What’s The Difference Between Bitcoin and Bitcoin Cash?
Before we investigate the differences between Bitcoin and Bitcoin Cash, it is important to understand cryptocurrency. Bitcoin is a cryptocurrency, which means it is a digital currency, with no physical form. All transactions using cryptocurrency are recorded using a decentralized system, meaning there is no central bank or other institution involved. The cryptocurrency market at the time of writing is tough, with values falling but that could change again soon.
Bitcoin
Bitcoin is a type of cryptocurrency and was the first widely adopted digital currency. It remains the most popular form of cryptocurrency and many casual observers refer to Bitcoin when they are talking about cryptocurrency as a whole. There is no central bank or administrator of Bitcoin and all transactions are record in the blockchain. New Bitcoin has to be mined by high performance computers which solve complex algorithms. It can theoretically be used for purchasing goods, services, and entertainment online, however fluctuations in prices make it a bit volatile to use. Its principal feature is that of great security and ownership in the fact that you are always personally in control of your money. With all that being said, due to the aforementioned volatility of this cryptocurrency, you should have a good understanding of Bitcoin before you decide to invest.
Bitcoin Cash
Bitcoin Cash was released in August 2017 and has quickly risen to become one of the most popular cryptocurrencies in the world. Bitcoin Cash was born out of the fact mining original Bitcoin was becoming too slow and resource heavy as more people started to use it. There is the same amount of Bitcoin Cash as there is Bitcoin, which stands around 18 million at the time of writing. Bitcoin Cash is mostly used as a payment system, meaning people can send and receive funds. The process of transferring money using Bitcoin Cash is quick and there are low transaction fees. That makes it tempting to use as opposed to other types of online money transfer. Bitcoin Cash has grown hugely over the past two years and is becoming more widely acceptable but there are still many online merchants who are yet to adopt the payment method.
Key Differences
There are three main differences between Bitcoin and Bitcoin Cash. As mentioned above, Bitcoin Cash has faster transfer times than Bitcoin, so you do not have to wait as long for a transaction to be approved. Bitcoin Cash has cheaper transfer fees than Bitcoin and you can save more money by using Bitcoin Cash compared to Bitcoin. Furthermore, Bitcoin can cope with more transactions per second then Bitcoin, so a significantly higher number of people can use Bitcoin Cash at the same time. These differences all come down to the fact that a single Bitcoin Cash block is eight times bigger than a Bitcoin block.
So, the main differences between Bitcoin and Bitcoin Cash are clear. Make your choice between the two based on whether you are just a casual investor or someone who wants to make use of these cryptocurrencies for real transactions. Interestingly, quite a few online casinos are now choosing to accept Bitcoin and Bitcoin Cash as payment methods. These are becoming just as popular as traditional methods like credit/debit cards, and PayPal casino deposits and withdrawals.
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