There have been many questions surrounding Bitcoin ever since its launch back in 2009, especially regarding its ability to scale effectively. When you make a transaction with Bitcoin, your transaction is processed, verified, and then stored within a blockchain (a digital ledger). Blockchain is a revolutionary and highly intelligent form of technology that is highly praised in the world of cryptocurrency and even beyond.
There have been ongoing debates for a large amount of time now regarding Bitcoin and now also Bitcoin Cash. When it was just Bitcoin in question, it was all a very heightened time, however, Bitcoin Cash came from all of this and is now making its way up the ranks. So, how does it differ from Bitcoin? Let’s take a look into it.
Bitcoin Cash actually varies quite drastically from Bitcoin, in fact, it is almost a whole different story. It was started by developers and miners who had a mutual concern regarding the future of cryptocurrency and how it was scaling. They were concerned that its ability to scale may be hindered which would greatly affect its ability to grow and expand in the future.
In August of 2017, with reasonable doubt on their mind regarding the adoption of a segregated witness technology, they then worked hard together to create Bitcoin Cash. They said that the way Bitcoin was going was not something outlined in the plan by mystery billionaire Satoshi Nakamoto, so they took it into their own hands. Bitcoin Cash has even implemented its very own Blockchain technology and has also implemented a larger block size of 8MB which drastically helps to speed up the verification process overall.
Then, again in 2018, the maximum block size for Bitcoin Cash was increased four times to 32GB, however, the actual block sizes have remained only a small fraction of the limit of 32GB. This all means that Bitcoin Cash is essentially the next big thing due to how user-friendly it is above all and how much it makes a difference that Bitcoin, unfortunately, does not. With Bitcoin Cash, you enjoy a series of things such as:
- Shorter wait times
- Lower fees
- Quicker transactions
- Quicker verifications
Obviously, there are far more things involved with Bitcoin Cash, but those features above are what make it such a desirable thing. The network is also able to handle far more transactions per second than Bitcoin could ever even be capable of dreaming of. Though it isn’t always rainbows and butterflies for Bitcoin Cash, there are also plenty of downsides to it.
Security issues come often because of the bigger block size associated with Bitcoin Cash which means that it is relative to the Bitcoin network in that particular respect. Also, with Bitcoin being the most popular and well regarded in the cryptocurrency world, users may be disappointed to find that Bitcoin Cash is not the same. The liquidity and real-world usability of Bitcoin Cash differs very much from actual Bitcoin due to its lower ranking popularity. You can click here to find out more about it.