Bitcoin and Bitcoin Cash are fundamentally the same. However, they differ in ways that users may want to understand clearly. This article explains.
It was not the intention of Satoshi Nakamoto, the original developer of Bitcoin, to have a product that would later require some fundamental adjustments. That is why he embedded Bitcoin in the highly-secure blockchain technology. His vision has prevailed, but with some slight cramps.
Bitcoin Cash emerged in 2017. It still relies on the same blockchain technology that Bitcoin uses. Bitcoin Cash is just another cryptocurrency with very similar features to Bitcoin. Issues of scalability in Bitcoin led to the development of Bitcoin Cash. Simply put, Bitcoin transactions were too slow to the point that some nodes on the Bitcoin blockchain decided to develop a solution in Bitcoin Cash.
Bitcoin remains the leading cryptocurrency despite the emergence of Bitcoin Cash. And this does not mean that Bitcoin Cash isn’t good. Remember that Bitcoin launched in 2009 while Bitcoin Cash launched in 2017. Indeed, Bitcoin has been in the market for a long time. However, this should not be an excuse for Bitcoin Cash not overtaking Bitcoin in the short time it has existed.
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Bitcoin to Bitcoin Cash
Bitcoin Cash launched in 2017 through what is known as a “hard fork.” Before explaining what a “hard fork” is, let’s first take a journey back into Bitcoin’s history to understand it better.
Bitcoin is the leading cryptocurrency with millions of users across the world. Launched back in 2009, Bitcoin has become the mainstay of the cryptocurrency market. And this is probably true because if the price of Bitcoin plunged dramatically today, all other cryptocurrencies would feel the impact.
Nevertheless, even with its success, Bitcoin also has some flaws. After all, nothing is perfect. One of the limitations of Bitcoin is the slow transactions. And this does not mean that transactions take hours or days. Far from it, Bitcoin transactions typically take about 10 minutes. But this may not be enough in a digital world that is growing fast.
Some participants on the Bitcoin blockchain suggested adjusting to make Bitcoin transactions faster. There was no consensus, resulting in the “hard fork.” And this means using the exact blockchain origin to develop two blockchain paths. And this led to Bitcoin Cash creation.
How B Cash Works
Bitcoin Cash works just like Bitcoin. The primary difference is that Bitcoin Cash has faster transactions. And this was made possible by expanding the block size to speed up the process of verifying transactions on the blockchain. Bitcoin’s block size is 1 megabyte, and Block Chain grew this to 8 megabytes at first before expanding further to 32 megabytes.
Therefore, with a larger block size, Bitcoin Cash transactions are verified faster than those on Bitcoin. The process of verification is still the same because both still use Bitcoin’s blockchain. So, while you have to wait longer for your Bitcoin transaction to be verified, someone else using Bitcoin Cash will have theirs done before you.
But even with the increased speed of transactions, Bitcoin Cash also has its limitations. A major one is the weaker security. Since it requires less mining power, its security level is more fragile than Bitcoin’s. Moreover, Bitcoin Cash is still young and will probably take longer to reach the level of Bitcoin.
Bitcoin and Bitcoin Cash both run on the identical Bitcoin blockchain. It’s challenging to decide which is better. It all depends on your preference. If you prefer a more secure transaction, Bitcoin should be your choice. But if speed is your main concern, Bitcoin Cash may be what you need. But there are other networks better than Bitcoin Cash that is focused on speed and scalability.
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