We all know Bitcoin — but are you familiar with Bitcoin Cash (BCH)? This fork of the world’s foremost token is steadily gaining traction, outperforming nearly every other altcoin as of mid-March 2022.
In fact, it’s becoming so successful that a public servant in St. Maarten became the world’s first elected official to accept his salary entirely in BCH. As a result, the country is seriously considering accepting it as legal tender.
With even major institutions now seeing BCH as an increasingly viable cryptocurrency, you may be wondering if you should get in on the trend as well. Below we discuss what exactly BCH is and how you can earn it — so you can make that decision for yourself.
What is BCH?
So what exactly is so unique about BCH? Bitcoin Cash essentially aims to be Bitcoin’s more spendable and “cash-like” counterpart. It was born as a result of two things. The first was Bitcoin’s proposed Segregated Witness soft fork back in 2017, which aimed to steer Bitcoin from its use as a store of value and restore its original purpose as a medium of exchange. The second involved concerns that Bitcoin’s blockchain was too slow and too expensive to run.
Some developers consequently decided to try increasing Bitcoin’s block size from 1 to 8 MB, which ideally would make its blockchain 8 times more capable of processing transactions. Yet the response in the Bitcoin community was mixed, resulting in the split. BCH now exists as a more consumer-friendly cryptocurrency. It’s “borderless”, so those who trade Bitcoin Cash can send it across the world without the need for conversion. However, it’s only good for smaller transactions and is not really suitable for major purchases like homes or cars.
How can one earn BCH?
Like its predecessor, BCH can be mined. Preferred software includes BFGminer or CGminer, while the Antminer S7 or S9 should be sufficient for hardware needs. Minus transaction fees, you can earn about 6.5 BCH per block. With crypto miners surveyed by Miner Daily believing that BCH will be worth up to $10,000 per coin this year, this is definitely a solid option.
If you’re a streamer, you might want to try TipBitcoinCash. Simply link your Facebook, YouTube, or Twitch account to this BCH tipping service. From here, your viewers can feel free to send tips straight to your BCH wallet. TipBitcoinCash itself doesn’t charge any fees, so you’ll only have to pay BCH’s network fees.
If you’re a freelancer, services like Freelance For Coins allow you to do tasks for BCH in a variety of industries ranging from copywriting and photography to marketing and programming. All you need to do is set up a profile, define your preferred tasks, start bidding for your ideal payment, and get to work.
If you’re game to do simple things like answer surveys, post content, or watch videos, you might like sites like Lazyfox, Memocash, and Idle-Empire. Much like with the aforementioned services, you just need to set up a profile to start doing tasks. Completion will reward you points that can be used to redeem BHC, which will then be sent directly to your Coinbase account if you have one.
By aiming to solve its scalability issues, BCH managed to become Bitcoin’s most popular hard fork. For those intrigued by this currency, we hope the above measures serve as a good introduction into the world of BCH. If you decide to stick to Bitcoin, though, do check out our Bitcoin Hack Shop.