The cryptocurrency form of of electronic money which decentralized digital currency without is independent of banks and can be sent from user to user on the peer-to-peer bitcoin blockchain network without the need for intermediaries can can be used to buy merchandise anonymously.
There are different types of Bitcoin: Bitcoin (BTC, Bitcoin Cash (BCH), Bitcoin Gold (BTG),Bitcoin Diamond (BCD) and Bitcoin Diamond (BCD).
Many marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Coinbase is a leading exchange, along with Bitstamp and Bitfinex. But security can be a concern.
We are going to take a look at the different cryptocurrency denominations on selling your Bitcoin Cash at the market rate and then buying Bitcoin at its market rate.
Also read :How to Buy cryptocurrency in Australia
Bitcoin is a peer-to-peer monetary system. It’s meant to fix a lot of the perceived and real problems with the central banking system and put money policy directly into the hands of the people.
Bitcoin was created in January 2009 following the housing market crash.Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity.
Bitcoin Cash (BCH)
Like the original bitcoin, Bitcoin Cash uses the Proof of Work (PoW) algorithm and mining is carried out by application-specific integrated circuit (ASIC) hardware.
It was designed for low fees and quick transaction times. Bitcoin Cash embraces a larger block size, which means the network can support more transactions. It’s currently the most valuable Bitcoin hard fork.
Bitcoin Cash is the fourth most valuable coin after Bitcoin, Ethereum, and Ripple and you can buy Bitcoin Cash on Coinbase just as easily as you can buy Bitcoin.
Also read: How to invest in bitcoin
Bitcoin Gold (BTG)
Bitcoin Gold is designed to be more accessible than its fellow cryptocurrencies, it uses graphics processing units (GPUs) or graphic cards to allow people to mine.
Application-specific integrated circuits (ASICs) is required to mine profitably. And those mining companies can wield power over the network thanks to their massive size.
Other than the algorithm and mining habits, Bitcoin Gold works in exactly the same way as bitcoin and Bitcoin Cash
Bitcoin Gold can be used in exactly the same way as Bitcoin Cash. It is a legitimate cryptocurrency and can be used to send money to others or used for investment purposes.
Bitcoin Gold is meant to put mining back into the hands of regular people. Instead of needing specialized equipment, Bitcoin Gold is meant to be mined by regular computers. This allows anyone with a regular computer to mine Bitcoin Gold, much like Bitcoin was in the beginning.
Bitcoin Diamond (BCD)
This mixes together a number of features to create a “better Bitcoin,” including Segwit and the Lightning network (from Bitcoin), larger block sizes (from Bitcoin Cash), and a GPU-optimized mining algorithm (similar to Bitcoin Gold.
It promises some privacy by encrypting the values of each transaction. People can’t see how much currency is being sent in any given transaction by examining the public blockchain.