There is no longer any doubt that Bitcoin is the largest and most valuable cryptocurrency in the world. It began its journey with that of fast and cheap payments but all that has changed.
The Bitcoin has enormous technical limitations and has made the payment method is neither fast nor economic. A problem that Bitcoin Cash and other currencies want to solve.
Here we will learn what is the difference between the BTC (Bitcoin) and the BCH (Bitcoin Cash)? Well, that first you must be clear that they are different coins.
Bitcoin Cash (BCH), the currency created to replace Bitcoin. Bitcoin has a block size of 1 MB and that makes it very slow. In fact, Bitcoin can only process 7 transactions every second and a Visa card could handle 24,000 in the same second.
Bitcoin transactions are now 10 minutes and the worst of all is that they are expensive, have a cost of about $ 6 (on average) and that, as we said above, makes it neither fast nor cheap. Of course, you can even carry the Bitcoins on your Android with purses.
The BCH is an improved Bitcoin:
A group of developers, investors and miners launched a new currency on August 1, 2017, the Bitcoin Cash (BCH). How to get a Bitcoin Cash Wallet?
Bitcoin Cash has a block size limit of 8 MB, 8 times more than Bitcoin. This allows you to process more transactions each day, reduce the processing time and also the tariffs, which are currently around 0.20 dollars on average and will go up a bit like the use of this currency increases, but not as much as the of Bitcoin.
Bitcoin Cash could be less secure:
However, despite the fact that Bitcoin Cash has increased its value since it is launched. And it is now around $ 1,500, having increased the size of the block could have a centralizing effect and make it more vulnerable to hacker attacks. We do not know if it will really be or not less safe but we will have to see what happens, a currency that is in the network can be the victim of complex attacks.
At this point, we hope you have clear what BCH is. It is neither better nor worse, it is a different currency as one compares Dollars to Euros, both can exist in the market as Ripple, Ethereum, etc.
But they are completely different currencies, with different values. In addition to BCH now there is a new hard fork, Bitcoin Gold (BTG) and a few days ago there was a major scam with this cryptocurrency, we must be careful.
Soft Fork & Hard Fork:
When there is a protocol update, it must be accepted by most complete nodes. A soft fork is an update of the protocol that the node community accepts and implements as the new protocol of that same chain of blocks.
In the case of the soft fork, the nodes that have not implemented the update can continue using the blockchain. But without benefiting from the update, however, the blocks mined as of that moment must update their mining software. Read more about the transactions here.
Differences between Bitcoin and Bitcoin Cash:
The main difference between BTC and BCH is in the block size. Bitcoin has 2 MB block size currently while Bitcoin Cash has 32 MB.
The main reason for this difference lies in the scalability of the crypto those who operated with BTC when the price was hitting surely with high commissions.
What are the similarities and differences, advantages and disadvantages between the two?
• The BTC was launched in January of the year 2009 and the BCH in August of the year 2017.
• While BTC is an original cryptocurrency, BCH was born from a BTC hard fork. Because of this, BCH is totally incompatible with BTC.
• They use different nomenclatures, logos, and official websites.
• BTC and BCH both occupy the first and fourth place respectively, according to the market capitalization analyzed, while in second and third place are Ethereum (ETH) and Ripple (XRP).
• BCH also shares most of the basic operating rules of its BTC relative, such as The mining algorithm to be solved to provide the working proof (Proof of Work, PoW).
More important differences and similarities :
• BTC has blocks of 1 MB, although it can reach 2 MB in case of applying the “Segregated Control” mechanism while BCH implemented the 8 MB blocks, in addition to allowing it to continue scaling said limit up to 32 MB, allowing 23 and 92 transactions per second.
• BTC prioritizes maintaining a public network, without permits and highly resistant to censorship, while BCH prioritizes maintaining a network that allows fast and cheap payments.
• BCH has a different transaction signature to verify its distinction from BTC.
• For BCH, the size of the 8MB blocks represents a big problem because it requires a significant investment in storage equipment for the miners contributing to the network, favoring the miners of the original 1MB network in which they do not need to make a new investment.
• BTC has a higher degree of acceptance than BCH. It is due to the high cost of maintaining its network since this could cause the Bitcoin Cash network to be left alone in the hands of a few powerful people with sufficient capital to face it.
Thus be controlled by a small group of people who would have the majority control of the network, while the original Bitcoin network is more distributed and consequently it is more difficult to control and centralize.
You can use bitcoin and bitcoin cash for many purposes nowadays. You can do shopping or trading, even you can play online casino or make bets with bitcoin and bitcoin cash. There are a lot of online bitcoin casino sites accepting deposits with bitcoin or bitcoin cash.