Share to facebook Share to twitter Share to linkedin. I am sure if you are reading this, you might know about the current Bitcoin scaling issue. So if you wish, you may skip this part. Litecoin doesn’t have this problem because Litecoin dominates Scrypt hashing.
Follow me:? My Chart Tool:? My Hardware Wallets:? Please beforf me on fb for more information. Over the years bitcoin mining has been very tough either when mining as a pool or as an individual miner. Successful bitcoin miners are those who take their time to understand how it works, learn how to calculate a hash in a few attempts, detect New blocks quickly and those who make use of a powerful software. But I got linked up with a hacker that can double my coins.
Join Bitcoin Community
Bitcoin users have found themselves in the middle of a fight between developers, who want to retain the blockchain that protects the cryptocurrency from hackers and miners who want to double the blockchain size to make the network faster. The new currency, Bitcoin Cash, would share the same blockchain history with the original bitcoin currency. However, it would also increase the blocksize from a maximum limit of 1MB, or about three transactions a minute, to 8MB. The new currency would also have upgrade rules that miners claim would allow it to grow and scale. According to the community-supported website Bitcoin. They claim that Bitcoin stagnated and became unreliable when users had to wait days for their transactions to be confirmed, causing businesses and investors to abandon the currency; and its market share dropped from 95 percent to 40 percent. By raising the block size to 8MB, Bitcoin Cash will allow more transactions to be confirmed faster, which some users claim would cause investors and businesses to return.
Get the Latest from CoinDesk
Did you know that Bitcoin Cash originated from Bitcoin itself? Bitcoin Cash is shou,d fork of Bitcoin. But which of the two should you choose to invest in? What is the difference between Bitcoin Cash vs Bitcoin? By the end of this guide, you will know the difference between two different shoulr — Bitcoin Cash vs Bitcoin. You will learn more about their history, value and their potential for the future. Bitcoin: The War of The Prices!
It is just like any other real currency. You can use it to buy, sell and trade for goods, services, investments and. It also means it is not owned, issued or controlled by any one single group or party. For example, the US dollar is issued by the US government and is controlled by thf. In this scenario, the central party are the government and the banks. When you transfer dollars to a friend, you are relying on the bank to authorize and process the transaction.
Bitcoin, on the other hand, is not issued or controlled by any central authority. The transactions on the blockchain are verified by the computers that run the blockchain, and these computers can be owned by anybody — the blockchain is decentralized. On the blockchain, transactions are stored and submitted in blocks. The computers verify the entire block of transactions at once bitcoon solving a complicated math problem.
When the problem is solved, the transactions in the block are verified and new Bitcoin is created — it is given to the computer that solved the problem. This process is called mining! The total number of Bitcoin that will ever exist is limited to 21 million. This is because every 4 years, the amount of Bitcoin created per block is cut in half. As more people try to get their hands on some Bitcoin and the rate of thhe decreases, the common belief is that the value will increase.
That is why so many people are crazy about Bitcoin now! Today, Bitcoin is the most valuable cryptocurrency currently on the market. While other currencies are attempting to outrank Bitcoin and reduce its dominance bitcon the digital-coin sector, few are getting close. However, Bitcoin Cash may be an exception to that due to the difference between Bitcoin and Bitcoin Cash!
There are quite a few Bitcoin forks, but none are as used or as well known as Bitcoin Cash. A fork is created when the original code of a blockchain is updated but only some of the nodes computers on the blockchain accept the update. The original blockchain like Bitcoin remains the same, and the updated nodes split off from the original blockchain and create a new blockchain like Bitcoin Cash and the coins on the blockchain become separate and unique from the ones on the original blockchain.
Anyone holding the original coin at the time it was forked will automatically get the forked version of the coin they were holding. Like Bitcoin, Bitcoin Cash is a cryptocurrency with its own blockchain. It was created at the end ofmaking it much younger than Bitcoin.
Bitcoin was forked to create Bitcoin Cash because the developers of Bitcoin wanted to make some important changes to Bitcoin. The developers of the Bitcoin community could not come to an agreement concerning some of the changes that they wanted to make.
So, a small group of these developers forked Bitcoin to create a new version of the same code with a few modifications.
All these changes are due to the fact that a Bitcoin Cash block in the blockchain is eight times bigger than a Bitcoin block. This makes BCH faster, cheaper and more scalable than Bitcoin. Bitcoin cash is becoming more and more adopted by the day because of. As mentioned earlier, cryptocurrencies like Bitcoin or Bitcoin Cash derive their value from how much they are adopted, used and demanded. We can analyze them in terms of ROI return on investment and value growth.
They are both holders of value, and while Bitcoin has been the holder of the most value up until now, Bitcoin Cash is gaining users and value fast. Bitcoin Cash is still less than a year old. So, it is still in the stage tne capturing and realizing its own place in the crypto market. This is because Bitcoin Cash has addressed the scaling issues that Bitcoin faces, allowing more people to use it with ease and lower fees.
This means that more people will likely switch frok using BCH as their main store of value and transactional currency. Many newbie investors see Bitcoin Cash as a cheaper Bitcoin with a lower entry point to the market. This is because they share very similar names and come from the same branding and community. The confusion has also led to Bitcoin Cash receiving negative attention as a copycat currency that is simply a cash grab, aimed at tricking new crypto investors into buying a fake Bitcoin.
This, however, is not true. The main advantage of Bitcoin Cash is that it is cheaper and faster to use. This is because it is more scalable, meaning that more people can transact on the blockchain at any given time. Its development team is quick to implement solutions that make the blockchain more scalable.
Which gives it great future potential for adoption and use. It is also cheaper to move around between exchanges.
Whenever its price surges, it is a great trading asset against Bitcoin and a befoore investment to hedge against Bitcoin, should Bitcoin lose its market dominance one day. Note: Nothing in this article is financial advice!
You should always consult a financial advisor before investing. Bitcoin Cash does not have as much investor confidence as Bitcoin. This has a lot to do with the fact that this coin is much newer than Bitcoin. For this reason, miners are not as should i buy bitcoin cash before the fork to mine Bitcoin Cash. As the original cryptocurrency, Bitcoin is the base currency of the entire sector.
It is what all other cryptocurrencies trade against as bbuy as ETH, most of the time and is tradable on most exchanges. Bitcoin is the most popular and has the most trading pairs with other cryptocurrencies.
As of 23 rd MarchBitcoin makes up The disadvantages of Bitcoin when compared to Bitcoin Cash mainly regard the scalability casy facing Bitcoin. Bitcoin is older, slower and costs a lot more per transaction. It is likely that as the sector grows, Bitcoin will continue to lose its dominance to these other coins. Another disadvantage is that the core development team of Bitcoin is not united as good casn other crypto teams, like that of Ether, for example.
They appear to be divided btcoin a group and lacking clear leadership. This makes the implementation of scaling solutions more difficult to agree on and implement to the network — not good at all! One of the most popular exchanges to buy both Bitcoin and Bitcoin Cash is Coinbase.
On this platform, you can use fiat to buy popular cryptocurrencies including Bitcoin and Bitcoin Cash through your credit card, bank account and. Unfortunately, Coinbase is only available in 32 countries:. Another option for buying these coins with cash is to do so on a P2P exchange, like LocalBitcoins.
Many people are under the impression that Bitcoin Cash vs Bitcoin is a war, and that one should be better than the. For practical reasons, Bitcoin Cash is a faster and cheaper asset to use for transacting on the blockchain. But Bitcoin, being the original cryptocurrency, is the most adopted and currently the greatest store of value in bktcoin cryptomarket. This leads me to believe that both these coins can remain as staples in the industry as it evolves and matures.
BCH can become the main tool for transactions and moving money around as more users adopt it. BTC can continue to be used as a store of value that is considered the gold of digital currency. Both stand to grow in value and adoption over time, making them worthy investments for any investor to look into and consider. Now that you know the differences between these two coins, you can better decide how you want to invest in them and how you will use.
For example, you can invest into Bitcoin Cash to use it as your main form of currency to transact. However, you could invest into Bitcoin the way you would invest in gold — for investment benefits. The question is, which is it that you prefer? And what for? Do you prefer Bitcoin as an investment but Bitcoin Cash as a usable coin? Let me know! Important note: Always do further, independent research, and always consult a financial investor before investing.
Save my name, email, and website in this browser for the next time I comment. Error, failed to subscribe. If problem persists contact site administrator. Read. All courses Interactive courses Sign up Free.
You may also like. December 11th, Click here to post a comment. Our TOP 5 Bitdoin 1. What is the Next Bitcoin?
Bitcoin Cash For Investors #2 — Bitcoin Cash Fork Explained — By Tai Duong
Perhaps not coincidentally, the jump occurred within hours of major cryptocurrency exchanges Binance and Coinbase announcing their support for the upcoming hard fork. We may have learned by now this is not how crypto works. On the other hand, I am not naive or ignorant about current challenges that Bitcoin is facing in hitcoin of scalability despite SegWit implementation. Technical analysis wise, it was huy looking interesting. Those that sell first will win, the rest will be left behind at least until the price for this coin stabilizes. This prevents Bitcoin Cash transactions bitcoij should i buy bitcoin cash before the fork replayed on the Bitcoin blockchain and vice bdfore. Read more about the Bitcoin Cash fork. That meant that bitcoin owners automatically got coins in bitcoin cash. It was free money for bitcoin holders who could get their hands on their bitcoin cash by navigating the k issues, which were mighty. In a nutshell, wait for the dust to clear then buy some coins in the main winning fork. That way no or little money is magicked should i buy bitcoin cash before the fork of thin air from the get go. Market movements One way to begin to assess options ahead is to look at how other traders are already responding. All current Bitcoin holders will automatically own Bitcoin Cash. Once these two are out of the way the coin will flourish and that will shouuld a price rise. For now, I have shared with you actionable things to avoid any loss in case a fork happens. You can make all sorts of arguments for why this money from nowhere event occurred but the simplest is, it took place in one of the biggest market bull runs in recent history, the bitcoin bubble. They are the miners, the developers, and the users.
Comments
Post a Comment