What Is the Difference Between Bitcoin and Bitcoin Cash, for Beginners

Bitcoin Cash and Bitcoin Cash are two distinct cryptocurrencies. They function independently and have different technological differences. However, you may not be able to tell the difference from their names or token symbols BTC and BCH. Bitcoin, the oldest cryptocurrency by market capitalization, launched in 2009. Bitcoin Cash, which was created from Bitcoin in 2017, was forked. It has since grown into an asset. How did it happen?

Satoshi Nakamoto (or the anonymous persons who wrote the white paper) had the vision to create an electronic cash peer-to-peer system that allowed online payments. This would allow one party to send money to another without having to go through a financial institution. Twelve years later, this vision has become a giant of a cryptocurrency token, which is what has shaped the cryptocurrency market. The Indian bitcoin price was Rs. As of August 18, 2018, at 2:05 IST, the Bitcoin price in India was Rs.

There are many concerns regarding the volatility and uncertainty of cryptocurrency transactions. But there is one concern about the speed at which they are processed. Bitcoin transactions are processed first, then verified, which is then recorded in the digital ledger, known as the blockchain.

It is a lengthy and tedious process. This is an example. Visa, a world leader in credit card business processing, processes approximately 1,700 transactions per second, as opposed to Bitcoin’s seven.

Making Bitcoin more scalable

Bitcoin is becoming slower as more people join it, which means that the network is expanding. As Bitcoin grew in value, it became an instrument for investment rather than its original purpose as a currency. That’s why the “fork”, as industry experts refer to it, occurred in August 2017.

Bitcoin Cash shares many characteristics with Bitcoin but also incorporates various changes that make it unique and closer to the original vision document, which was originally written in 2008.

The main difference between these currencies is their distinct sounding. Let’s delve further.

How is Bitcoin Cash different from Bitcoin?

Many of us will first ask the question of the investment value. The Bitcoin price in India at the time of writing is above Rs. 35 lakh while Bitcoin Cash was worth more than Rs. 50,000. As an investor, the price is irrelevant. What’s more important, though, is whether they appreciate in value.

The first and foremost difference between Bitcoin Cash and Bitcoin is the lower transaction costs and faster data transfers. Bitcoin Cash is able to be used by many people at once. However, Bitcoin Cash doesn’t have as much consumer trust, at least not yet.

Bitcoin Cash’s maximum block size is 32MB, while Bitcoin Cash’s is 1MB. This makes Bitcoin Cash more scalable and allows for more transactions per second. It also reduces its environmental impact and increases its viability as a currency. Bitcoin Cash claims it can process 200 transactions per second and reduce the transaction cost.

Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.