What is Bitcoin Cash? How Does it Compare to Bitcoin?
1. What is Bitcoin Cash?
Bitcoin Cash (BCH) is a cryptocurrency that has been created as a result of the hard fork in the Bitcoin blockchain. It is similar to Bitcoin, but it has its own unique features and it is much faster.
Bitcoin Cash was forked out of Bitcoin on August 1, 2017. The first implementation of this project was released on November 13, 2018. A group of miners and developers decided to make a change to the original Bitcoin code because they believed that it was necessary to increase the block size limit in order to allow more transactions per second and give users lower transaction costs.
A hard fork is a software update that makes changes that aren’t backward-compatible with previous versions. This means that older versions can't understand new data types or formats introduced by this update.
2. How Does Bitcoin Cash Compare to Bitcoin?
Bitcoin Cash (BCH) is a worldwide cryptocurrency, and it has surpassed Bitcoin (BTC) in market capitalization.
After the fork of Bitcoin (BTC), Bitcoin Cash was created. BCH is a worldwide cryptocurrency, and it has surpassed BTC in market capitalization. The main difference between the two coins is that the block size of BTC is 1MB, whereas the block size of BCH is 8MB.
Bitcoin Cash was developed to fix the issue of scalability with Bitcoin's blockchain technology, which resulted in slow transaction times and high transaction fees. While Bitcoin's popularity has soared this year as its price reached upwards towards $20,000 per coin, many are wondering what will happen to its little brother Bitcoin Cash after its price recently fell to around $600-700 per coin?
3. Key Differences Between the Two Cryptocurrencies
The two cryptocurrencies are different in many ways. For one, Bitcoin is created and stored on a blockchain that is public and can be accessed by anyone. It is not regulated by any government or organization. Ethereum, on the other hand, is created on an Ethereum blockchain that is specifically designed to help developers build their own decentralized applications.
The biggest difference between the two lies in the way they are used. Bitcoin has a broader appeal because it can be used for numerous purposes such as payments, remittances, savings, etc., whereas Ethereum has more specific use cases such as smart contracts and ICOs.
4. What Is the Future of Bitcoin Cash?
Bitcoin Cash was created on August 1, 2017, with the idea of being a peer-to-peer electronic cash system. The goal of Bitcoin Cash is to be able to process transactions faster than Bitcoin while not facing the same issues of scalability. Bitcoin Cash aims to be a world currency that can be used for everyday transactions and also for larger purchases such as purchasing a house.
The future for Bitcoin Cash is unclear because there is no roadmap or plan in place at this time. It's unclear if they will improve their scaling problem, or if they will continue to be an alternative cryptocurrency like Litecoin and Ethereum.
5. Should I Invest in Bitcoin or Bitcoin Cash?
Bitcoin Cash is a hard fork of Bitcoin that is designed to speed up transactions and allow for more transaction options.
There are many reasons why Bitcoin Cash may be a better investment than Bitcoin. Firstly, it costs less to send BCH transactions as they take up less space on blocks. This means that BCH has lower fees and faster transactions than BTC. Secondly, it is much easier for the average person to purchase BCH as opposed to BTC because there are no fees or minimums when purchasing through an exchange or app like Coinbase. Finally, there will only be 21 million bitcoins available while the supply of bitcoin cash is uncapped at 21 million coins meaning that there will be more available in the future.
Bitcoin cash may very well be a better investment than Bitcoin because of its lower fees and faster transaction time.
6. Conclusion: Which One is Better for Me?
Bitcoin and BCH are two cryptocurrencies that can be used for transactions. While Bitcoin is the oldest, there are a few differences between these two types of currencies.
Bitcoin was introduced in 2009 as an electronic payment system and it has the largest market share in cryptocurrency. The transactions take place in a decentralized manner without any third-party involvement or centralized authority such as banks.