Bitcoin is the first decentralized digital cryptocurrency which can be transacted between different users without the need for a trusted centralized bank. The bitcoin transactions are recorded in a shared distributed ledger which is maintained by the computer nodes (peer nodes) in a peer-to-peer (P2P) network. The underlying technology is called as distributed ledger technology (DLT) or Blockchain. The ticker symbol for Bitcoin is BTC.
Last year in 2017, Bitcoin Cash came into existence. Having similar names, it may get confusing as to whether they are same? Can Bitcoins be converted into Bitcoin Cash based on any formula? Well, Bitcoin and Bitcoin Cash are different.
If you have come across this newer cryptocurrency, namely, BitcoinCash, you must be wondering abount some of the following which you will learn in this post.
As Bitcoin grew into popularity and saw greater adoption, the volume of transactions at any given point of time started increasing in leaps and bounds. However, at any point, a block of size 1 MB could only be mined and added to the blockchain. Thus, it started getting delayed for transactions to be included in a block and getting confirmed due to the limited size of Block. At times, those paying higher fees started seeing their transactions getting confirmed earlier. This made the bitcoin unreliable and users started moving away from using Bitcoins.
Due to above problem of higher fees and delayed confirmation of Bitcoin transactions, a need to scale the Bitcoin came into the picture. There was an option to increase the block size of Bitcoin Blockchain from 1 MB to larger number. However, due to the disagreement between developers in the Bitcoin Blockchain, it was decided that Bitcoin Block size won’t increase.
This is where another cryptocurrency BitcoinCash was conceptualized with a primary goal to grow and scale with lower fees and faster confirmations. On August 1, 2017, a hard fork of Bitcoin Blockchain resulted in BitcoinCash Blockchain. The following are some of the characteristics of Bitcoin Cash Blockchain.
Bitcoin Cash has originated as a result of a hard fork of the Bitcoin blockchain ledger on August 1, 2017.
As like Bitcoins, Bitcoin Cash is a cryptocurrency which can be transacted between two different users without the need for the third party such as centralized banks. Bitcoin Cash transactions are recorded in a shared distributed ledger (Blockchain) which is maintained by computer nodes in a decentralized P2P network. The ticker symbol for BitcoinCash is BCH.
As mentioned in earlier sections, Bitcoin and Bitcoin Cash are both a kind of cryptocurrency which can be transacted between two users without the need for the centralized bank and whose transactions records are maintained in a blockchain. However, Bitcoin and Bitcoin Cash are different.
The following are some of the key differences:
Those maintaining Bitcoins happened to be supporting BitcoinCash as it is created as an offshoot of Bitcoin Blockchain. Here is the list of popular cryptocurrency exchanges supporting BitcoinCash.
In this post, you learnt about some of the following:
Did you find this article useful? Do you have any questions about this article or suggestions regarding differences between Bitcoin (BTC) and Bitcoin Cash (BCH)? Leave a comment and ask your questions and I shall do my best to address your queries.
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