with BCH.
- Telegram bots, for example, from services Bitzlato, AbcObmen.
- Cryptomats. There are several devices with Bitcoin Cash support in the Russian Federation (Yekaterinburg, Nizhniy Tagil, Chelyabinsk, Moscow), in Ukraine (Kiev, Lvov, Vinnitsa) and other countries of the world. Map for finding the nearest cryptomats: https://coinatmradar.com/
Mining Bitcoin Cash
For solid followers of the Bitcoin Cash ideology, there is a way to earn money that at the same time helps to keep the network in working order – this is mining. Miners confirm all transactions added to the blockchain and are responsible for the release of new cryptocurrency units into circulation (at the moment, miners are paid 12.5 BCH per block, halving occurs approximately every 4 years).
To make a profit, you first have to invest in equipment. But first you need to find out what income you can count on. A mining calculator, for example, WhatToMine, will help. To use it, you will need to enter a hash rate (the power of the equipment, the speed with which it is capable of performing calculations), and also take into account the cost of electricity.
Instructions for starting mining:
- Create a Bitcoin Cash wallet where the reward will be transferred. For security reasons, it is recommended to choose a wallet that stores private keys not on its server, but on your device.
- Join a mining pool. This is a group of miners who combine computing power to increase the chances of solving a problem. When the pool receives a reward, it is distributed among the participants based on how much power they have contributed. The vast majority of miners choose mining in a pool, since today a solo miner has no chance of generating a block.
- Install software to monitor and control equipment. The choice of software depends on the operating system and specific hardware. Some pools provide the proper software themselves.
- Connect the equipment to a power outlet and the Internet. Find the IP address of the mining equipment in the router settings.
- Enter username, password, pool address and other required data into the program.
- Enter the wallet address for crediting funds.
As of 2021, mining can only be profitable if you invest in ASICs – special computers designed specifically for the purpose of mining. ASICs differ in hash rate, power consumption and price. The most efficient models to date:
- MicroBT Whatsminer M30S ++ 110T
- Bitmain Antminer S19 Pro
- MicroBT Whatsminer M30S ++ 108T
- Bitmain Antminer S19 95Th
- MicroBT Whatsminer M30S + 100T
There are many different programs for mining Bitcoin Cash, but the most popular are CGminer and BFGminer. If the command line interface seems complicated, then you can use EasyMiner, which is a shell for CGminer. The program must be compatible with your chosen ASIC.
Among the pools for BHC mining, ViaBTC, AntPool, Pool BTC.com, Zulupool, f2pool are leading.
If you do not want to purchase equipment, take care of it, look for a separate room for it, pay electricity bills, etc., then you can consider the option of cloud mining.
For example, contracts for BCH are offered by the IQ Mining service.
You can independently choose the volume of purchased power. Terms – from 1 year to unlimited duration.
IQ Mining immediately shows the approximate income if a contract is purchased. At the moment, the situation is that you can earn from $ 29 to $ 57 on BCH mining in a month. That’s not a lot. It will take several months to at least recoup the contract, so this option should be considered before buying.
How to earn Bitcoin Cash (BCH) on faucets
Bitcoin Cash faucets allow you to get cryptocurrency for free – albeit in a small amount. To do this, you need to periodically go to the site and collect free particles of coins that the faucet pays out in exchange for viewing ads and solving the captcha.
Examples of working cranes with BCH (as of May 2021):
- Final Autoclaim
Where to store the received coins
Bitcoin Cash supports a wide variety of wallets. Here are some examples of different types of services.
Mobile wallets Bitcoin.com, Bitpay, Edge, BRD make it easy to access cryptocurrency anytime and anywhere. In terms of functionality, they are not inferior to wallets for computers and laptops.
If you prefer to work from a computer, then you can use wallets Exodus, Jaxx, Atomic Wallet, Electron Cash, Melis.
At the moment, Bitcoin Cash is considered both a speculative asset and an investment. Experts disagree about its long-term and short-term prospects, but are unanimously convinced of the asset’s price potential. However, it should be noted that there is no revolutionary solution or fresh idea behind the coin that could provide guaranteed growth. It all depends on the interest of institutional investors and the community as a whole. The upcoming update, designed to improve the network and make it more comfortable to work with it, should pay off.