What's The Difference Between Bitcoin And Bitcoin Cash?
Recently, in the financial world, the single term "bitcoin" has become very popular. So what's the difference? There are many differences and one feature is the fact that they are irrevocable. Completed and confirmed operations can't so the only way to return the money is to agree with the receiver that it will be reimbursed. Many are concerned with the volatility and the potential of the technology. There's been no escape that this cryptocurrency and how it performs in the market today. That said, many are struggling to understand the difference between bitcoin, and bitcoin cash.
In spite of the similarities, Bitcoin Cash is actually an entirely different type of cryptocurrency. Here are more details of how they are different.
The Split
As many will remember, Bitcoin began to perform exceptionally well during the late portion of 2017. It peaked at well over $19,498 in December of that year. While it's undeniable that it was quite popular, news circled around its popularity and many saw it come to the event called "hard fork". Basically, this denoted a change in the protocol. It was rather like an upgrade. Soon, there was an issue that not all believed the changes should be made.
The bitcoin miners desired larger blocks to allow more data into every mined block. Common users and the developers also wanted their fair share as they were seeing more data per block however, they began to implement Segregated witness or SegWit that would then compress the data into the size that would fit the blocks that were already in play.
Thus, Bitcoin "forked". That's when the BCH was born into being, a new cryptocurrency. The Bitcoin cash is a miner-supported chain, the regular bitcoin remains as the developer favorite and the user favorite.
So, What's The Difference
In spite of the fact that bitcoins and bitcoin cash are very similar, they are also very different. They're both forms of the same cryptocurrency. Thus, it's vital to understand the difference and know how to separate them one from another. Here are the main differences:
Bitcoin
This is the most common form of cryptocurrency. It's the one that most people will have heard of. Generally speaking, Bitcoin security has a forked counterpart. This counterpart has more stability and a far more widely developed infrastructure. No wonder people are still choosing Bitcoin.
However, despite the fact that it's far more widely distributed, it's far slower than that of the Bitcoin Cash. It can come with a higher transaction fee as well.
Bitcoin Cash
Bitcoin cash is the forked counterpart that forked from bitcoin. Although it's very similar, it's much faster and typically has lower transaction fees. Yet, it's not nearly as popular.
Thanks to the success of Bitcoin, the forked counterpart is frequently overlooked. It's also frequently confused with its counterpart. However, it's vital to understand the difference. If you're going to send Bitcoin Cash and you accidentally send it to a Bitcoin address, you've most likely lost your money completely.
While the two are very similar, they are still quite distinctly separate. It's vital to understand the differences and know how to properly use them.
Again, while Bitcoin Cash utilizes lower transaction fees and a faster speed, Bitcoin is far superior in speed and availability as well as popularity. Which one is your preference? Have you noted the differences?
