The Top Benefits of Bitcoin Cash (BCH) That Make it Better than Bitcoin (BTC)
In the crypto world, we’ve heard plenty of talk about Bitcoin and its technological cousin, Bitcoin Cash (BCH). If you’re trying to understand which one is better, then you’ve come to the right place. Both BTC and BCH have their own strengths, but one thing BCH has going for it is its ability to process transactions quickly with low transaction fees. Plus, you don’t need to worry about any corporate or government interference. Keep reading below to learn more about the top benefits of Bitcoin Cash (BCH) that make it better than Bitcoin (BTC).
Bitcoin cash is a cryptocurrency that was created in August 2017 as a hard fork from the original bitcoin. The vision for BCH has always been to create fast transactions, low transaction fees, absolute privacy, and total decentralization. If BTC was still offering all of these top-notch benefits, then there definitely wouldn't have been needing for BCH. However, with BTC having such slow transactions and high transaction fees, the need for BCH emerged and will continue to be necessary until something is done about BTC's scalability issues.
Low Transaction Fees
Bitcoin Cash transactions are much cheaper and faster to execute. It's also more secure because of its protocol upgrade, which reduces the risk that a single party could manipulate transactions. Finally, BCH transactions are also less subject to market volatility, thanks to its larger supply and shorter block time.
Bitcoin Cash (BCH) is the only cryptocurrency in the world today that offers total privacy. There are no addresses, no transactions, and no balances that can be associated with any particular user or entity. BCH uses a special technique called zero-knowledge proofs to achieve this level of privacy and security. The white paper for BCH contains more details about how this is achieved.
Privacy is one of the most important aspects to consider when you're trying to decide which currency is best for you. With BCH, transactions are more difficult to trace, and there's a higher degree of anonymity. This makes BCH perfect for those looking to live a life without big brother watching over them every step of the way. One thing that BTC does offer in this regard though is the ability for users to mix their coins with other users through tumbling in order to obscure their identity and make detection more difficult. The downside here is that if you tumble coins, then your funds will be unavailable for a period of time.
Bitcoin transactions are not private. In fact, all transactions can be monitored on the blockchain and traced to IP addresses or other identifying information. Even though some people may see this as a feature, not having privacy in your transactions is a huge disadvantage. This is where BCH comes into play. BCH was created with the idea of being decentralized in mind, which means that no one has control over BCH except for those who use and mine it. There's also no need for intermediaries to help process transactions because they're done directly between users, meaning that you have absolute privacy when using BCH.
One of the main reasons why BCH is superior to BTC is the fact that BCH transactions are immutable. What this means is that once you send a transaction, it cannot be reversed, regardless of whether the recipient wants your money or not. The best way to explain this would be with an example: let's say someone sends you $200 in BTC and then they get hacked and lose their private key, but you still have yours. You could theoretically spend all $200 worth because there's nothing stopping you from doing so. In contrast, if someone were to send you $200 worth in BCH and then lose their private key or get hacked, then your money would be safe because once a transaction has been sent out and confirmed by miners, no one can reverse it.
Open Access to Anyone
One of the best things about Bitcoin Cash is that it's open to everyone. All you need is a smartphone and an internet connection to securely and instantaneously send money anywhere in the world, quickly. The low transaction fees for BCH make this possible. On top of that, there's no risk of chargebacks or fraud because all transactions are peer-to-peer. Moreover, these features also make BCH more private than BTC since there are no third parties involved in the transactions. Furthermore, because all transactions are stored on a public ledger, any individual can easily track payments and monitor their digital wallets without any third-party involvement whatsoever.