In the world today, people are thinking of how they can utilize technology to make money from the comfort of their homes. The widespread fast and efficient internet connection has made online business possible. It would be ideal if we first start by briefly describing Bitcoin and Bitcoin Cash.
What is Bitcoin?
Bitcoin is as an electronic cash system that is not controlled or altered by anyone. It is also not dependent on the government or any business institutions. Since bitcoin is not under the control of anyone or any institution, it is then said to be decentralized. At times, Bitcoin is referred to as a cryptocurrency that led to the introduction of blockchain technology. Cryptocurrency refers to the medium of currency exchange. It uses technology to oversee the creation of units and authorizes the transfer of real money through crypto-wallets such as Nakitcoins. On the other hand, blockchain refers to a record of all of the transactions carried out by all accounts that are under the same network.
What is Bitcoin Cash?
Bitcoin cash originated from bitcoin back in August 2017. Due to the rapidly-growing number of transactions done per second each day, a particular group of developers saw the need to introduce Bitcoin Cash not only to accommodate the increase in operations but also to increase the block size limit to eight megabytes.
Having a full understanding of both Bitcoin and Bitcoin Cash lets us now focus on the differences between these two crypto current giants. Here are some of the fundamental differences:
Difference Based On Block Size
Every business starts with a small number of people. Bitcoin did not have a large number of users as its popularity was not as widespread as it is today. Therefore, Bitcoin could efficiently perform its transactions due to a small number of transactions per second. As time went by, Bitcoin gained popularity and could not handle the fast-growing transactions. The only available solution was to increase the ability of a blockchain to handle large numbers of transactions. This criterion is referred to as scalability. On the contrary, Bitcoin Cash increases its ability to handle more transactions per second through a process known as mining where computers are required to solve complex mathematical equations.
Differences Based On Transaction Fees
As already mentioned, Bitcoin Cash originated from Bitcoin, but Bitcoin Cash gained popularity faster than Bitcoin. The reason behind the rapid growth in popularity can be attributed to the fact that bitcoin cash has lower transaction fees compared to the original bitcoin.
Conclusion
Everyone prefers a fast, efficient, and secure transaction. If we compare the transaction speed of Bitcoin and Bitcoin Cash, it would be safe to conclude that Bitcoin Cash has a higher rate of transaction. This is because the blockchain of Bitcoin Cash can handle several trades at once. However, bitcoin has an extensive network compared to bitcoin cash, hence it is not yet clear as to whether under the same conditions Bitcoin Cash can handle transactions faster.
