Most people who just knew cryptocurrencies would probably think, what is the difference between Bitcoin and Bitcoin Cash?
Honestly speaking, I have been confused about it too. I have a lot of questions in my mind back then. And to answer these, I made my own research and made sure to have me enlightened in the end. Since this platform involves cryptocurrencies, I know that this article will help a lot to have your mind understand the differences between Bitcoin and Bitcoin Cash. Let’s start!
Bitcoin is the world’s first cryptocurrency, and become successful with being used as online payments and in trading too. After the released of it, it has been growing from years and years. Because of it, the network has increased and the fees are getting higher so a development must be done. There, Bitcoin Cash was introduced and Bitcoin have far more transactions than before because of this altcoin created.
But, what are the differences between the two?
The difference is obvious in the block size wherein Bitcoin size is limited to 1MB and Bitcoin Cash offers a block size of 8MB. Also, bitcoin covers 2,500 transactions while bitcoin cash reached 7,000 on its first blocks. Therefore, the scalability of bitcoin cash is much better. Bitcoin does not support payments and wallets for bitcoin cash. To clear something, bitcoin cash is just another altcoin and not a “new bitcoin”.
Bitcoin cash has cheaper asset and faster transaction in the block chain. It has been the main tool for the moving of money and transactions while bitcoin remained as the store of value, for it is believed to be the gold of digital currency. Bitcoin still has that spot.
BCH is much younger than BTC. It is still coping up with the crypto market and finding its rightful place in it too. But, it has been used by many users because of its faster and cheaper advantage. Since it is more scalable, people can transact on the blockchain at any time.
Since I have mentioned the things Bitcoin and Bitcoin Cash differs, let us talk about the similarities they both have. Maybe they have less number of similarities than differences.
Both bitcoin and bitcoin cash have their own blockchain. They are both a digital currency that can be used as online payments, or be invested to. And also, the value they have is booming and we will all look forward for how important they can be in the future modernized and digital world.
I haven't published an article in a while because of the school works I have to submit and the online class we are having. Because of this, I wasn't visited by the bot for days now and I don't think he would look upon this article too, but I'll still take chances even though.
I hope everyone is having a good time and may your earnings increase! Have a nice day and thank you for taking time reading my article.
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Technically, when the term "altcoin" was created, it was to describe a coin that has its own blockchain with its own genesis block. For instance, Litecoin was the first altcoin. The term altcoin was later abused to designate nodes that ran on Bitcoin as "altcoins" even before there were any forks. Arguably, Bitcoin Cash is a "competing" fork of Bitcoin. I use quotes around the term competing because Bitcoin certainly has more hashpower, and based on the theory presented in the whitepaper, Bitcoin Cash wouldn't exist. Regardless, it's definitely not "just another altcoin." It is a fork that a lot of original Bitcoin participants from the very early days chose to follow with the intent of more closely matching the original vision of Bitcoin.