Similarities Between Bitcoin and Bitcoin Cash – BTC Wires

By&nbspRishma Banerjee

Bitcoin is a cryptocurrency in the form of electronic cash, while bitcoin cash came when developers, to improve the scalability of Bitcoins, prepared a code change. This is known in the world of crypto, as a hard fork. Even so, the company provided reassurance that every user, who had any money during the transfer would be able to keep their money intact.

Bitcoin and bitcoin cash is more or less the same thing barring a few minor differences. The major difference lies in the transaction potential, however the hashrate for both Bitcoins and Bitcoin Cash is the same. The increased block size limit of Bitcoin Cash provides an opportunity to conduct 2 million  USD, as opposed to 250000 transactions per day.  Bitcoin’s transaction speeds we’re dismally slow with aaround7 transactions per second. As a comparison, Visa performs around 24,000 transactions per second.

In 2017 it was evident that there were already too many transactions to handle and some reform was required in order to allow Bitcoin to scale further.

Bitcoin was the first and probably the most well known cryptocurrency, which functions on a peer to peer basis and is fully decentralised with no central bank and zero involvement of the third party. Bitcoin Cash also functions mostly in the same principle. In fact, the Bitcoin Cash is a continuation of the Bitcoin project, which was created on 1st of August, 2017.

 

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.

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