From the beginning, there have been questions regarding Bitcoin’s ability to scale successfully. A transaction that involves Bitcoin is verified, processed and stored in a digital ledger known as the blockchain. The Scalability issue had been sorted out by Bitcoin cash; has more advantages as compared to Bitcoin. Let’s look into few insights about Bitcoin and Bitcoin cash.
- Bitcoin is not controlled or issued by any regulated authority. The transactions done on the blockchain are verified by the computer that runs on the blockchain; the computers could be owned by anybody, which shows the blockchain is decentralized.
- Bitcoin’s existence is limited to 21 million, even though it has already reached around 16 million Bitcoins. It is going to take years when the Bitcoin reaches 21 million. This is because of the fact that every four years, the Bitcoin created per block is reduced into half.
- Currently, Bitcoin is the most valuable cryptocurrency available on the market. However, other digital currencies are attempting to outweigh Bitcoin and also trying to reduce its dominance over the digital currency sector.
- Bitcoin Cash was established by Bitcoin developers and miners who are concerned with the future of digital currencies and its capacity to scale efficiently.
- There are few more Bitcoin forks available in the market, yet none are popular or used as Bitcoin Cash.
- Bitcoin cash is cheaper, faster and more scalable when compared to Bitcoin. This is the main reason why Bitcoin cash is becoming more adopted by the people currently.
Comparison between Bitcoin and Bitcoin Cash
|Features||Bitcoin (BTC)||Bitcoin Cash (BCH)|
|Transfer fees||BTC transaction can cost around $1 per transaction||Bitcoin cash has cheaper transactions fees compared to Bitcoin (around $0.20 per transaction)|
|Blocks||Bitcoin blocks are limited to 1 MB||Bitcoin cash blocks are 8 MB|
|Transactions||Takes 10 minutes to verify a Bitcoin transaction||Bitcoin cash has faster transfer time; can handle more transaction per second|
Bitcoin Vs Bitcoin Cash
- Bitcoin cash does not have much investor confidence when compared to Bitcoin. Besides, its market penetration and adoption rate is very less than Bitcoin. This is because Bitcoin cash is more recent than Bitcoin.
- One of the main advantages of Bitcoin cash is it is faster and cheaper to use. This is because of its scalable feature, which means several people can transact on the blockchain at any time.
- One of the advantages of Bitcoin is, it is the most popular cryptocurrency in the world having the largest market cap; users of Bitcoin cash might find real-world usability and liquidity is lower when compared to Bitcoin.
- Few people remarked that Bitcoin cash might take away Bitcoins market share speculating that, it might become a new dominating currency in the crypto industry. This is because Bitcoin cash had managed the scaling issues which were faced by the Bitcoin, by allowing people to easily use it along with the lower fees.
- One of the biggest disadvantages of Bitcoin, when compared to Bitcoin cash, is its scalability issues. Further, Bitcoin is slower, older and the transaction costs are a bit high. It is more likely that when the sector grows, Bitcoin might lose its dominance over other coins.
Bitcoin cash can become an important tool for transactions and transferring money around the world as more people are adopting it. Bitcoin can be used as a store of value that might be considered as the gold in the world of digital currency. Both can grow in value and can be adopted over time, by making them Investment worthy for any speculator to invest their funds. To invest or trade-in bitcoin, Bitcoin Era is one of the best auto trading sites for cryptocurrency. Please check Bitcoin Era Reviews, to know more.