Busting the myth, BTC is more secure than BCH

BTC is often touted as a more secure cryptocurrency than BCH. However, this opinion that BTC is more secure does not hold ground. In this article, we will explore the arguments for and against BTC and BCH in security. We hope that this article is an interesting read for all crypto enthusiasts and will help to clear up this misconception or correct misguided opinions.

The cryptocurrency world is often a place of wild claims, hyperbole, and misinformation. One of the biggest myths in this space has to do with the security of certain coins and how they compare to other coins. This couldn't be further from the truth. In this article, we will bust the myth around the relative security of these two coins and provide you with five compelling reasons to believe that BTC is not more secure than BCH.

Technical reasons why BTC cannot be more secured than BCH

1. Scaling

The scaling issue is the second biggest problem BTC has and, at the very least, it contributes to its "flavor of the month" status. Bitcoin needs to support far more transactions in order to be used to buy things online. But it cannot do this without having a lot of money in the system.

This is because when it begins to process more transactions, it causes the cost to the miner to process the transactions to go up dramatically, meaning that the person is paying more money for the same transaction than they did before. What ends up happening is that because the miner only gets paid if they process transactions, they only want to process transactions that are high value (i.e. making them more money), and therefore, the system becomes inefficient (i.e. it does not scale).

The issue of scaling is by far the biggest security threat for the BTC network. BTC network can only handle between 3-7 transactions per second, while the BCH network can scale as much as 200 transactions per second. It would take more than 300 years for BTC to process the current BCH address and the average transaction will only be $30. This means that the BTC system can not scale, and there is a massive backlog of transactions hanging on the blockchain.

A network that doesn't scale cannot be called secure and this is currently the biggest issue with BTC. Bitcoin Cash has a larger network than Bitcoin Core, with more hash power and more transactions than Bitcoin Core. In fact, Bitcoin Cash has more than 10,000 transactions per day. More transactions mean more transparency and more security. This is why Bitcoin Cash is more secure than Bitcoin Core.

The BTC network has a block size limit of 1MB while BCH is 32MB. The size of the Bitcoin Cash network is actually more away larger than that of bitcoin. This means that there are more transactions with BCH than with BTC.

2. BTC has no replay attack protection

It's not possible to double-spend a BCH transaction. Bitcoin Cash network has a built-in solution that ensures that nobody can spend the same coin twice. The concept of coin splitting means that BCH is far more private and secured than BTC. The concept of coin splitting means that BCH transactions can't be re-used. This is a security feature that is maintained by the network, not user-activated protection like a wallet backup.

The recent BTC hack could have been much lesser if there was replay attack protection on the system. With a replay attack, hackers are unable to spend coins that they have stolen in an offline wallet. In the case of the recent BTC hack, the hacker would have found it difficult to sell the BTC or even the original coin at a much cheaper price. With replay protection, all the stolen coins would have been fully recovered and the hackers wouldn't have been able to make any profit. This means that the BCH system is better than BTC because there a replay attack protection.

The absence of replay attack protection leaves a huge risk that the thief would try to spend the BTC that he stole on BCH. BTC has no replay protection because the miners control the difficulty algorithm of the system. With the hash rate of the miners, the attacker can use his equipment to submit a huge number of blocks, which would exponentially reduce the hash rate and the security of the system. Obviously, if this system had been in place the attacker would have not had a chance to steal BTC.

This is known as the "double-spend protection" and it's what makes it possible to have a monetary system where you can make a transfer and immediately see that transfer reflected in a digital ledger. This is technically impossible with BTC, which means that BCT is far less secure than its counterpart BCH.

3. BCH is much more private than BTC.

BTC is on a public ledger, which means that the entire world has access to the entire history of every single transaction that has ever happened on the Bitcoin blockchain. With Bitcoin Cash, on the other hand, transactions are bundled together and then broadcast across the blockchain, making it much more private. Even with the current transaction size of a few kilobytes per transaction, BCH is much more private than BTC (and the Lightning Network).

In fact, the Bitcoin blockchain is only secure if every single person on the planet keeps their wallet encrypted, and those devices are secured with a password or biometrics, as is the case with many of the mobile wallets that people use. While the most prominent cryptocurrencies, such as Ethereum, offer their own “smart contracts” for greater privacy, this does not affect the blockchain itself, which is still public. Bitcoin Cash, on the other hand, is a peer-to-peer network, meaning that transactions are not stored in a centralized place.

A single transaction of BCH is not broadcast to the world. This is a critical point because BTC users actually have no way to ascertain what happened to their bitcoins unless they are able to access all of the transaction histories on the Bitcoin blockchain. If they are not able to access the entire blockchain, they lose access to their bitcoins because they cannot verify whether a transaction was actually spent. If a single transaction on Bitcoin Cash is not broadcast to the world, then no one can see what happened to your bitcoins.

4. Bitcoin Cash can be used to protect your identity.

Bitcoin offers its users a number of ways to protect their identity, such as the option to create a paper wallet, which is a physical location where you store the private keys that correspond to your bitcoins. Bitcoin Cash offers its users even more ways to protect their identity, such as the option to create a “stealth address,” which is a type of digital wallet that is only viewable by the person who owns the address. The beauty of a stealth address is that it renders your public address completely private, which means that no one can see your transactions on the public ledger. In this way, BCH offers its users even more anonymity than BTC.

5. BCH is censorship-resistant compared to BTC

The Bitcoin Cash blockchain is more resistant to censorship because you have to have access to a large amount of computing power to censor the blockchain, whereas it is much more simple to censor the Bitcoin blockchain. The Bitcoin blockchain is subject to a block size limit, and that limit is currently set at 1MB per block. The Bitcoin Cash blockchain does not have a block size limit.

We don’t want our money to be controlled by the government or a corporation. We don’t want to have to depend on banks and other organizations to make transactions with our money. We want to make transactions with our money without being controlled by anyone.

Conclusion

This article attempts to debunk the myth that BTC is more secure than BCH. It has been shown that BTC is in fact not more secure than BCH and that the opposite is the reality. The article has also demonstrated that the myth that BTC is more secure than BCH has been debunked by BCH's greater transaction capacity and the fact that the Bitcoin network is limited to a 1 MB block size and Bitcoin Cash is not. The article also demonstrated that it is not possible to create a 51% attack on the Bitcoin Cash blockchain due to the fact that it has a built-in solution to double-spending.

The purpose of this post isn’t to convince people to switch to BCH. It’s to open their minds to the fact that BTC is not more secure than BCH. It’s a lesson that everyone should be learning! This is just another example of the fact that BTC is not the giant cryptocurrency out there.

Moreover, the article is for informational purposes only and should not be taken as financial advice, or other professional advice. While the author attempts to be accurate, this is not a statement and should not be relied on as such. The author encourages the reader to independently verify the accuracy of the information provided here.

Lead image source: Quoran.com