As we know Bitcoin properly and know the fact that both are cryptocurrency based on blockchain technology. Then what is the difference between bitcoin and bitcoin cash? Your question is valid, despite the similarity in name and function there are some difference. Let’s discuss it here.
|1. Bitcoin is the first cryptocurrency based on blockchain technology.||1. It is a token whose platform based on Bitcoin’s blockchain technology. Or in other word it is a fork of Bitcoin|
|2. It was launched in January 2009 as a independent cryptocurrency.||2. Bitcoin Cash was launched in August 2017 as a hard fork of bitcoin or Token based on Bitcoin.|
|3. Bitcoin is highly volatile in price and transaction fees are much more to make a transaction.||3. It was launched to overcome this issue, as price is comparatively much lower and transaction fees are less.|
|4. Maximum block size of bitcoin is 1 MB which makes transaction process slow.||4. Maximum block size is 32 MB which makes transaction more rapidly.|
|5. Still it is the most popular cryptocurrency.||5. It isn’t that popular among other options of Alt Coins.|
What’s the difference between bitcoin and bitcoin cash ?
- Although bitcoin and bitcoin cash are the same cryptocurrency technology wise. Bitcoin cash is based on the technology of bitcoin itself. So, no wonder there are some similarities too. Like both the coin has limited supply of 21 million which makes it valuable and store value itself. Just like platinum, gold or silver. Both the currency have same mining process.
- It was launched to overcome the flaws of bitcoin. To make transaction faster and cost efficient by reducing processing fees. It is successfully doing it’s job whatever it was intent to do.
- After launched in 2017, It splits into two different forks a year later in 2018. It was the Bitcoin Cash ABC and Bitcoin Cash SV due to the disagreement against a protocol update of executing a smart contract to increase block size.
- Size of one block for bitcoin is 1 MB, as it wasn’t thought by makers that it will become so much popular and hold a huge amount of money. As it become big, it reduce speed so much in transaction. Bitcoin cash launched with a maximum block size of 32 MB and also it allows to join multiple blocks. Which makes quick transactions and reduce transaction fees. It says that it is capable of doing 200 transactions at a time. It is easy in transaction, fulfils it intention of making.
It is a token whose platform based on Bitcoin’s blockchain technology. Or in other word it is a hard fork of Bitcoin itself.
As it has a limited supply of 21 million coins just as Bitcoin, it hold value in it. Apparently it is a good investment to do if you have missed the bitcoin at early stage.
You can use it as a currency and make payment. As it is not as acceptable as bitcoin yet directly by companies, you can consider it as a investment option.