The a clear difference between Bitcoin cash and Bitcoin.
What's the Difference Between Bitcoin Cash and Bitcoin?
Are you wondering what the difference between Bitcoin Cash and Bitcoin is? Don’t worry, you’re not alone! Many people have questions about what Bitcoin Cash actually is and how it compares to the original cryptocurrency, so today we’re going to try to answer that question as best we can. You can learn more about us at the bottom of this article, but first, let’s take a look at the real differences between these two coins.
Bitcoin vs Bitcoin Cash
Blockchain supporters were thrilled when Bitcoin forked into two separate currencies in August. The new offshoot, called Bitcoin Cash, is meant to address scaling issues (that is, transaction speed). Some members of bitcoin’s core development team announced that they would release a rival version of bitcoin called Bitcoin ABC. Although trading of both cryptocurrencies has been rocky so far, proponents are committed to their own vision for how each currency should function. No one can say for sure which version will prevail; however, we do know there are clear differences between these two virtual currencies—differences that may matter greatly depending on your intended use. Here’s a closer look at what those differences are—and which one may work best for you.
How Bitcoin Cash Came About
The history of bitcoin cash actually begins way back in 2010, when a mysterious hacker—or group of hackers—using Satoshi Nakamoto as a pseudonym, published a white paper called Bitcoin: A Peer-to-Peer Electronic Cash System. That was actually a huge deal. Before that white paper, which laid out bitcoin's technology, blockchain had been thought of as something only for file sharing. People didn't know how to use it for digital currency. The rest is history. And now we're here. We've got bitcoin (BTC) on one side and bitcoin cash (BCH) on another side of what has become an increasingly wide chasm.
Can I Buy BCH on Coinbase?
If you are based in the United States, Canada, most of Europe, Singapore, or Japan you can buy BCH on Coinbase. The easiest way to buy digital currency is by using a reputable exchange. In order to purchase cryptocurrency on an exchange like Coinbase you need to follow a few steps: first, create an account on Coinbase (or through a third-party application) and verify your identity with them; make sure you have funds in your account then transfer those funds from your bank account or credit card into your new Coinbase wallet; lastly, search for Bitcoin Cash (BCH) under Buy/Sell or Deposit options and select which cryptocurrency wallet you want to use; finally, place an order! It’s that simple.
The Future of BitcoinCash
You see, BitcoinCash’s bigger block size means it can accommodate more transactions than other cryptocurrencies like Ethereum. To put that in perspective, one analysis found that if Visa were to use a similar system, it could process more than 45,000 transactions per second (compared to its current rate of 1,700 per second). That is fast enough to complete a transaction within 10 seconds. Meanwhile, since users can attach a fee to their transaction based on how quickly they want it completed—or how much data they want to include in each transaction—BitcoinCash has become increasingly competitive with other cryptocurrencies for things like peer-to-peer payments.
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