So many people are confused, thinking Bitcoin and Bitcoin Cash are the same crypto. This article broadly explains the difference between both cryptos.
In recent times, the financial world has been taken over by one single word – Bitcoin. If you are in the crypto world, you also should have had Bitcoin Cash.
Some people think both Bitcoin and Bitcoin Cash mean the same thing just different in terminology and usage.
Please note that Bitcoin and Bitcoin Cash are different cryptocurrencies.
Cause of the split
Bitcoin started performing exceptionally wonderful in late 2017. With the rise in the price of bitcoin above $14,000 in December 2017, its popularity was renewed.
But as news circled the highs, just very few news write-ups ventured beyond the financial market when it came to an event known as the “hard fork.”
Indeed, this means a change in the protocol. It can also be regarded as an upgrade of sorts to Bitcoin. But it became clear that not everyone agreed on how the development of how bitcoin should go.
Most Miners wanted bigger blocks, which would allow much more data in each mined block.
On the other hand, common users and developers wanted something similar in that they were seeking more data per block.
But the implementation of Segregated Witness (SegWit), would compress the data to fit the block size already in play.
As a result of that, Bitcoin forked, and so the Bitcoin Cash (BCH) was born as another new cryptocurrency.
Bitcoin Cash refers to as the miner-supported chain, while the original bitcoin remains the user’s and developers’ favorite.
What is the difference?
Despite both cryptocurrencies being similar, it is essential to understand the difference and be aware that they are separate from each other.
There are many differences between both coins, which we will explain below.
Bitcoin happens to be the most popular and most used among every other cryptocurrency.
Additionally, Bitcoin is said to have much more security than its forked counterpart and better stability via a more widely developed infrastructure.
There is no doubt that lots of people are still leaning towards Bitcoin rather than bitcoin cash (BCH).
Bitcoin is highly distributed, but at the same time, it is also much slower than Bitcoin Cash. It often comes with much higher transaction fees stamped on top.
Bitcoin Cash (BCH)
Bitcoin Cash is the split counterpart to Bitcoin. Therefore, it works in a very similar way to the “original Bitcoin.”
Bitcoin cash is much faster, and it usually comes with lower transaction fees.
However, Bitcoin Cash is not as popular as the original Bitcoin. Due to Bitcoin’s success, Bitcoin Cash is usually goes overlooked. People also confuse it with the original Bitcoin.
It is necessary to know the difference. If you try to send Bitcoin Cash to a Bitcoin address, you are likely to lose the money.
Bitcoin and Bitcoin Cash are mainly similar in how they operate, but you must understand that they are different cryptocurrencies.
While Bitcoin Cash has lower transaction fees and much faster speeds.
On the other hand, the original Bitcoin takes the cake as long as popularity and ability to spend are concerned.