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- Bitcoin vs Bitcoin Cash
Bitcoin vs Bitcoin Cash
Although Bitcoin and Bitcoin Cash have similar names, they are two completely different cryptocurrencies, and contrary to popular belief, Bitcoin Cash is not a cheap alternative to Bitcoin either.
So let’s understand once and for all the difference between Bitcoin and Bitcoin Cash. But before mentioning the main differences, it will be beneficial to learn a bit about each cryptocurrency separately.
KEY TAKEAWAYS
- Bitcoin blocks are limited to 1 MB, BCH blocks can be up to 32 MB.
- Although Bitcoin and Bitcoin Cash have similar names, they are two completely different cryptocurrencies.
- Even though Bitcoin Cash was developed to serve as an electronic cash payments system, it has gone through the same volatility that holds back Bitcoin from being used as a true currency.
- Bitcoin Cash was started by Bitcoin miners and developers concerned about the future of the Bitcoin cryptocurrency and its ability to scale effectively.
Difference Between Bitcoin and Bitcoin Cash
Since experts say it’s better to stick with Bitcoin and Ethereum as long term investments, it is important not to confuse Bitcoin Cash with the original Bitcoin. Here's some more basic info about both:
In any case, IFC Markets has both cryptocurrencies, so you can trade BTCUSD and BCHUSD after you decide which cryptocurrency best suits your preferences (risk tolerance, volatility, peer-to-peer e-money, etc.).
What is Bitcoin
Bitcoin is the world’s first popular cryptocurrency. Bitcoin is a digital currency powered by a public ledger (blockchain). Bitcoin has grown spectacularly in terms of popularity and value. At the time of the first-ever transaction in 2009 (bloc 170), one Bitcoin was worth $0.0001.
It was originally intended to be a peer-to-peer electronic money system for making payments, but due to slow processing and volatility, Bitcoin has not been very easy to use when it comes to payments. Because of this, Bitcoin's original intent was not successful from the start.
People interested in making payments started buying and holding coins in the hope that their value would increase over time, similar to how some people hold gold.
But a group of Bitcoin users in 2017 wanted to improve Bitcoin's ability to process transactions and make it easier to use the cryptocurrency for its original purpose as a peer-to-peer e-money system. Which, in turn, led to the birth of Bitcoin Cash.
What is Bitcoin Cash
Bitcoin Cash cryptocurrency was created just recently in 2017. The creation of Bitcoin Cash is the result of community efforts around finding an alternative to Bitcoin that was fast becoming an unsuitable choice for mass transactions.
However, Bitcoin Cash is a copy of the source code of the original Bitcoin project. The community aimed to improve the transaction speeds and scalability of Bitcoin.
Even though the underlying code of Bitcoin and Bitcoin Cash is essentially the same, Bitcoin Cash has changed quite a bit from the original codebase to achieve better scalability and faster transactions. These changes often cause security issues as the BCH community has speeded up the process of verifying transactions.
Even though Bitcoin Cash was developed to serve as an electronic cash payments system, it has gone through the same volatility that holds back Bitcoin from being used as a true currency.
The volatility is why traders should be particularly cautious when using either currency to make payments: let's say you are paying $2 for coffee with cryptocurrency, and tomorrow that same amount of crypto is worth $20.
Bitcoin vs Bitcoin Cash Table
There are thousands of different cryptocurrencies on the market, and most have very little value and uncertain potential for value growth in the future. So even though Bitcoin Cash shares its name, experts say investors should take a thorough look at it, yet stick to Bitcoin.
Let's go on and see the difference between these two cryptocurrencies. Bitcoin vs Bitcoin Cash
| Bitcoin | Bitcoin Cash | |
|---|---|---|
| Price | $39,320.96 | $297368 |
| Daily Transactions | Allows 250000 | Allows 2 million |
| Market Cap | $748,331,432,297 | $5,672,222,645 |
| Max Supply | 21 million coins | 21 million coins |
| Circulating Supply | 19,031,362 BTC | 19,055,069 BCH |
| Maximum Block size | 1MB | 8MB |
| Block interval | 10 minute on average [8] | 10 minute on average |
| Difficulty adjustment | Every 2 weeks (every 2,016 blocks). Every two weeks or 2,016 confirmed blocks, the difficulty for mining a new block “adjusts” based on the average of the past 2,016 blocks, making it easier or more difficult to mine blocks. | Median Time Past of the current block and the Median Time Past of 6 blocks before has to be greater than 12 hours. If so, it gets 20% easier to create proof of work. |
| Technology | SegWit | SecureSigs |
Bottom Line on Bitcoin vs Bitcoin Cash
Bitcoin Cash continues to flourish and compete for dominance in the crypto industry, but it is no longer a competition, since BTC has clearly won the brand and price battle considering it's worth 70 times more than the other two networks combined, but there's plenty of room for more payment-focused cryptocurrencies like its rival siblings in the booming and all still emerging sector of digital assets.
Crypto FAQs
What is Cryptocurrency Trading?
Cryptocurrency trading is the exchange of digital currency between traders. The fluctuations caused by supply and demand allow traders to profit from it. Cryptocurrency trading is both risky and rewarding due to its volatility.
How to Trade Cryptocurrencies?
You’ll need to open an account with a crypto brokerage company. The next step is to choose a trading platform. After that choose crypto to invest in and strategy to trade with. Final step is to store your cryptocurrency.
Can you Trade Crypto 24/7?
Yes. Cryptocurrency markets are open 24 hours a day, 7 days a week all year round. Traders have the opportunity to buy and sell without restrictions as the cryptocurrency markets do not close.
What are Most Traded Cryptos?
These are the 5 most traded cryptos all over the world
- Bitcoin - Market cap over $846 billion
- Ethereum - Market cap over $361 billion
- Tether - Market cap - over $79 billion
- Binance Coin - Market cap - over $68 billion
- XRP - Market cap - over $37 billion
What is Cryptocurrency Market?
Cryptocurrency is a form of decentralized currency and It's a completely digital asset. At its core, cryptocurrency uses blockchain technology to generate code segments that are unique for each transaction, just like serial numbers. Every time cryptocurrencies exchange hands, code segments are written to a decentralized ledger.
