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Bitcoin and Bitcoin Cash, What Are The Differences All About?

Bitcoin and Bitcoin Cash

June 14, 2020 | 

JOHN K MWANIKI |  0 Comments| 

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That cryptocurrency is changing how people trade is no doubt. Investors and other traders are looking for cryptocurrencies as the solution to an uncertain economy. So far, some investors have christened it the “online gold" due to its ability to spike when the traditional economy goes down.

The more the crypto coins become useful in the economy, the more they become adopted, and the more coins become available in the market. Of all the coins, some of the most popular is the Bitcoin and Bitcoin Cash. Even though almost similar in names, most traders don't know how to separate the two. This article details all the differences between the two;

Introduction

While Bitcoin was the founding coin, it faces challenges of lower transaction speeds with high transaction fees. An increase in the uptake of the currency led to an increasingly dire situation leading to a group seeking to change operations. On the other hand, some faction felt the slower speeds and high costs were necessary to avoid flooding the coin.

With the groups failing to reach a consensus, they went for a split on August 1st, 2017. Known as a hard fork. It led to the separation of Bitcoin Cash from Bitcoin.

bitcoin cash

Blocksize

One of the main reasons for the low transaction speeds of Bitcoin is the bigger Blocksize. A bigger Blocksize tends to have several transactions leading to lower rates. With one Bitcoin Blocksize equaling one megabyte, the traders find it hard to scale. This is different from Bitcoin cash, which has a Blocksize of 8 megabytes.

The larger blocks on the Bitcoin cash allows for faster transactions compared to that of Bitcoin.

Transaction Fees

The other reason for the split between Bitcoin and Bitcoin Cash is the transaction fees. With many people holding Bitcoin and the lower transaction speeds, the transaction fees automatically go up.

While the higher transaction fees on Bitcoin on surface-level might seem badly off compared to Bitcoin cash, it is yet to be seen when BTC scales.

Adoption

With the virtue of being the first in the market, Bitcoin tends to have many users. Even though this is set to change as the value of the Bitcoin rises even further. Also though considered safe, most investors are still conscious of their money. Most of the current investors would instead trade on the more affordable Bitcoin cash that comes with lesser risks.

Even though both are volatile, a change in price affects the Bitcoin investors more than it does to the Bitcoin Cash team. The only concern that comes with Bitcoin cash uptake is building credibility. Some investors consider it a fake coin that looks to swindle people's money using Bitcoin's brand

Bottom Line 

One of the challenges that come with investing in the crypto economy is understanding the several coins. The safest point to start is by learning about two of the first crypto coins. Besides Bitcoin and Bitcoin Cash, there are several other essential crypto coins to know about, like Ripple, Ethereum, among others. They all come with unique features and pros and cons.

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