What is Bitcoin Cash?
Bitcoin Cash is not, as the name would imply, a cash version of Bitcoin. In truth, it’s not even Bitcoin as you probably know it. Instead, Bitcoin is an entirely different cryptocurrency. It utilizes various blockchain, it is priced differently, and it’s run by a diverse community. It even has a separate ticker.
Bitcoin Core, which is the one you’ve most likely become aware of, is abbreviated BTC. Bitcoin Cash, on the other hand, is shortened BCH. You will likewise discover there are two different websites for each token. You can find BTC on www.bitcoin.org. The www.bitcoin.com website, on the other hand, is focused on promoting BCH.
How did Bitcoin Cash come about?
The Bitcoin team reached a deadlock last year, in 2017. The cause was Bitcoin’s scalability issue (read our post Can Bitcoin Scale?). Part of the Bitcoin neighborhood advocated for the implementation of SegWit, which would make transactions much faster. The remainder of the community, nevertheless, did not see it as a viable solution to the scalability issue. Therefore, the Bitcoin neighborhood was split in 2.
Fans of SegWit produced a hard fork in the Bitcoin blockchain which resulted in BCH. The staying block continued with Bitcoin as usual. The original Bitcoin was called ‘Bitcoin Core’ by the BCH community to distinguish between the two.
How is Bitcoin Cash various from Bitcoin?
If you read the information on the Bitcoin.com site, you’ll find many references to the superiority of Bitcoin Cash. Bitcoin Core has been described as less usable as cash due to much higher charges and delayed transaction times. In contrast, Bitcoin Cash’s fees cost pennies and payments can be confirmed even with zero verification.
How is Bitcoin Cash comparable to Bitcoin?
BCH is the outcome of a hard fork; it still operates on the Bitcoin blockchain. Also, the two cryptocurrencies have the same supply limit of 21 million tokens. Of course, 80% of Bitcoin’s 21 million tokens have currently been mined. Meanwhile, BCH was only produced in August 2017, which suggests there are more BCH tokens to be mined. Both BTC and BCH have avoided the issue of inflation by limiting the supply.
How to get Bitcoin Cash
Bitcoin Cash has acquired steam rather quickly compared to other new cryptocurrencies. BCH can be purchased on the majority of mainstream cryptocurrency exchanges. Keep in mind that the worth of BTC is around $5,200, whereas BCH is about $400.
How steady is Bitcoin Cash?
The value peaked at around $2,400 in December 2017 when Bitcoin was at its all-time high of $20,000. Since then, it’s dropped significantly in tandem with Bitcoin.