What you need to know about Bitcoin cash and how does it differ from Bitcoin?

What you need to know about Bitcoin cash and how does it differ from Bitcoin?

Bitcoin cash is a form of cryptocurrency which is launched on 1st August 2017. The concept of Bitcoin cash has been taken from the bitcoin classic which was launched on 17th March 2010. Due to Bitcoin cash, the size of the block has been increased to 8 MB from 1 MB. Bitcoin cash has been used in exchanges but much lower rate than the classic bitcoin. Bitcoin cash is also known as bcash.

There is a research of a firm known as chain analysis in the year  May 2018. Bitcoin has been used in 17 largest payment processing services such as bitpay, coinify geocoin has preferred their payment by Bitcoin cash worth of US $3.7  million from down of the US $10.4 million. In last year, the study describes that Bitcoin is the most used form of payment by the big and large companies. Bitcoin cash is been introduced due to the lack of use of classical bitcoin which were introduced earlier.

Bitcoin cash trading is been done on digital currency exchanges platforms like Bitstamp, Coinbase, Gemini and Kraken. Bitcoin cash is a symbol of Cryptocurrency. BCC ticker symbol is commonly used for Bitconnect. AS according to May 2018, the daily transaction of Bitcoin cash is one-tenth of classic bitcoin. By the end of November 2018, The bitcoin cash value has been dropped from $900 to $ 300.

How Bitcoin cash is different from bitcoin?

  1. Bitcoin is the first cryptocurrency that has been introduced earlier whereas Bitcoin cash is a cryptocurrency with its own blockchain.
  2. Bitcoin is like as any real currency that is present in the world whereas Bitcoin cash works as a digital currency that has been created through bitcoin mining.
  3. Bitcoin cash has much cheaper transfer fees as compared to any other cryptocurrency which is around (0.20 $) per transaction. Bitcoin is the most valuable cryptocurrency as if now.
  4. As Bitcoin cash take more space to store that means it can process more transaction as compared to bitcoin which takes just 1 MB for storing.
  5. Both of the cryptocurrency is running almost same algorithm but Bitcoin cash is running much less difficult mining algorithm as compared to bitcoin.
  6. As bitcoin cash is new so people are finding it difficult to understand and most of the people prefer classic Bitcoin due to its less complexity of nature.
  7. Bitcoin cash is fewer politics and has easily updates on it. The updates can be given through the community on polls. They can expertise their thoughts on the changes that have to be made or needed to be changed whereas Bitcoin is neither a company nor it ties to any individual.
  8. Bitcoin ‘s development centralization is laughable when it compares to Bitcoin cash development.
  9. Bitcoin cash has set its priorities to be in reverse order and is much and more focus on solving the scaling issues whereas Bitcoin is been placed in the same order.
  10. The owner of the largest cryptocurrency believes that Bitcoin cash is one of the leading faces and refer it as the real bitcoin and says classical bitcoin is not as real as Bitcoin cash looks.
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