Are you interested in investing in virtual currencies but overwhelmed by the different types available? Two of the most popular cryptocurrencies on the market are Bitcoin and Bitcoin Cash. Though they share a few similarities, there are several key differences between these two digital tokens that must be taken into consideration before selecting which one to buy. In this blog post, we’ll discuss both investments and dive into some details to help you decide if Bitcoin or Bitcoin Cash is right for your portfolio.
What is Bitcoin?
- Bitcoin is a pioneering form of digital money that has revolutionized global payments and financial systems. Bitcoin was created in 2009 by a developer or group of developers under the pseudonym, Satoshi Nakamoto, who wanted to provide an alternative to traditional banks by creating a currency that does not rely on centralized management or regulators.
- Bitcoin can be used to buy products and services online, store funds electronically, and send Bitcoin payments without the need for middlemen. Bitcoin’s revolutionary infrastructure makes it nearly impossible to counterfeit or double-spend Bitcoin funds, making Bitcoin transactions highly secure.
- Bitcoin also offers users privacy by means of its “peer-to-peer” structure, which allows Bitcoin users to remain anonymous when sending and receiving Bitcoin payments. Overall, Bitcoin is changing the way people think about finance and is positioning itself as a game-changer in the global payments landscape.
What is Bitcoin Cash?
Bitcoin Cash is a decentralized digital currency that was created in 2017 as a result of a hard fork of Bitcoin. Bitcoin Cash has several advantages over Bitcoin, including faster transaction processing, increased block size limits, and lower transaction fees.
- Bitcoin Cash enables users to transfer value independently of any third party or intermediary and provides them with an unprecedented level of financial freedom and privacy.
- Bitcoin Cash also allows users to transact across borders quickly and cost-effectively; it’s increasingly becoming an accepted form of payment in the global marketplace.
- As the Bitcoin Cash network continues to evolve, more services will become available such as multi-signature transactions, smart contract capabilities and improved scalability, which may lead to even greater levels of adoption.
Difference between Bitcoin and Bitcoin Cash
- Bitcoin and Bitcoin Cash are two popular forms of digital money that share a similar name, but many distinct differences. Bitcoin was created in 2009 as an open-source peer-to-peer currency and is still the most recognizable form of cryptocurrency.
- Bitcoin Cash, on the other hand, is a spinoff of Bitcoin that was developed in 2017 due to a disagreement between Bitcoin developers over scalability issues.
- Bitcoin transactions take longer than Bitcoin Cash transactions since it has a smaller block size, meaning Bitcoin supports fewer transactions at the same time. Bitcoin Cash is designed to have bigger blocks which allows miners to process more transactions in less time. Ultimately, Bitcoin and Bitcoin Cash provide digital users with two very different transaction experiences.
Conclusion
In the case of Bitcoin Cash, it is clear that there was a deliberate attempt to create a new coin with different properties than Bitcoin in order to create chaos and confusion in the market. The fork that created Bitcoin Cash was executed very poorly, and it’s no wonder that the value of BCH has plummeted since its creation. As always, we advise our clients to stay away from this coin and any other “forked” coins until the dust settles and a clear winner emerges.
