If you are new to the world of cryptocurrencies you must be mystified by some terms. If you want to become a good investor, you need to know about such terms to make correct investment decisions. Bitcoin vs Bitcoin Cash is one such confusing concept. If you want to understand Bitcoin vs Bitcoin Cash, we have a post that will do the needful for you.
Bitcoin was forked to form an entirely new and different cryptocurrency Bitcoin Cash. If you want to know about Bitcoin vs Bitcoin Cash both of them share certain similarities and differences. Bitcoin is mostly seen as digital gold while Bitcoin Cash serves as digital cash. You should be aware of the differences between Bitcoin vs Bitcoin Cash to better comprehend the cryptocurrency journey so far.
Some people often get confused between the two and consider both Bitcoin and Bitcoin Cash as the same cryptocurrency. However, both are different. Bitcoin shouldn’t be sent to a Bitcoin Cash address and vice versa. This post will provide you with more details about Bitcoin vs Bitcoin Cash.
So, without any further ado, let’s begin the post on Bitcoin vs Bitcoin Cash. We will first start with the meanings of the two cryptocurrencies.
What Is Bitcoin?
Bitcoin (BTC) cryptocurrency was created in the year 2008 by Santoshi Nakamoto. It was first used in 2009. As a result of the mining process, Bitcoin is produced. BTC is one of the oldest and largest cryptocurrencies by market capitalization.
The cryptocurrency, Bitcoin has many times been referred to as a speculative bubble. Bitcoin has been berated for its use illegitimately, exchange theft, volatility, high amount of energy used in mining, and carbon footprints. Bitcoin is a very popular cryptocurrency and many investors worldwide are involved in Bitcoin trading. As we have discussed Bitcoin, now let us discuss Bitcoin Cash.
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What Is Bitcoin Cash?
Bitcoin Cash (BCH) was created in 2017 and it is a cryptocurrency and a payment network. It was developed as a hard fork with Bitcoin. The main aim behind BCH’s creation was to increase the number of transactions that can be processed. It was developed taking into view the future and scalability of the cryptocurrency by developers and miners.
This cryptocurrency has its specifications and blockchain. It was created with a high block size of 8MB for better and faster transactions. Its website describes this cryptocurrency as peer-to-peer electronic cash for online payments or the internet. It doesn’t need any third party for operating. We have discussed both Bitcoin and Bitcoin Cash, let us now discuss Bitcoin vs Bitcoin Cash.
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Bitcoin Vs Bitcoin Cash: Difference
Let us discuss how Bitcoin is different from Bitcoin Cash by considering a few factors.
Bitcoin Vs Bitcoin Cash: Scalability
Bitcoin has a maximum block size of 1MB. Hence, the scalability of Bitcoin is also lesser because of fewer transactions per second in comparison to Bitcoin Cash. BCH has a maximum block size of 32MB. So, it has more scalability and more transactions per second.
Bitcoin Vs Bitcoin Cash: Market Penetration
Bitcoin has higher market penetration in comparison to Bitcoin Cash. It is a segment currency against which most of the other currencies trade. BTC is one of the oldest cryptocurrencies available presently. Bitcoin Cash is still a new and younger cryptocurrency. It is still not recognized by many traders. It might take time to reach the level where BTC presently trades and increase its market penetration.
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Bitcoin Vs Bitcoin Cash: Development
It is considered that the development community of Bitcoin lacks effective leadership. It has slower updates and implementations. Other cryptocurrencies may take advantage of this and take the lead from Bitcoin in the future. Bitcoin Cash has a faster team that results in fast implementation and updates.
Bitcoin Vs Bitcoin Cash: Speed
Bitcoin is considered to be slower than Bitcoin Cash. Bitcoin Cash transfers data quickly in comparison to Bitcoin. You don’t need to wait for some time for your transaction to be confirmed in Bitcoin Cash as it is in the case of BTC.
Bitcoin Vs Bitcoin Cash: Profitability
Bitcoin is quite costly to move around in exchanges while Bitcoin Cash is comparatively cheaper. Bitcoin is less profitable compared to Bitcoin Cash because of the slow-moving rate and more transaction costs per transaction. BCH has a fast-moving rate and lower costs per transaction than BTC and hence is more profitable.
Bitcoin Vs Bitcoin Cash: Security
Bitcoin is considered a more secure cryptocurrency than Bitcoin Cash. It has a small block size that makes it better in security. Bitcoin Cash, on the other hand, is comparatively less secure and has a large block size. So, BTC is better than BCH in terms of security.
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Bitcoin Vs Bitcoin Cash: Issue Tokens
If traders want to issue tokens on the Bitcoin blockchain, they need to use the Omni layer. It is a platform to create and trade custom digital currencies and assets. Omni layer adoption has centered mostly around stablecoins. Bitcoin Cash has created a Simple Ledger Protocol that allows developers to issue a token on the top of BCH just like on the top of the Ethereum blockchain.
Bitcoin Vs Bitcoin Cash: Fees
Bitcoin includes more transaction fees. Bitcoin Cash has fewer transaction fees in comparison to Bitcoin. So, BCH is considered better than BTC in terms of transaction fees.
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Bitcoin Vs Bitcoin Cash: Price
The current price of Bitcoin is $47,643.53. It is ranked 1 as per Coinmarketcap ranking. While the present price of Bitcoin Cash as per writing is $375.23. It is ranked 27 as per Coinmarketcap ranking.
Bitcoin Vs Bitcoin Cash: Market Capitalization
The market capitalization of Bitcoin is $9,05,07,70,11,260. Bitcoin Cash has a market capitalization of $7,13,73,14,325. So, Bitcoin is the largest cryptocurrency so far with a market capitalization of around $905 billion.
These were the main points in Bitcoin vs Bitcoin Cash. In some cases, Bitcoin is better while in some cases Bitcoin Cash is better than Bitcoin.
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Here ends our post on Bitcoin vs Bitcoin Cash. We have included various factors for discussing the differences between the two. Bitcoin has higher transaction costs as compared to the lower transaction costs of Bitcoin Cash.
BCH is known for transferring data quickly and has a higher transaction rate per second. Bitcoin enjoys a high confidence level but it is not the same in the case of Bitcoin Cash. Bitcoin has higher trading pairs while Bitcoin Cash has fewer. So, we can conclude that Bitcoin Cash is better than Bitcoin in some ways while Bitcoin is better in some other factors.
Do tell us your views on Bitcoin vs Bitcoin Cash. Mention any other point of difference that we have missed in the comments.
Frequently Asked Questions
Q1. Is Bitcoin And Bitcoin Cash same?
A. No, Bitcoin and Bitcoin Cash are not the same. Though both of them share certain similarities but there are many differences between the two like Bitcoin Cash is a result of hard fork of Bitcoin.
Q2. Should I Buy Bitcoin Cash?
A. Bitcoin Cash is known for instant processing. It has constant development taking place in terms of infrastructure. Bitcoin Cash is going to get more popular in the future.
Q3. Will Bitcoin Cash Take Over Bitcoin?
A. The future value of Bitcoin Cash is expected to rise so there may be chances of Bitcoin Cash taking over Bitcoin in the future.