Comparison between Bitcoin Cash and Bitcoin
Did you know that bitcoin cash is generated from bitcoin?
bitcoin cash nodes were previously part of the bitcoin blockchain. Bitcoin Cash is the fork of Bitcoin. But which of the two should you invest in?
What is the difference between Bitcoin Cash(BCH) and Bitcoin( BTC)? What is a fork? There are so many questions by the end of this post, you will understand the difference between two different cryptocurrencies - Bitcoin Cash VS Bitcoin.
You will learn more about their history, their value, and their potential for the future. After that, you should be able to decide what to invest in or not. Firstly, let's take a look at Bitcoin and its background. Then I will explain what a fork is.
Before you go straight to the instructions, you should be aware of a few important aspects. First, make sure you choose a reliable crypto exchange platform when buying or use the easiest way to buy Bitcoins with your credit card - Simplex.
Second, cryptocurrencies should be kept in safe wallets. The Laser Nano S and Treasure are some of the most highly recommended and reliable hardware wallets out there. If you are already familiar with Bitcoin and Bitcoin Cash and are only here for comparison, go to the Bitcoin Cash VS Bitcoin section directly and skip this part.
Bitcoin
Bitcoin was the very first cryptocurrency and it was not widely known for many years. It is like any other real currency. You can use it to buy, sell and trade goods, services, investments, and more. Blockchain technology protects it from being fake. It also means that it is not owned, issued or controlled by any single group or party. For example, the US dollar is issued by the US government and controlled by banks. In this scenario, the central party is the government and the banks.
When you transfer dollars to a friend, you rely on the bank to authorize and process the transaction. On the other hand, bitcoin is not issued or controlled by any central authority.
Transactions on the blockchain are verified by computers running the blockchain, and can be owned by anyone on those computers - the blockchain is decentralized. On the blockchain, transactions are stored and presented in blocks. Computers verify the entire block of transactions at once by solving a complex math problem. When the problem is resolved, the transactions in the block are verified and a new bitcoin is created - it is given to the computer that solved the problem. This process is called mining!
The total number of bitcoins that exist right now is limited to 21 million. Although there are already more than 16 million bitcoins, it will take a long time for the bitcoin count to reach 21 million! This is because the number of bitcoins per block is cut in half every 4 years. As more people try to get some bitcoins and the mining rate decreases, the common belief is that the value will increase. This is why so many people are crazy about Bitcoin now! Today, bitcoin is currently the most valuable cryptocurrency on the market.
While other currencies try to beat Bitcoin and reduce its dominance over the digital currency sector, Bitcoin Cash may be an exception due to the difference between Bitcoin and Bitcoin Cash! Bitcoin cash is a fork of bitcoin; I explain what a fork is before jumping into bitcoin cash!
A Fork
There are quite a few Bitcoin forks out there, but none of them are used as well as Bitcoin Cash. A fork is created when the source code of the blockchain is updated, but only some of the nodes (computers) of the blockchain receive the update. The original blockchain (eg, Bitcoin) remains the same, and the updated nodes detach from the original blockchain and create a new blockchain (eg, Bitcoin Cash), and the pieces of the blockchain become separate and unique coins in the original blockchain. Anyone who owned the original coin at the time of the fork will automatically receive the forked version of the coin they held.
So when Bitcoin splits into Bitcoin Cash, anyone who has 10 BTC would automatically receive a certain amount of BCH corresponding to the value of their 10 BTC. Now let's talk about Bitcoin Cash itself!
Bitcoin Cash
Like Bitcoin, Bitcoin Cash is a digital currency with its own blockchain. It works just like a digital currency and a new BCH (Bitcoin Cash) has been created by bitcoin cache mining. It was created in late 2016, making it much less than Bitcoin. Bitcoin was created to create bitcoin cash because bitcoin developers wanted to make some significant changes to bitcoin.
The developers of the Bitcoin community were unable to explain some of the changes they wanted to make. So, this small group of developers split Bitcoin to create a new version of the same code with a few changes.
Here are the changes that make all the differences between Bitcoin Cash and Bitcoin: Bitcoin Cash has a low transfer fee (about $ 0.20 per transaction), so executing transactions on BCH can save you more money than using BTC. BTC transactions used to cost about $ 25 per transaction, but can cost about $ 1 per transaction. BCH transfer time will be faster. So you don't have to wait 10 minutes to validate your Bitcoin transaction! BCH can handle more transactions per second.
This means that more people can use BCH at the same time as BTC. All of these changes are due to the fact that the Bitcoin Cash block (in the blockchain) is eight times the size of the Bitcoin block. This makes BCH cheaper, faster and more scalable than Bitcoin itself. For this reason, Bitcoin money is increasingly being adopted every day.
Bitcoin Cash VS Bitcoin
Many people think that bitcoin cash is a war against bitcoin and that one should be better than the other. For practical reasons, bitcoin cash is a fast and inexpensive asset to transact on the blockchain. But bitcoin, as the original cryptocurrency, is the most widely accepted and currently the largest store of value in the crypto market. This gives me confidence that these two coins can remain as staples in the industry as they develop and mature.
BCH can become the primary means for transacting and transporting money if more users adopt it. BTC can still be used as a repository of value, which is considered the gold of the digital currency.
Both will increase in value and acceptance over time, making them an investment for any investor to consider and consider. After knowing the difference between these two coins, you can better decide how to invest and use them.
For example, you can invest in bitcoin cash to use as the main form of currency for transactions. However, you can invest in bitcoin the way you would invest in gold - for investment gains. The question is, who do you like? and for what? Do you like bitcoin as an investment, but bitcoin cash as a useful coin? What is your opinion on Bitcoin Cash VS Bitcoin?
Important note:
Always do independent research and always consult with financial investors before investing. Also, keep in mind that it is important to keep your cryptocurrency in a secure digital wallet such as Laser Nano S, Treasure Model T, Coinbase. When purchasing BTC and BCH, we recommend choosing an easy payment method.
