It is rare to meet a person who would not have heard about Bitcoin. It stands as the unrivaled leader as we can clearly see from the market statistics. From its inception, Bitcoin (BTC) has earned its reputation as the main cryptocurrency. Bitcoin Cash (BCH) that appeared later, has a strong connection to the first cryptocurrency, hence the name, but there are several distinguishing factors. Today, we will have a look at how to swap BTC to BCH, what makes the currencies different and where such exchanges can be facilitated.
What is Bitcoin (BTC)?
Swapping Bitcoin to Bitcoin Cash is a hot topic within the crypto space, so let’s find out more. Emerging onto the scene in 2009, BTC pioneered the realm of cryptocurrencies, boasting unparalleled decentralization as its hallmark feature. By harnessing blockchain technology, individuals were empowered with the ability to engage in peer-to-peer transactions, ushering in a new era of financial innovation.
Its finite supply and deflationary nature have positioned BTC as a sanctuary for crypto enthusiasts, offering a hedge against inflation and the capricious nature of traditional markets. Moreover, BTC’s versatility extends to serving as a potential alternative to fiat currencies, showcasing its multifaceted role in the ever-evolving landscape of digital finance.
What is Bitcoin Cash (BCH)?
In 2017, internal discord among the Bitcoin users surrounding block size and the overall future trajectory of the network precipitated the historic Bitcoin Cash fork. This has led to creation of Bitcoin Cash, boasting a substantial block size limit of 8 MB instead of 1 MB.
While Bitcoin Cash remains steadfast in its commitment to the foundational ethos of decentralized finance and peer-to-peer transactions, proponents of block size expansion argue fervently for its enhanced practicality in facilitating everyday transactions, thereby amplifying its utility and relevance in the evolving digital economy.
Why Do Users Swap BTC for BCH?
Before discussing how to convert Bitcoin to Bitcoin Cash, we will see why they do it. A lot of reasons can make users do this.
- Cost. Bitcoin Cash transactions are usually less expensive than Bitcoin’s, especially when the network is busy all because of the block size we have discussed above.
- Speed. Similar story here – a bigger block size allows transactions to be finalized much quicker.
- Scalability. Bitcoin Cash pursued scalability enhancements by raising the block size limit, yet we have to note that some layer-2 solutions that have proliferated within the cryptocurrency landscape have outpaced the scalability capabilities of both projects.
Where to Swap BTC for BCH?
Users interested in how to change BTC to BCH, can take the advantage of the fact that these popular coins can be found on most platforms. For your convenience, we would like to suggest SimpleSwap, a reliable and user-friendly crypto exchange platform. This service has a wide variety of available cryptocurrencies, including, of course, BTC and BCH.
How to Swap BTC for BCH: Bitcoin to Bitcoin Cash Swapping Guide
Finally, let’s see how to convert Bitcoin to Bitcoin Cash:
- First, you should choose cryptocurrencies. In the first field, click on BTC and enter the amount of crypto to swap. After that, select BCH as the coin you would like to get. Click “Exchange”.
- Enter the recipient’s address: this is where SimpleSwap will send the BCH coins. Double-check all the information to prevent any typos and mistakes. Then create the exchange.
- After this you will see the deposit address and the amount of BTC that you should send there to proceed with the exchange.
- After your deposit is received, the SimpleSwap platform will send BCH to the recipient’s address. Please note that this can take some time.
How the exchange (swap) process looks like
If some of your questions on how to exchange BTC to BCH remain unanswered, you can see it on these screens. The same process applies to various cryptocurrencies.
Benefits of exchanging BTC to BCH
A lot of crypto users are wondering how to swap BTC to BCH because they see a lot of value in the exchange:
- Diversification. Having a more diversified portfolio is usually seen as a strategy to defend one’s assets from the unpredictable market conditions. This is why it might be useful to invest in multiple projects.
- Cost and speed. Bitcoin Cash stands out with its augmented block size, affording users the luxury of reduced transaction fees and accelerated confirmation times. This advantage becomes particularly pronounced during periods of heightened network activity.
The Bottom Line
Now you know everything about how to transfer BTC to BCH. While Bitcoin remains entrenched as a formidable presence in the cryptocurrency arena, Bitcoin Cash emerges as a compelling contender due to its unwavering focus on enhancing scalability and transactional efficiency. The decision between these two digital currencies intriguingly hinges not only on users’ objectives and preferences but also on their stance regarding the contentious Bitcoin block size discourse.
It is important to note that this article offers no investment recommendations, underscoring the imperative of conducting comprehensive research before delving into cryptocurrency investments.