Despite of having similar-sounding titles and same type of network, Bitcoin and Bitcoin cash are two cryptocurrencies are different in certain ways. Bitcoin Cash is not a low-cost alternative to Bitcoin either, contrary to popular belief. So, how different is Bitcoin from Bitcoin Cash?
Introduction
Bitcoin, or BTC as we know it, is the first common crypto-currency in the world. Bitcoin, which was founded in 2009 by a mysterious person known as Satoshi Nakamoto, is a digital currency operated by the Blockchain public ledger. Bitcoin has developed spectacularly in terms of popularity and value since its development. One Bitcoin was worth $0.0001 at the time of the first-ever transaction in 2009 (bloc 170). At the time of this writing, more than $58,000 is worth the same old Bitcoin! Could you believe that?
Bitcoin Cash or BCH, on the other hand, is a cryptocurrency created only recently in 2017. The creation of Bitcoin Cash is the product of group efforts to find an alternative to Bitcoin that has quickly become an unacceptable option for mass transactions. Bitcoin Currency, however, is a fork of the original Bitcoin project (meaning a copy of the source code). The goal of the group was to increase Bitcoin's transaction speeds and scalability. Finally, they gave birth to an entirely different and distinct cryptocurrency altogether. Bitcoin Cash has been divided into two blockchains in 2018: Bitcoin Cash ABC and Bitcoin SV. And another fork has occurred in last year between BCHN and BCHA in 2020.
Bitcoin over Bitcoin Cash
Larger community
In market capitalization and in the number of investors, Bitcoin is by far the largest cryptocurrency. Bitcoin has emerged as a household name in different global markets due to the increase in its value in recent years. On the other hand, Bitcoin Cash for a significant chunk of crypto enthusiasts remains largely undiscovered land. Sometimes, some people mistakenly claim that Bitcoin Cash is a carbon copy of the original Bitcoin project.
Security
While Bitcoin and Bitcoin Cash's underlying code is basically the same, to achieve better scalability and faster transactions, Bitcoin Cash has undergone certain changes to the original codebase. As the BCH group has fast-tracked the authentication phase of transactions, these improvements are also subject to security concerns.
In addition, in terms of value, Bitcoin has seen unparalleled development. Some analysts think that by the end of 2021, the price of one Bitcoin could hit as high as $1 million. Bitcoin Cash, on the other hand, has yet to display such promising progress.
Bitcoin Cash over Bitcoin
Manageability
Volatility may not be the main problem when dealing with Bitcoin Cash, unlike Bitcoin. Since its value has not yet surpassed $1000, it can be afforded by most individuals. In addition to scalability and faster transactions, that is one of the reasons why Bitcoin Cash exists in the first place.
Fast transactions
Bitcoin Cash, which is eight times greater than Bitcoin, has an increased block size of 8MB. In other words, Bitcoin Cash transactions are normally quicker than Bitcoin, making it a more acceptable alternative for day-to-day transactions. In addition, without incurring high fees, you can trade in Bitcoin Cash.
Scalability
Bitcoin transactions also suffer from scalability problems due to their off-the-charts value, huge popularity, and traditional nature. Bitcoin Cash, on the other hand, is a scalable network. In addition, developers behind Bitcoin Cash have some easy-to-use implementation instruments to set it up as a means of payment. Bitcoin Cash is now listed on several of the world's leading crypto-currency exchanges due to its widespread acceptance.
Summary
In the on-going bull run fueled by the media hype, Bitcoin continues to rise. Experts agree that in the years to come, BTC will continue to win. However, low transaction speeds and the lack of scalability will have to be discussed by the BTC community.
Bitcoin Cash is expected to rise in the coming years, despite being priced so low compared to the mighty Bitcoin. The group is seeking to improve its transaction rates at the same time. This is largely why more individuals are positive about the advantages of long-term investment in Bitcoin Cash.
The two cryptocurrency have their own strength and weaknesses. But in the long run, people will go after to the coin with a true world use case which is Bitcoin Cash.
Who would pay extra transaction fee just to buy common necessities? And who would wait in line just to wait for their transactions to be conplete.
Bitcoin Cash had showed that it can compete to bitcoin in terms of daily transactions without getting ripped by transactions fee.
Note: This is not a biased opinion because I'm writing on a platform powered by Bitcoin Cash.