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Ever since I found out about the BCH cryptocurrency, I read the news every day and learn something new.I was interested in the difference between Bitcoin and Bitcoin cach, so I learned through various platforms and my friends.
The transaction problem has divided the bitcoin community into two groups. One group claims that bitcoin was never designed to be a solution for paying for "cups of coffee", others say it should. Since no group was willing to give up, in August 2017, bitcoin was basically split using a process called "Hard Fork", which created a new version of bitcoin called bitcoin cache. Bitcoin cache uses the same database, but with a block size of 8Mb. This increased limit allows for the processing of about two million transactions per day.
Are these two cryptocurrencies interdependent?
The answer is no. They are now completely separate and can work independently of each other.In fact, they are very different, with each currency having its advantages and disadvantages.
1. New name
The word cash in it is not accidental - the creators intend for the future of the currency to become a new form of money.
2. Advantage / Disadvantage
+ Larger block size limit (8MB). As a result - more transactions can be processed for less fee.
- Bitcoin cash a lot of mining cartels, so no one is strong enough and a situation in which one miner has a majority of 51% to rule everyone is quite impossible.
Bitcoin cash, on the other hand, is highly centralized. There are already 3 mining cartels that make up more than 51% together. This can be a dangerous situation because the future of the currency becomes too dependent on them.
3. Technical difference
Bitcoin cash is aware of its weaknesses and added protection measures to close these gaps and ensure the security of the new currency for all.
Bitcoin cach uses a different hash algorithm than the one used by bitcoin. Thus, repetition between two chains is no longer possible.
Bitcoin cash technology allows you to increase the number of blocks. It is now 8MB, and additional increases are possible.
Bitcoin cache has a different transaction signature to confirm its difference from bitcoin.
A new algorithm that ensures the normal operation of the chain in the event of drastic changes in the number of miners. This provides additional stability to the currency as a whole.
It is amazing what many smart people say about BCH. There are both optimists and pessimists, but it is certainly useful to read everything.
Dan Nathan, founder of Risk Reversal Advisors, said: "I'm buying bitcoin cash and yttrium. The two seem to have room to thrive, while bitcoin seems to have some technical problems."
Roger Verr, one of the most famous bitcoin investors and evangelists, believes that bitcoin cash is real bitcoin and that in the future it will have a higher market value, trading volume and customer base.
Dr Garik Heilman, an economics historian at the University of Cambridge, says: "In addition to financial gain, bitcoin owners can understand from the progress of bitcoin cash that there are potential technical benefits, such as observing how BCH works with 8MB blocks and what uses it attracts." "
Ken Shishido, an evangelist of bitcoin cash, is sure: "When BCH is adopted, and people see that you can use it to buy goods and services, the price will increase."
Adam Beck is a British cryptographer and says: "Bitcoin has an advantage over bitcoin cache in terms of long-term scaling because bitcoin cache lacks the infrastructure that supports second-layer scaling."
Brian Kelly, CEO and founder of BKCM LLC, believes: "I think both bitcoin and bitcoin cash are great bets. Bitcoin is like a monetary base, and bitcoin cash is a transaction currency similar to global M1."
Reading the opinions of both, I still believe in BCH, I am optimistic. BCH is the future!