Bitcoin vs bitcoin cash | Platinum Crypto Academy

CRYPTOCURRENCY BITCOIN VS BITCOIN CASH

BITCOIN VS BITCOIN CASH: WHAT’S THE DIFFERENCE? 

Bitcoin and Bitcoin Cash are two different forms of cryptocurrency.

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The former was the first cryptocurrency and it was created many years ago by an anonymous programmer who goes by the pseudonym, “Satoshi Nakamoto“.

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Bitcoin Cash was created in August 2017 by what enthusiasts refer to as a “hard fork.”

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This occurs whenever one cryptocurrency splits into two, creating a second one distinguishable from the first. Essentially, Bitcoin’s code was changed, which caused a split and the creation of a seco

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Bitcoin Gold, which was created by a fork in November of 2017.nd cryptocurrency.

THE COMPETITION Currently, there’s a war between Bitcoin and Bitcoin Cash and the dropping pair prices are certainly indicating that a lot is happening within the Bitcoin space. In fact, the entire matter is related to capacity, which has affected the transaction timings of Bitcoin that has slowed down to almost ten minutes.

Following this, both developers and miners are battling with each other for addressing the issue.

THE MINERS & THE DEVELOPERS 

The Bitcoin miners are looking to enhance the blockchain’s capacity and transaction times. On the other hand, the developers are looking to incorporate certain changes within Bitcoin Business, while also removing the hash power feature that is controlled entirely by the miners. This is one of the biggest reasons why Bitcoin Cash has been introduced after the hard fork.

SEGWIT2X AND BITCOIN 

Mining companies and pools representing around 80-90 percent of Bitcoin computing ability voted in favour of incorporating a technology called segregated witness or SegWit2x.

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This technology minimises the data required for verification in every block by simply eliminating signature data from within the data block.

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However, Bitcoin miners were not in favour of SegWit2x, as they felt that the technology didn’t solve the scalability issue appropriately.

That’s precisely why they decided to launch Bitcoin Cash.

SCALING FOR BITCOIN 

The problem related to scaling as well as enhancing the speed of the transaction verifying procedure can be solved in two ways.

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The first option is by making the data amount required for verification in every block smaller, thereby making Bitcoin transactions cheaper as well as quicker.

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The second option is to increase the size of the data blocks, allowing for processing of increased amounts of information at any given point of time. Bitcoin Cash has resulted in an 8MB increase in the block size and has further accelerated the verification procedure.

WHICH IS BETTER: BITCOIN VS BITCOIN CASH 

When it comes to determining whether Bitcoin Cash is better than Bitcoin or vice-versa, the answer would entirely depend on the miner or user’s outlook with respect to the cryptocurrency.

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However, one shouldn’t forget that Bitcoin Cash offers quick transaction speed as well as low fee in comparison to Bitcoin.

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Besides, Bitcoin certainly faces scalability issues whereas Bitcoin Cash has the ability to scale up and surpasses the traditional systems of payments like Visa. This could be one of the major reasons why crypto investors would value Bitcoin Cash over Bitcoin.

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If you’d like to find out which other cryptocurrencies may surpass Bitcoin, then don’t forget to book a consultation with one of our Master Crypto Traders!

If you want to find out more, book a free consultat ion and we will help you through the entire process ,

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