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Difference Between Bitcoin and Bitcoin Cash

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Written by   104
3 months ago

Don't get this mixed up. Bitcoin and Bitcoin Cash initially was one but not anymore. There are vast differences between Bitcoin and Bitcoin Cash in Speed, Liquidity, Security and a whole lot of other stuffs. Got this question from several persons we've discussed Bitcoin Cash with so to make it easier to understand, this article is being made distinguishing between Bitcoin and Bitcoin Cash in the aspect of its prices and features.

Bitcoin Cash originated from Bitcoin during a fork which occured in August, 2017. This was as a result of Bitcoin's scalability issues and other technical reasons. After the split, a good number of bitcoin users were unable to distinguish which is a better Digital Currency for Peer to Peer Transactions and so the questions are being asked till date.

What is A Fork?

This usually occurs when an update is being introduced to a the original code of a BlockChain and is being rejected by some nodes of the Blockchain. There are several other Bitcoin forks but only Bitcoin Cash is Popular.

When a fork occurs, the original BlockChain remains the same, (in this case, Bitcoin is the original BlockChain) while the updated nodes split off to form a new BlockChain (Bitcoin Cash). At this point, those who had the original coin will automatically have the forked version.

Bitcoin

Bitcoin is the first crypto currency created by an anonymous programer (group of programers) called Satoshi Nakamoto . Just like real Currencies where you get to buy stuffs with it, trade for goods and services, Bitcoin is a digital version of the real Currencies.

On the other hand, Bitcoin is not issued by a central authority like the central bank and it's Transactions are being stored and verified on the Blockchain which makes it Decentralized.

In total, Bitcoin has a limitation in the number of pieces that will ever exist, limited to 21 million. Although a good amount of Bitcoin have been mined to existence, but it is going to take a very long time until the count of Bitcoin reaches 21 million! That's because every 4 years, the amount of Bitcoin in existence is being split into half.

Bitcoin Cash

Bitcoin Cash as we now know is a forked version of Bitcoin which came to existence in August, 2017. Bitcoin Cash resulted with the solution to Nakamoto's vision, peer-to-peer crypto currency used for daily transactions. This solution came to Existence after the surge in the price of Bitcoin, it was observed that users had to pay so much fees to perform a simple transaction and that went out of place.

To get the situation arrested, bitcoin cash increased its block size from 8mb to 32mb allowing the processing of more transactions per block.

Differences Between Bitcoin and Bitcoin Cash

Transaction Fees

So many would always choose Bitcoin Cash over Bitcoin when it comes to transacting. Transaction rates for Bitcoin costs so much at at some points you can't even transact a fraction of your coin. For instance, paying for a cup of coffee worth 2 dollars, you find out that you happen to pay a fee more expensive than the coffee you want to buy whereas with Bitcoin Cash, you can transact as low as a cent without paying a fee for transaction.

Trading

In this aspect, Bitcoin has an advantage over Bitcoin Cash. when it comes to trading, BCH has far less trading pairs than BTC, making it less tradeable than Bitcoin.

Transaction Speed

Here's another advantage of Bitcoin Cash over Bitcoin. With it's 32mb block size, It can transact more blocks than Bitcoin could because of its limitation to 1mb block size.

Scalability

At anytime, if due, Bitcoin Cash can be able to adjust its size to suit issues at the point but Bitcoin is not scalable.

Market Capital

Being the first to exist, Bitcoin happens to be more popular pulling transactions to itself thereby immerging the biggest crypto currency in market Capital, according to coinmarketcap, Bitcoin Cash ranks 8th in market Capital size.

In Conclusion,

There are several other differences between these two crypto Currencies technically and otherwise, and this article is subjected to updates with time.

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Written by   104
3 months ago
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Comments

This article was really good, especially for people like me that are getting into the crypto world

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3 months ago

Glad you found our article interesting.

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3 months ago

im a big fan of bitcoin cash.. 😊😊

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3 months ago

Bitcoin Cash is the "real" Bitcoin the way Satasohi Nakamoto envisioned it in my opinion. Instant p2p transactions at lightening speed, and minimal transaction fees. I have experienced it myself in the real world . Since this last Crypto bullrun I have been moving away from ETH and looking elsewhere because of the insane transaction fees. Great job explaining the differences in this article. I'm not sure many new people to crypto know that Bitcoin has Forked a few times. We also have Bitcoin Silver , Gold, and Diamond. I'm not sure of their use case , but they have also seen gains in this bull market. Keep up the good work. I will follow your articles so I get updates when you post. I am also going to share this to my Twitter feed. I like to help promote BCH , and I'm always looking to expand my knowledge !

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3 months ago

Bitcoin is for the rich. Bitcoin cash is for both the rich and the poor.

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3 months ago

Your View! Cool though.

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3 months ago

Yes. A big fan of bitcoin cash here. 😆

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3 months ago