Bitcoin Cash Price CAD
Bitcoin Cash is a late-comer to the cryptocurrency game. Bitcoin Cash came out of a fork from Bitcoin’s code with the intention of making cryptocurrency scalable and able to compete with the kind of transaction speeds that online payment giants PayPal and Visa offer.
To understand why Bitcoin Cash was invented, it helps to start with how Bitcoin transactions are processed. When you send Bitcoin to someone else, the pending transaction is included in the block chain. Transactions are packed together into blocks which are then confirmed by Bitcoin miners, who verify transactions in exchange for the reward of new Bitcoin being released. The block size of Bitcoin is only one MB, a security feature intended to lower the threat of DDoS attacks and spam. It also had the side effect of limiting transaction speeds.
At a time when Bitcoin prices were rising rapidly, transaction fees and times had grown out of control. It was no longer worthwhile to transfer smaller amounts of Bitcoin. As a result, Bitcoin Cash was created to make faster transaction speeds possible by scaling up the block size from one MB to eight MB. Faster transaction speeds and lower transaction fees make Bitcoin Cash a better cryptocurrency for small transactions.
Bitcoin Cash quickly became adopted by the mainstream. Within a day of its hard fork from Bitcoin, its market capitalization was third behind Bitcoin and Ethereum.
Low Fee Cryptocurrency Exchanges in Canada
What should you look for in a cryptocurrency exchange in Canada? As one of the best cryptocurrency exchanges in Canada, Bitbuy offers considerably lower transaction fees compared to other Canadian platforms and it’s one of the few that allows you to deposit and withdraw CAD with Interac. You no longer have to deal with foreign exchange rates to buy cryptocurrency with USD. You can now buy Bitcoin, Ethereum, Litecoin, or Bitcoin Cash with CAD and transfer funds by Interac eTransfer and, for larger amounts, Bank Wire. Our trading fees are lower than our competitors’ and we charge absolutely zero fees for withdrawing cryptocurrency. Save money when you buy and sell cryptocurrency in Canada with Bitbuy.
Why Should You Buy Bitcoin Cash?
Should you buy Bitcoin or Bitcoin Cash? It depends on what you’re looking for in a cryptocurrency.
Bitcoin Cash has several advantages over the original Bitcoin:
- Lower Transaction Fees: Average transaction fees are constantly in flux, but since its launch, Bitcoin Cash has seen average transaction fees that are only a fraction of what you would have to pay using Bitcoin, at times as low as pennies to the dollar.
- Faster Transaction Times: While Bitcoin transactions can take up to ten minutes to complete, Bitcoin Cash can be considerably faster.
- Higher Transactions Per Second: More people can use Bitcoin Cash at the same time. Higher traffic volumes on Bitcoin increase delays, whereas Bitcoin Cash can handle larger traffic surges.
Bitcoin Cash is a better cryptocurrency for making small, regular transactions online.
As an investment, Bitcoin maintains superior investor confidence. Although Bitcoin Cash has reached the mainstream, the original Bitcoin continues to enjoy better name recognition and wider tradability.
How to Buy Bitcoin Cash in Canada
As one of the best cryptocurrency currency exchanges in Canada, Bitbuy makes it easy, affordable, and secure to buy Bitcoin Cash.
- Sign Up and Get Verified: Canadian law requires you to verify your ID in order to buy and sell cryptocurrency. We’ve made it easy to upload pictures of your Canadian photo ID that will verify your identity. If you have any problems, you can always get in touch with our customer support team for assistance from a real person.
- Deposit Your Money: Bitbuy accepts Interac eTransfer and Bank Wire. Interac is an affordable, convenient way to transfer money online, but the fees are often too high. What makes Bitbuy a better cryptocurrency exchange in Canada is our low fees.
- Buy and Sell Cryptocurrency: Once you have funds in CAD, it’s easy to buy Ethereum, Bitcoin, Litecoin, and Bitcoin Cash. Select the type of digital currency you want to purchase and the dollar amount you want to spend.
For more information on how to buy cryptocurrency in Canada, learn how Bitbuy works and sign up for your account.
Security and Customer Support from Your Cryptocurrency Exchange
Security is at the core of our mission at Bitbuy, which is why we encrypt every transaction with Secure Socket Layer Technology with two-factor authentication throughout. We also operate with a 95% cold storage reserve for all digital currencies, keeping reserves offline and safe from security breaches. We execute daily encrypted and distributed backups. You should feel safe about your digital currencies.
What makes Bitbuy one of the best Canadian crypto exchanges is our customer support. Unlike like other exchanges, you can talk to a real customer service representative over email or over the telephone, usually on the same day.
You should be able to buy and sell cryptocurrency with confidence in the security of the platform. Buy Bitcoin Cash and other major cryptocurrencies here.