At MedsBase, we are constantly striving to enhance our customers’ experience by embracing innovative solutions. Today, we are excited to announce that we have integrated Bitcoin Cash (BCH) as a payment option on our platform. This development allows you to buy your essential medications using Bitcoin Cash, a popular and convenient digital currency. In this blog post, we will explain how this integration works and how you can take advantage of this new feature on MedsBase.
What is Bitcoin Cash?
Bitcoin Cash (BCH) is a cryptocurrency that bears similarities to Bitcoin (BTC) but also incorporates distinct modifications and functionalities. It is commonly referred to as a ‘fork’ of Bitcoin, although supporters contend that Bitcoin Cash aligns more closely with the initial vision of establishing a decentralized electronic cash system, as outlined in a 2008 white paper attributed to Satoshi Nakamoto, the pseudonymous founder(s) of the protocol.
Bitcoin Cash’s core features
Bitcoin Cash represents a decentralized and peer-to-peer electronic cash system that operates independently of centralized authorities such as governments or financial institutions. It represents a significant redesign of the concept of money, and its core features are as follows:
- Open to All: Bitcoin Cash is accessible to anyone without the need for permission or control from a central authority. It operates without a CEO or governing entity.
- Pseudonymous: User identities are not tied to transactions, ensuring that Bitcoin Cash remains censorship-resistant and available for use by anyone.
- Transparent: All transactions are recorded on a global public ledger called the blockchain. This ledger is regularly updated in interconnected blocks, enabling anyone to view the complete history of ownership and preventing fraudulent activities.
- Distributed: The blockchain is voluntarily stored by a network of participants called “nodes,” ensuring the durability and longevity of the recorded information.
- Rules-Based: Participants follow a set of rules or protocol to achieve consensus on the state of the ledger. Changes to the protocol require a high degree of consensus, creating a quasi-political system where participants form a social contract.
- Immutable: Once recorded on the blockchain, transactions cannot be altered due to the technology employed.
- Secure: Through a process known as Proof of Work (PoW), miners compete to add new blocks to the blockchain. The hardware and energy costs associated with mining contribute to the network’s security, making it financially impractical for attackers to compromise the system.
- Fixed Supply: Bitcoin Cash has a maximum supply of 21 million coins, making it a scarce asset similar to land or gold. This feature allows individuals to store value in the digital realm over extended periods.
- Low Fees: Bitcoin Cash enables reliable, fast, and affordable transactions of any value, regardless of geographical location. It provides a viable alternative to traditional payment networks like Visa and Mastercard.
What is Bitcoin Cash used for?
Bitcoin Cash possesses core features that make it an effective long-term store of value and a highly efficient medium of exchange. Moreover, these attributes, combined with its decentralized and open nature, contribute to the support and enhancement of global economic freedom.
Long-term Store of Value:
Bitcoin Cash has a maximum supply of 21 million coins, as defined by its protocol. The decentralized nature of the network ensures that participants have a say in its evolution. Since it is unlikely that holders would want to dilute their holdings, the 21-million-coin limit is expected to remain intact indefinitely.
The issuance rate of new coins follows a predetermined schedule encoded in the Bitcoin Cash protocol. Approximately every four years, the rate is halved. This makes Bitcoin Cash a disinflationary asset.
The third halving occurred in April 2020, reducing the issuance rate from 12.5 to 6.25 BCH per block. By that point, 18,375,000 coins (87.5% of the total) had been distributed. The fourth halving, scheduled for 2024, will further reduce the issuance to 3.125 BCH and so on. The final halving, around the year 2136, will decrease the block reward to a mere 0.00000168 BCH.
Bitcoin Cash’s fixed supply schedule sets it apart from other hard assets. Unlike gold, for instance, which is subject to supply and demand forces, Bitcoin Cash’s supply remains predetermined.
Highly Effective Medium of Exchange:
Bitcoin Cash facilitates peer-to-peer transactions, akin to digital cash. Importantly, the fees associated with Bitcoin Cash transactions are typically minimal, often less than a penny per transaction. Settlement occurs swiftly, irrespective of participants’ geographical locations. These characteristics make Bitcoin Cash suitable for remittances, cross-border trade, and everyday purchases like groceries. The low fees and quick transaction times also make it well-suited for micro-transactions, such as content creator tips and app user rewards.
Economic Freedom:
Economic freedom refers to the ability of individuals to acquire and utilize personal resources according to their own preferences, both individually and cooperatively. It is a crucial aspect of human dignity and a fundamental human right. Money, as a tool for storing and exchanging value, plays a vital role in enabling economic freedom.
Bitcoin Cash provides an opt-in alternative form of money that supports economic freedom. Unlike national currencies, Bitcoin Cash offers robust protection against monetary confiscation, censorship, and uncapped inflation-induced devaluation. It empowers individuals with greater control over their financial resources and promotes a more independent economic system.
Is Bitcoin Cash different from Bitcoin?
Bitcoin Cash emerged as a ‘fork’ of Bitcoin on August 1, 2017, stemming from disagreements within the Bitcoin community regarding the scaling of the cryptocurrency.
The primary point of contention centered around the ‘block size,’ which directly impacted transaction volume per second (throughput) and transaction costs. Transactions consist of data, and a larger block size allows for more transactions to be included in each block, resulting in increased throughput and reduced transaction costs.
For years, the Bitcoin protocol maintained a block size limit of 1MB. As the number of Bitcoin users grew, competition for the limited block size led to escalating transaction fees and extended settlement times. Consequently, while Bitcoin retained its usefulness for high-value transactions or cases where speed was less critical, it became less practical as a medium of exchange for small-value purchases that necessitated lower fees and faster settlements. Essentially, its utility as ‘cash’ diminished.
Bitcoin is a dynamic protocol, subject to changes and governance that occur through a quasi-political process involving deliberation, persuasion, and voluntary participation. In essence, people determine the nature of Bitcoin.
In the face of the scaling challenge, one side advocated for maintaining 1MB block sizes and scaling Bitcoin ‘off chain,’ utilizing a second-layer solution, while preserving the ‘on-chain’ base settlement layer for larger transactions. On the other hand, proponents sought to increase the block size to accommodate more transactions per block. They viewed this immediate upgrade as a simple and effective way to maintain fast and reliable transactions with low fees.
As consensus within the Bitcoin community could not be reached regarding this change, a ‘hard fork’ occurred, leading to the divergence of two versions of Bitcoin. The version implementing the block size upgrade eventually became known as Bitcoin Cash (BCH), while the unchanged version retained the name Bitcoin (BTC).
What’s the difference between Bitcoin and Bitcoin Cash?
Since its fork in 2017, the Bitcoin Cash protocol has been enhanced by multiple independent teams of developers who strive to improve its usability as a peer-to-peer electronic cash system that promotes economic freedom. These innovations, which distinguish Bitcoin Cash from Bitcoin, are outlined below:
- Maximum Block Size: Bitcoin Cash has a larger maximum block size of 32MB compared to Bitcoin’s 1MB. This larger block size allows the Bitcoin Cash network to process a higher volume of transactions on-chain. Bitcoin Cash can handle up to 200 transactions per second, resulting in reduced transaction costs, faster speeds, and improved reliability. Bitcoin Cash transactions typically cost less than a penny, whereas Bitcoin (BTC) has higher median and average transaction fees.
- Smart Contract Support: Developers working on Bitcoin Cash can utilize smart contract languages like Cashscript, enabling more advanced functionality beyond basic transactions. This opens the door to decentralized finance applications and use cases such as synthetic derivatives trading. Additionally, features like CashShuffle and CashFusion enhance privacy for private payments.
- No ‘Replace-by-Fee’ (RBF): Bitcoin Cash does not support RBF, a feature present in Bitcoin (BTC) that allows for transaction cancellation or double-spending while unconfirmed. The absence of RBF enhances the security of Bitcoin Cash by making unconfirmed transactions effectively irreversible. It also enables near-instant transactions for small amounts, making it a suitable payment solution for processing high volumes of small-value transactions quickly.
- Schnorr Signatures: Bitcoin Cash supports Schnorr signatures, a digital signature scheme that offers more advanced signing capabilities. Transactions using Schnorr signatures require less space, resulting in lower transaction costs. While Schnorr signatures are supported by the Bitcoin Cash protocol, widespread adoption by wallet providers is still pending. Once widely adopted, Schnorr signatures have the potential to enhance privacy and improve the fungibility of tokens within the network.
- Difficulty Adjustment Algorithm: Bitcoin Cash implements the aserti3-2d difficulty adjustment algorithm, which is an exponential moving target algorithm. This algorithm adjusts the difficulty based on block production schedule. If blocks are behind schedule, the difficulty is halved, while if blocks are ahead of schedule, the difficulty doubles. This ensures a stable rate of block generation (approximately every 10 minutes) even in the presence of price volatility and changes in hash power between Bitcoin (BTC) and Bitcoin Cash (BCH).
These innovations showcase the continuous development of Bitcoin Cash to create a more efficient, scalable, and user-friendly cryptocurrency that aims to support economic freedom.
Why Bitcoin Cash?
Bitcoin Cash (BCH) has emerged as a fast, secure, and cost-effective digital currency that offers several advantages for online transactions. By incorporating Bitcoin Cash into our payment options, we aim to provide our customers with a more seamless and efficient purchasing process. Here’s why Bitcoin Cash is an excellent choice for healthcare transactions on MedsBase:
- Enhanced Privacy and Security:
Bitcoin Cash ensures improved privacy and security for our customers. Unlike traditional payment methods, Bitcoin Cash transactions do not require the disclosure of personal information. Your sensitive financial details are kept private, reducing the risk of fraud and identity theft. The underlying blockchain technology guarantees secure and transparent transactions, offering you peace of mind when purchasing medications on MedsBase.
- Fast and Efficient Transactions:
We understand the importance of timely access to medication. Bitcoin Cash facilitates faster transaction confirmation times compared to traditional payment methods. With average transaction times of just a few minutes, you can expect prompt processing of your order. Our goal is to ensure that you receive your medications quickly and without unnecessary delays, allowing for uninterrupted treatment.
- Cost-Effectiveness:
Bitcoin Cash transactions come with lower fees compared to traditional banking methods or credit card payments. This cost-effectiveness allows us to pass on the savings to our customers, resulting in more affordable medication prices. By choosing Bitcoin Cash as your payment option on MedsBase, you can enjoy competitive pricing and make healthcare more accessible and affordable.
How to Purchase Medication with Bitcoin Cash on MedsBase:
We have streamlined the process of buying medication with Bitcoin Cash on MedsBase to ensure a hassle-free experience. Here’s a step-by-step guide to help you get started:
- Visit our website at medsbase.com.
- Browse our extensive selection of medications and add the desired items to your cart.
- Proceed to the checkout page.
- At the payment options section, select “Cryptocurrencies via Plisio” and then select Bitcoin Cash as your preferred payment method.
- A unique Bitcoin Cash address will be generated for your transaction.
- Use your Bitcoin Cash wallet to transfer the exact amount of BCH required for your purchase to the provided address.
- Once the transaction is confirmed on the Bitcoin Cash network, our team will process your order.
- Sit back and relax while we prepare your medications for shipment. You will receive updates on the status of your order along the way.
Conclusion:
We are thrilled to offer you the opportunity to buy medication using Bitcoin Cash on MedsBase. By integrating this digital currency into our platform, we aim to provide you with enhanced privacy, faster transactions, and cost-effectiveness when purchasing medications. Our commitment to embracing innovative solutions ensures that you have a seamless and secure online shopping experience.
To explore this new payment option, simply visit our website, select your medications, and choose Bitcoin Cash at the checkout. Enjoy the benefits of Bitcoin Cash’s privacy, speed, and cost-effectiveness while accessing the medications you need. At MedsBase, we are dedicated to simplifying healthcare transactions and making your journey towards wellness as smooth as possible.
Please note that while Bitcoin Cash offers many advantages, it’s important to conduct transactions responsibly and securely. If you have any questions or need assistance with your purchase, our customer support team is always ready to help. Embrace the convenience of Bitcoin Cash on MedsBase and embark on a new era of healthcare transactions today.
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