Bitcoin cash was the outcome of a hard Bitcoin fork in August 2017. It is a decentralised peer-to-peer blockchain technology sharing similar yet different characteristics than Bitcoin. This article will make you understand the significant difference between bitcoin cash vs bitcoin to understand if bitcoin cash overtakes bitcoin.
An introduction to Bitcoin and Bitcoin cash
Bitcoin (BTC) and Bitcoin Cash (BCH) are two different crypto assets that operate independently and possess technological variations. Also, Bitcoin, the most ancient crypto asset and the most extensive by market capitalisation got launched in 2009.
On the other hand, Bitcoin Cash is an outcome of the Bitcoin fork that grew and expanded into an asset in its power. In addition, Bitcoin cash holds a 4 to 8 times larger block size than Bitcoin, assisting in expediting the transaction process.
Unocoin is India’s pre-eminent bitcoin trading company, holding an extensive ecosystem of bitcoin traders. Clients can purchase, trade, collect, use and receive bitcoin and other crypto-assets over their web platform or mobile app. Furthermore, OTC (Over-The-Counter) and bitcoin exchange assistance help customers build bitcoin mining pools to trade seamlessly.
Bitcoin Cash vs Bitcoin: An overview
Since its conception, there have remained issues encompassing Bitcoin’s capacity to scale efficiently. Transactions, including the digital currency, get processed, validated, and collected within an online record identified as a blockchain.
This blockchain is an innovative ledger-recording modern technology that makes records far more challenging to manipulate. Also, the authenticity of what happened gets confirmed by majority control, not by an individual participant. In addition, this blockchain network is decentralised and subsists on networks across the globe.
However, continuing discussions about bitcoin’s technology remained concerned with this fundamental issue of scaling and improving the transaction speed verification method. That was why Bitcoin Cash came into the picture to become a scalability solution and optimise crypto payments better.
Bitcoin Cash vs Bitcoin: The features
Mentioned hereunder are some features that manifest the difference between Bitcoin cash VS Bitcoin.
- Block size variations
The principal feature that lays the foundation of the difference between Bitcoin and Bitcoin cash is the block size of each network. While Bitcoin owns its 1 MB block capacity, with Bitcoin Cash, block sizes have expanded to 32 MB.
- Smart contracts
Bitcoin usually does not uphold smart contracts, although the developers are constantly working on it. On the other hand, Bitcoin cash supports smart contracts to enable more complex functions and enhance privacy on the network.
Where can you buy them?
You can readily purchase a Bitcoin (BTC) or Bitcoin Cash (BCH) from a crypto-asset exchange and begin trading in these digital assets.
Mentioned hereunder are some steps involved in purchasing a Bitcoin or Bitcoin cash.
- Choose a crypto-asset exchange: You can never obtain crypto assets through a brokerage, and you will require a definite crypto assets exchange.
- Fund your crypto account: You will require to connect your bank account to transfer coins into your preferred crypto assets exchange.
- Put an order: Once your payment plan gets activated, place your order for your crypto assets.
- Save your crypto: You can store it directly in your exchange for smaller funds of crypto. However, a crypto wallet will render better security.
Future of Bitcoin Cash and Bitcoin
After looking at the performance of Bitcoin and Bitcoin cash in the crypto market, it might not be wrong to say that the future of both Bitcoin and Bitcoin cash is quite bright. Questions like should I buy Bitcoin or Bitcoin Cash purely depends on your choice since both of these crypto-assets are worth investing in. However, if you want a more secure network and faster transaction speed, investing funds in Bitcoin Cash (BCH) is a prudent choice.
To sum up, we can readily say that the significant difference between Bitcoin and Bitcoin cash is its scalability and transaction fees. However, Bitcoin and Bitcoin cash are leading crypto assets, taking the digital world by storm.
1. Will Bitcoin cash overtake Bitcoin?
Even when Bitcoin cash holds better scalability and higher transaction speed, it seems challenging to overtake Bitcoin in the coming years.
Unocoin is India’s first and the most secure bitcoin trading app. This exchange app was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and Sell ETH in no time. With more than eighty-seven coins listed on this best cryptocurrency exchange in India, you can also accept bitcoin from your friends from any location. You can also know which cryptocurrency works best for you with the price ticker and notifications. The most popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), USDT (Tether), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Binance USD (BUSD), Dogecoin (DOGE), Polkadot (DOT) and other popular altcoins can be traded on the go. The new Android and iOS applications make Unocoin the best cryptocurrency app. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and Ether periodically. What more? You can start your crypto journey using SBP for as little as INR 10. With another exciting feature called Crypto Basket, you can diversify your crypto portfolio based on market capitalisation (Market Cap) or Volume. These two excellent features make Unocoin the best cryptocurrency platform.
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Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).