10 years ago, the world was revolutionized by the introduction of the first digital currency known as Bitcoin. There was an anonymous person, or a group of people known by the pseudonym Satoshi Nakamoto who invented the biggest cryptocurrency worldwide. Bitcoin has changed the way we buy and sell services because it is a completely independent currency that doesn’t need any government or a bank to control it.
Since then, many people and companies have entered the cryptocurrency world and have developed a lot of cryptocurrencies everywhere in the world. Some of them are very successful, some of them are not. However, in the past 2 years, there is a new type of currency known as Bitcoin cash, and people don’t know whether it is different from Bitcoin or not.
For those who don’t know, Bitcoin cash is a cryptocurrency developed in August 2017 as a part of the Bitcoin classic. Bitcoin cash allows more transactions to be processed, and it is increasing the size of the blocks in the blockchain.
When Bitcoin was introduced, it became popular for its characteristics and was recognized as the most expensive and stable cryptocurrency. However, apart from its popularity, the biggest downside of Bitcoin is it its scalability. That means that Bitcoin is limited to 1MB for the size of block transactions. That’s why some developers created Bitcoin cash – it is different than Bitcoin because it is able to process more transactions in a short period of time. Bitcoin cash is increasing the block size from 1MB to 8MB.
Simply said, Bitcoin cash is an alternative of Bitcoin, and is great for those people who are not satisfied with Bitcoin’s characteristics and its SegWit update. SegWit is an update to Bitcoin, introduced in 2017, that resolves Bitcoin’s scaling problem. Bitcoin cash removes SegWit from its properties.
Another difference between Bitcoin and Bitcoin cash is the way of solving difficulties. Bitcoin cash is much faster in solving difficulties. It adjusts difficulties every 600 seconds, according to the computing power of the network of the user.
Bitcoin cash’s value is much smaller than the Bitcoin’s value – it is around $120. However, Bitcoin cash is easier to mine. The value of the cryptocurrency might be smaller, but you have more chances to mine and collect more Bitcoin cash tokens.
Furthermore, you can buy Bitcoin cash in many exchanges, such as HitBTC, Bitstamp, GDAX, Bitfinex, etc. Its symbol is usually BCH. It is expected that the new version of Bitcoin cash will increase the size of the blocks, from 8MB to 32MB. Moreover, it is expected that Bitcoin cash’s smart contracts will be much better.
As the time passes, it remains to be seen whether Bitcoin cash is here to stay or not. However, cryptocurrencies have gained a lot of popularity and many large companies accepted payments in cryptocurrencies. Also, there are many crypto funds that include Bitcoin cash in their holdings, so it is expected that Bitcoin cash will grow and its value will become much bigger in the future. Among them, Midchains recognizes the importance of Bitcoin cash and they have created the best digital asset exchange for all cryptocurrency traders.
