Bitcoin Cash: Exploring the difference between Bitcoin and Bitcoin Cash
There’s a continuous evolution in the world of cryptocurrencies, and that is as we find, in great amount.
Created in 2017, Bitcoin Cash (BCH) is a relatively new digital currency which was created by the forking made to manage the scalability of its parent cryptocurrency - Bitcoin. Since then, it has turned to be the most successful branch of Bitcoin, being the third cryptocurrency behind Ethereum and, of course, Bitcoin itself.
It’s a completely independent cryptocurrency and its value doesn’t depend on the original Bitcoin. However, something you have to bear in mind is that the current dominant cryptocurrency is still Bitcoin, so if it goes up or goes down, the other cryptocurrencies are likely to follow its trend.
We can highlight some characteristics of this new cryptocurrency with the following points:
- Peer to peer
- Open source
Who Supports Bitcoin Cash?
Bitcoin cash is supported by Changelly (a service which works as a mediator between trending cryptocurrencies and users) and ShapeShift (a private company which offers global trending).
We also have LocalBitcoin, a peer–to–peer exchange which allows users to buy and sell bitcoin cash directly. Peer–to–peer users can place orders and wait until someone responds people’s orders. It’s still questionable if this platform can be fully trusted though.
Once you’re in the platform, you have to know you are not dealing with companies - you are dealing with individuals instead. So, you could be in for a fraudulent trade possibly.
But not everything is that bad; you can find forums where you will be able to set up some personal meetings. You may do this on Bitcoin Cash forums or LocalBitcoin cash.
If you are wondering where could you store your bitcoin cash, here are some platforms you can use:
- Ledger Nano S
- Electron Cash
Although a few investors don’t accept this cryptocurrency yet, the majority of cryptocurrency exchanges have included bitcoin cash due to its growth potential in the future.
Where to buy bitcoin cash? - Below are some places where you will be able to buy Bitcoin Cash:
- Coinbase BCH – USD
- Bittrex BCC-BTC / BCC/ USD
- Kraken BCH – USD / BCH - EUR
- Cex.io BCH – USD / BCH - EUR
- Poloniex BCH – BTC / BCH – USD / BCH – ETH
Is there any difference between Bitcoin and Bitcoin Cash?
First of all, Bitcoin is the dominant cryptocurrency meanwhile Bitcoin Cash is a branch of it. But, Bitcoin Cash was created to be used as a digital coin for daily purposes, such as debit/credit card transactions, PayPal payments, and other.
Another big and notorious difference between them is that Bitcoin Cash has a bigger block size. It goes from 1MB to 8MB, with the intent to help Bitcoin Cash to scale more effectively on-chain.
Having bigger blocks increases the number of transactions and, therefore, the network’s throughput.
Brian Kelly CEO & Founder of BKCM LLC thinks:
“I think both Bitcoin and Bitcoin Cash are a great bet. Bitcoin is like the monetary base and Bitcoin Cash is the transactional currency similar to a global M1.”