Info

Bitcoin Cash Explained

Bitcoin is the most well-known cryptocurrency. Over the years, it has undergone many different forks. One such fork occurred on August 1st, 2017. The fork gave birth to the cryptocurrency Bitcoin cash.

Definition:

Bitcoin Cash is the Bitcoin Fork which uses a block size of 8 MB. The block incorporates the transaction information which needs to be verified by the cryptocurrency miners. Bitcoin Cash increased this block size to 8 MB. As a result, a single block consists of a larger amount of information. Thus, the processing of a single block and verifying a significantly larger number of transactions can be done in short time. Bitcoin Cash was able to increase the transaction processing capability of Bitcoin from 7 transactions per second to 61 transactions per second. Thus, Bitcoin Cash can be regarded as the faster alternative to Bitcoin.

Origin:

Bitcoin Cash or originated after the hard fork in Bitcoin on August 1, 2017. Ever since then, it has gained a significant amount of traction and also received a lot of attention from the investors. Owing to the faster speed, it is gaining an even higher amount of traction.

The technology behind Bitcoin Cash:

When you look at the blockchain technology which is powering Bitcoin Cash, you will realize that the main difference is in the block size. As the block size is 8 MB, the number of transactions which can be executed at a faster speed. The development community of Bitcoin Cash is also increasing rapidly.

Difference between Bitcoin and Bitcoin Cash

As we stated above, the main difference between Bitcoin Cash and Bitcoin is the size of the block. As the block of Bitcoin Cash has larger block size, the transactions can be processed at a faster pace. Each block can process more transactions.

In addition to that, one more difference between Bitcoin Cash in Bitcoin is that the difficulty of mining Bitcoin Cash depends on the number of miners which are active on the network. As a result, many cryptocurrency miners are migrating to Bitcoin cash. It is easier for the miners to generate more profits on the Bitcoin Cash network. Owing to the larger block size and the faster processing of the block, the traction which Bitcoin Cash is getting is immense.

Many merchants are also looking forward to accepting Bitcoin Cash as the transactions can be verified in a shorter period of time. This will ensure that the payments are also completed in a shorter period of time and the volatility is on the lesser side.

Thus, the next time around you are confused between Bitcoin and Bitcoin cash, you have to just remember these points and you will be able to easily understand the difference between both.

Current Price of Bitcoin Cash:

 

Bitcoin Cash
% 1h
1.99
% 24h
6.88
% 7d
1.99
USD
130.00
INR
9,258.5
EUR
114.50
Related posts
Info

Advantages of Blockchain Technology

Info

What is the Differences Between Cryptocurrency Coins and Tokens?

Sign up for our Newsletter