Bitcoin has been around for over thirteen years now, and its original idea has always been untouched. Over the last decades, we have seen rapid change and advancement in the worldwide economy, geopolitics and technology especially. The rise of big data, AI, robotics, and even entertainment has gone far just as blockchain. While the idea of money presented by Bitcoin’s creator Satoshi Nakamoto is immutable, its mechanism and work have been challenged many times by multiple disciplines.
Bitcoin, at its core, advocates the concept of a Decentralized, Distributed, Free and Open financial system. However, its idea of a Peep-to-peer electronic cash system has faced a significant challenge around its scaling. Bitcoin’s transaction speed has to increase for it to become a global currency. Bitcoin’s transaction speed is currently is at four transactions per second. If we wish to see increased speed, the Bitcoin block size has to grow. It technically undermines Bitcoin network security. A comparison example is Visa, which does over 1700 transactions per second.
To address the issue of scalability, some developers made a hard fork of the original Bitcoin in 2017. This hard fork resulted in Bitcoin Cash. Here is a look at the crypto-assets fork from Bitcoin.
Bitcoin Cash
In 2017, due to dissatisfaction with Bitcoin’s overall scalability, the Bitcoin developers community faced a chain split. One group started Bitcoin Cash while the other remained with Bitcoin. Initially, Bitcoin Cash developers were dissatisfied with the implementation of Segregated Witness (SegWit).
“SegWit is a Bitcoin Improvement Protocol to remove digital signature data and move it to the end of a transaction to free up capacity. Transactions are essentially split (or ‘segregated’) into two segments: the original data segment and the signature (or ‘witness’) segment. The declared purpose of Segwit was to prevent non-intentional bitcoin transaction malleability, allow optional data transmission, and bypass certain protocol restrictions (such as the block size limit).”
The current Bitcoin Cash shares the same fundamental operations as the original one as its history is the same. The main differences are the block size and the transaction fee. The Bitcoin has a block size of 1 MB, while Bitcoin Cash has 32 MB. Bitcoin cash has a bigger block size and lower usage, so sending Bitcoin cash on the network is cheaper and faster. It results in improved scalability and a more secured transaction rate. The Bitcoin Cash developer community in November 2018 split into Bitcoin Cash and Bitcoin SV (Satoshi Version). The Bitcoin Satoshi Version developer community believes they are holding to the original vision of Satoshi Nakamoto described in the Bitcoin whitepaper.
Bitcoin Cash Stats
Bitcoin Cash Price (At the time of writing) — $281.26
Trading Volume (At the time of writing) — $4,200,249,523.73
Market Cap (At the time of writing) — $5,341,178,609.46
Bitcoin Gold
Bitcoin Gold is another crypto asset that shares the fundamental properties of Bitcoin. Bitcoin Gold aims to solve a unique proposition of Bitcoin mining. Technically, Bitcoin mining requires many resources in terms of electricity and infrastructure, and as such, it is affordable to only some people. Bitcoin Gold aims to make Bitcoin mining more equitable, giving ordinary users a fair opportunity to mine Bitcoin with common GPUs (Graphics Processing Unit). The Bitcoin Cash community believes that the Bitcoin network has become too centralized, with only a handful of large companies controlling most of the bitcoin mining. They claim this may defect the purpose of decentralization and peer-to-peer currency. Bitcoin Cash works on the exact consensus mechanism of the Proof-of-Work algorithm. Bitcoin Cash hopes to change the paradigm around mining on the Bitcoin blockchain by allowing anyone to become a miner with only basic hardware and keeping the Bitcoin decentralization property alive. There is no evidence to this claim that the current Bitcoin mining system would never be broken from distribution and decentralization.
Bitcoin Cash Stats
Bitcoin Gold Price (At the time of writing) — $27.42
Trading Volume (At the time of writing) — $11,339,105.34
Market Cap (At the time of writing) — $470,348,913.10
Wrapped Bitcoin
Wrapped Bitcoin is a crypto asset that derived its value from another existing crypto asset. It is an ERC-20 token built on Ethereum Blockchain to represent Bitcoin on the Ethereum ecosystem. Wrapped Bitcoin is backed and pegged 1:1 with Bitcoin. Since Bitcoin blockchain has a block size limited to 1 MB and its transaction speed is slower than Ethereum, Wrapped Bitcoin was created to facilitate faster transactions of Bitcoin. Individual developers did not create wrapped Bitcoin like other crypto assets. Instead, it was started by custodian institutions. Bitgo, Kyber Network and Ren started Wrapped Bitcoin in 2019 to bring Bitcoin liquidity to the Ethereum ecosystem. Since Ethereum is built with a Turing-complete machine, it has a scalability solution as such many new, and upcoming projects are built on Ethereum, and the Bitcoin holders have no access to the Ethereum ecosystem; wrapped Bitcoin helps transfer the value of Bitcoin into Ethereum. The custodian that holds Wrapped Bitcoin is entirely transparent and is audited regularly with a Proof-of-assets dashboard. Any Wrapped Bitcoin holders can always convert and interchange it with Bitcoin. Though WBTC gives easy access to Bitcoin on the Ethereum ecosystem, it is centralized under Bitcoin and needs trust. Users trust Bitgo to store their BTC and honour their redemption requests safely. Bitgo is one of the most reputed centralized custodians globally, and they have one of the most advanced coin security protocols in place. They also have insurance worth $100 million in case things go wrong.
Wrapped Bitcoin Stats
WBTC Price (At the time of writing) — $38,082.97
Trading Volume (At the time of writing) — $163,239,909.95
Market Cap (At the time of writing) — $10,013,063,835.05
Where to trade Stable coins
To trade Bitcoin Cash, Bitcoin Gold and Wrapped Bitcoin at Unocoin, you can download the Unocoin application or sign up at www.unocoin.com. For every unique sign up during the second month of this new year, new users will get a welcome bonus of INR 100 worth of bitcoin.
What’s more? With Unocoin, you can earn Satoshis by just shaking your phone. All you need to do is, download the latest version of the Unocoin application, shake your phone and make Satoshis for free!
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 t
han 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.
Love Crypto Coins. Love Unocoin.
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Disclaimer:
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).
