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Thursday, June 17, 2021

Difference Between Bitcoin and Bitcoin Cash

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Bitcoin and its profound value have made it to the top of the list. Everyone has eyes on buying bitcoins in India as it depicts the future of the financial world.

Finite Bitcoins are running in the market, urging the community to expand and make it more scalable. Developers wanted to change the block size, the format, etc. Summing up, forking was the thing the developers were looking forward to.

Then, arrived Bitcoin Cash – a new cryptocurrency extracted from the Bitcoin network through the Forking process. Similarities and differences were visible indeed.

Cryptocurrency exchanges in India like Binance, CoinSwitch, and WazirX provided users with a platform to trade the all-newBitcoin Cash.

Several differences were created as Bitcoin Cash started to take its place in the market.

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Before we discuss further differences, it’s important to know some facts and properties of Bitcoin Cash.

Bitcoin Cash: Facts and Figures

Satoshi Nakamoto, the person behind Bitcoin, introduced a peer-to-peer exchange method without involving any financial institution or third party agencies.

As investors started getting involved in the mainstream, the prices surged, breaking milestones every day. Bitcoin became an investment game along with the exchange.

This eventually increased the traffic leading to the formation of queues of transactions and speed slowing down because the blocks couldn’t handle such a huge load.

It was August 2017 when Bitcoin Cash was invented by forking of the Bitcoin network. Community developers could find a better coin apart from those in an active state.

In mid-2018, the transaction volume per block on bitcoin was around 1,000 to 5,000. After Bitcoins Cash came into the limelight with a bigger block size, the transaction volume per block was 25,0005x the Bitcoin volume per block.

The expansion in block size led to an increase in transactions with higher speed and improving scalability.

If Bitcoin Cash has been found capable of handling the transactions and speed simultaneously, it makes sense that there are several other reasons why Bitcoin Cash differs from Bitcoin.

Bitcoin Cash vs Bitcoin

Circulation in the Market

As mentioned,Bitcoin cash was pulled out from the Bitcoin network. And the total supply is 21 million.

Since Bitcoin has 18.6 million in circulation, Bitcoin Cash has just 20,000 more coins in an active state as of February 2021.

Dominance and Price

Bitcoin was invented a long time ago. If we go back in 2009 and realise the price, it was hardly a dollar. No one knew this would boom a fortune for someone who has faith in Bitcoin.

Bitcoin created the market base, making more than half of the Crypto market ranking #1 on the Crypto chart. Bitcoin Cash is a result of the forking of the bitcoin network, so the dominance level remains lesser than Bitcoin.

Also, if we look at the current prices of bitcoin and Bitcoin Cash, Bitcoin is running around $35,000, whereas Bitcoin Cash is around $580.

Network Size and Potential Differences

No doubt that the whole Crypto market is experiencing humongous engagements every day ever since Bitcoins have been turning common people into millionaires.

Bitcoin Cash has a lot more potential since it offers a bigger block size than a Bitcoin, leading to more high-speed transactions than the parent coin.

The network analysis also seems entirely leaning towards Bitcoin Cash as it’s the talk of the world. This hot buzz is eventually pumping bitcoin cash into the sky.

Market Capitalisation

No doubt that Bitcoin is the mainstream. So the market cap is way bolder and bigger than Bitcoin Cash.

Talking about the figures, the market capitalisation of bitcoin is around $73B while the market capitalisation of baby Bitcoin is approximately $14B.

Conclusion

Things change when there are drawbacks. As the market faced tremendous traffic leading to irregularities in transactions, developers came up with a whole new concept of Bitcoin Cash that fired up the transaction speed along with less time consumption.

Ever since Bitcoin Cash was invented, they made sure that the flaws arising in Bitcoin must be eliminated to provide the user with better coins and elevate the user experience.

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