Bitcoin vs Bitcoin Cash – Compare both Cryptocurrencies on 5 Major ParametersLast Updated Date: Nov 16, 2022
We ought to make the concept of Bitcoin vs Bitcoin Cash clear. This article gives end to end data on both of the concept, to help readers develop better understanding.
Despite many misconceptions, Bitcoin rising prices are still witnessing that this digital-currency will continue to rise and shine for a long time.
Bitcoin prices fluctuate in every 30 seconds, which means that traders generate massive income during these thirty seconds.
Though, it is also up to the trader’s ability, how he/she implements the strategies, and how effectively they hit the brief market analysis.
With every passing month, Bitcoin reaches a new high leaving a big chunk of profits behind.
Undoubtedly, Bitcoin popularity is still in its rising phase. Meanwhile, people also discuss Bitcoin cash, and this may sound surprising because Bitcoin itself is a digital currency.
So what is Bitcoin Cash? What is the difference between Bitcoin and Bitcoin Cash? Let’s get into this article to find out.
Bitcoin vs Bitcoin Cash – The Introduction
In this section, you will get to know in detail about both the cryptocurrencies –
Bitcoin is undoubtedly the first ever and one of the oldest cryptocurrency in the world.
Though other crypto-currency built in later years are either ‘copied variation of bitcoin’ or they are inspired by its ‘blockchain network.’
However, Bitcoin itself wasn’t a well-known thing in the market in its early years.
Hardly few people were aware of its potential, and those who took the right decision to get involved in Bitcoin are in the headlines as today’s millionaires.
Bitcoin is unlike fiat money (e.g., Rupees, Dollars, or Pounds). They aren’t issued or controlled by any central bank or authority.
For instance, notes are issued and controlled by ‘RBI’ in India, but this isn’t a thing with Bitcoin.
The entire Bitcoin network runs upon blockchain technology to process the transaction in computational figures.
Since blockchain technology establishes a decentralized network, thus anybody can verify the transactions on a Bitcoin network using special computers.
The person who verifies these transactions is known as a miner. Similarly, all the verified transactions by miners are placed or stored in the blocks using their special computers that become a part of the blockchain.
However, there are a total of 21 million coins in the Bitcoin network, out of which 18 million coins have already been mined.
It also makes people crazy about investing in Bitcoin as it is likely to increase bitcoin’s value in the upcoming years.
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About Bitcoin Cash
Bitcoin cash is a crypto-currency and known as a close relative of Bitcoin. Though Bitcoin cash isn’t a too old subject, it was first released by the end of 2016.
There is nothing too complicated about it. Like any other digital currency in the market, Bitcoin cash or BCH also relies on mining. Also, it is used for the same digital transaction purposes.
Although, Bitcoin cash wasn’t a pre-decided thing. It was an alternative for Bitcoin developers who were seeking adjustment and some modification in the Bitcoin network.
Though, this was impossible at an existing Bitcoin network. That’s why they decided to build a copy version of Bitcoin using the same code, which was later named Bitcoin cash.
These changes modifications were as follows-
- Bitcoin cash is comparatively cheaper due to its low transfer fees that save the money of BTC users.
- Bitcoin cash came up with a faster transfer time, which is lower than the traditional Bitcoin network that takes 10 minutes to process the transaction.
- In terms of transaction handling capacity per second, Bitcoin cash is more effective.
Why is Bitcoin Cash more effective?
Bitcoin cash is more effective due to its bigger block. These blocks are eight times bigger than a single block of a traditional Bitcoin network.
It brings swiftness in transactions while reducing the cost, making it a cheaper alternative. That’s also the biggest reason why Bitcoin cash is on the way to set a new trend in the market.
Since it is originated from Bitcoin itself, that’s why it can be a reliable option, which also highlights its scalability.
Bitcoin vs Bitcoin Cash – Prices
Bitcoin cash is still in its growing phase because it is still a new thing in the market for many of us.
On the other hand, Bitcoin has already earned a legendary position in trader’s minds. History witnesses the success rate of Bitcoin.
Yet, Bitcoin cash is gaining immense popularity due to its upgraded features.
In terms of growth rate and returns on investment, both Bitcoin and Bitcoin cash have surprised us with their brilliant performance.
But it becomes more surprising for Bitcoin cash because it is too-young if we compare with bitcoin.
Only a few known crypto-currencies have encountered a quick growth in their early days, and Bitcoin cash is one of them.
Even though Bitcoin is a valuable digital currency and millions of people are using the Bitcoin network, it can still underperform.
It is just because bitcoin’s old algorithm is expensive and doesn’t run faster. It perhaps raises the opportunity for Bitcoin cash to capture a big user-base of Bitcoin.
In the upcoming years, people may lose interest in BTC, and most of them will probably switch to BCH.
Its faster and cheaper features will be a big reason. And since it is a close relative of bitcoin, so no one will encounter trust issues.
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Compare Bitcoin & Bitcoin Cash – Advantages
Here you will find Comparison of Bitcoin and Bitcoin Cash on their advantages –
Advantages of Bitcoin
Even though Bitcoin cash is a new version of Bitcoin with more upgraded features, Bitcoin has captured massive crowds. It is known as the base of crypto-currency.
The majority of the traders rely on it due to its long-lived existence in the crypto industry.
It is a worldwide accepted currency. Even many brands have started accepting it as a transaction mode.
Though not so many crypto-currencies have yet earned this recognition, but Bitcoin has achieved it. The increasing popularity of Bitcoin is the primary reason behind its rising values.
Advantages of Bitcoin Cash
As we have discussed before, Bitcoin cash is a faster and cheaper alternative to bitcoin.
It attracts users as everyone seeks a cheaper yet faster crypto-currency. Moreover, the development team of Bitcoin cash instantly resolves the issues on its network.
Bitcoin cash is clearly the next most valuable digital asset once Bitcoin will lose its dominant market position.
Though it will not happen too soon but one day, it will. Apart from that, Bitcoin cash can generate massive returns because it is still growing.
If you look at Bitcoin cash value so till now, it has only reached five figures, but Bitcoin has already reached seven figures. It displays the opportunities in Bitcoin cash.
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Bitcoin vs Bitcoin Cash – Disadvantages
Compare Bitcoin & Bitcoin Cash based on their drawbacks –
Disadvantages of Bitcoin
The primary disadvantage of Bitcoin is also very obvious. Bitcoin is a slower and a bit expensive option due to its traditional algorithm.
Experts also claim that Bitcoin will lose its strength in the upcoming years as other crypto-currencies are emerging with more features. In a nutshell, Bitcoin will face scaling issues.
Disadvantages of Bitcoin
Even though Bitcoin cash is coming with more features and user-friendly solutions, it is still suffering to capture popularity. After bitcoin, multiple names have entered the crypto-currency industry.
They already have captured the market’s attention. Since Bitcoin cash is a new player, hence its growth isn’t that much faster.
Also, the mining process in Bitcoin cash is similar to Bitcoin, which doesn’t make it a brand-new thing. People who want to switch to other crypto-currency types would prefer something new.
Also, the profitability from Bitcoin cash is comparatively low till yet it hasn’t encountered immense success.
Comparison of Bitcoin and Bitcoin Cash: Where to Buy?
You can purchase both Bitcoin and Bitcoin cash online. Simply search for the best cryptocurrency exchange online and choose a reliable platform.
Both Bitcoin and Bitcoin cash are crypto-currencies. But make sure you choose a licensed exchange only because online threats in the market are an ever-evolving subject.
Even though you consider precautions, still an unreliable exchange can put you into big trouble.
These exchanges are readily available online; few of them might appear more attractive due to their appealing features and offers.
But reliability should be your top priority. Review them properly and check their history.
It will provide you a quick idea of whether the exchange is reliable or not. You will also have to pick a reliable wallet alongside to store your digital currency securely.
Bitcoin vs Bitcoin Cash – Conclusion
In this article, we have reviewed the difference between Bitcoin and Bitcoin cash. Bitcoin cash is a new variation of Bitcoin with advanced features.
Bitcoin cash is cheaper, faster, and comes with more features, whereas Bitcoin still runs on its traditional algorithm.
But Bitcoin is still famous. With time, it has built a reliable and more lucrative image in trader’s minds.
History witnesses the success rate of Bitcoin, which is extremely great in comparison to the other crypto-currencies.
However, Bitcoin cash has not yet yielded a higher return because it is still a new alternative in the market.
Yet we can’t forget that the future is the most dominating factor. One day Bitcoin will experience a shortage, and by that time, most Bitcoin users might switch to Bitcoin cash.
Bitcoin’s well-established behavior may encourage them for this because Bitcoin cash itself is another variation of Bitcoin.
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