The Difference between Bitcoin and Bitcoin Cash

The Difference between Bitcoin and Bitcoin Cash

Recently, while conversing with a group of persons about Bitcoin Cash, one amongst them asked a question which prompted me to make this article. He asked, what's the difference between Bitcoin and Bitcoin Cash?

It's quite true that a good number of persons can not tell the difference between Bitcoin and Bitcoin Cash except for the price value in which I was part some while ago.

Understanding these differences in some aspects might require some sort of technical knowledge and also more involvement in the use of the virtual currencies.

Although they might have some similarities in definitions, their histories are not the same. Bitcoin cash was derived from what is called a hard fork from Bitcoin on the 1st of August, 2017 with promises to realize a vision for digital cash that they felt Bitcoin itself had failed to deliver: a decentralized, high-volume payment system with low enough fees for anyone to use.

From history, you will see that Bitcoin got into existence before Bitcoin Cash did.

Also, about it's differences in mining, Bitcoin Cash and Bitcoin operates on the same hashing algorithm - SHA-256. With both crypto currencies sharing the same hashing algorithm, it means that miners can mine the both coins at the same time. For some time now, the profitability of mining BTC and BCH are much closer to each other than they used to be.

Finding differences in terms of block size, Bitcoin maintains its 1MB block size while Bitcoin Cash integrates its block at 32MB, a huge difference which has been a key differentiator between these networks.

The block gives Bitcoin Cash a better advantage than Bitcoin because it could process more transactions than Bitcoin could if assigned equal time.

Are you also interested in it's differences in transaction volume? Although with Bitcoin cash's capability of processing transactions at cheaper rates and faster, Bitcoin has processed far more transaction than it has. Over the past few weeks, The Bitcoin network has averaged around 300,000 transactions per day compared to Bitcoin cash's average 17,000 per day.

Differences in terms of Market Capital.

The market Capital is actually the total number of transactions on the network from the creation of the currency, Bitcoin has witnessed a huge number of transactions as is the number one crypto currency in terms of Market capitalization.

Bitcoin has a market capitalization of $286.24 B which is approximately $28 B times larger than Bitcoin cash's market capitalization of $4.88 B with 18,568,170 market supply.

In summary, these are the basic differences between Bitcoin and Bitcoin Cash;

• Bitcoin is limited by transaction processing time compared to Bitcoin Cash.

• Bitcoin was started by an anonymous programmer or set of programmers called Satoshi Nakamoto while Bitcoin Cash was started by bitcoin miners and developers who performed a hard fork, concerned about the future of the bitcoin cryptocurrency, and its ability to scale effectively.

• While bitcoin blocks are limited to 1 MB, Bitcoin cash's blocks are 32MB.

• Bitcoin is abbreviated as BTC while Bitcoin Cash is abbreviated as BCH.