While some already got used to Bitcoin Cash, others still wonder how it differs from the original Bitcoin. Today, we clear out all of the misunderstandings. What is the Difference between Bitcoin cash and Bitcoin?
AtoZForex – On the 1st of August, we have witnessed the cryptocurrency fork that resulted in the creation of a new digital currency. The new cryptocurrency is called Bitcoin Cash, while its symbol is BCC. However, some of the cryptocurrency exchanges use the symbol BHC for Bitcoin Cash in order to prevent conflict with other tokens.
Following the cryptocurrency fork, some are still confused about the difference between Bitcoin cash and Bitcoin.
What is Bitcoin Cash?
Starting off with basics, let’s answer the question “What is Bitcoin Cash?”
Bitcoin Cash is a digital currency that was created thanks to the fork of the Bitcoin network. This implies that any user who has owned Bitcoin at the time of the fork, now also possesses an equivalent amount of Bitcoin Cash.
What is the difference between Bitcoin cash and Bitcoin?
Bitcoin Cash was created as a solution to the long-awaiting debate in the Bitcoin community in regards to the Bitcoin scalability issue. The Bitcoin Cash proposes incorporates the simple solution. While the block size limit of Bitcoin stands at one megabyte, Bitcoin Cash has pushed the limit to 8 megabytes. This allows for a greater number of transactions processing per day.
The increased block size limit provides an opportunity to process as many as two million transactions per day in comparison to the ~250,000 transactions per day of Bitcoin’s block size limit.
In general, these two cryptocurrencies do not differ a lot, aside from the transaction potential. Both of them have the same hashrate, while users believe that there is not much difference on the front end of these two assets.
However, the greater transactions processing power implies faster payments and lower fees. This comes as a great advantage.
Should I use Bitcoin Cash?
Honestly, this comes down to your personal preferences. While Bitcoin now enjoys a larger network and supporting infrastructure, it also has some drawbacks. These include the high transaction fees and long transaction times.
If we look into the Bitcoin Cash, it offers lower fees and a more reliable rate of transactions. Yet, this cryptocurrency is not that popular and still did not reach the sufficient acceptance level. Nevertheless, some of the industry experts believe that Bitcoin Cash has a great potential of becoming the global cryptocurrency and outpacing Bitcoin thanks to its block size improvement.
Is Bitcoin Cash the same as “Bcash”?
Some of the Bitcoin Cash opponents try to disrupt the public image of Bitcoin Cash while calling the cryptocurrency ‘bcash’. They believe that the usage of this name could undermine people’s opinion that it can be a viable alternative to Bitcoin.
In case your wallet or exchange uses the term ‘bcash’ they are referring to Bitcoin Cash. Sometimes, this name is just used as an abbreviation of Bitcoin Cash. Yet, it is recommended to exercise caution when dealing with anyone who uses the term ‘bcash’ instead of the actual currency name.
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