Since its inception over a decade ago, cryptocurrency– and bitcoin in particular– has taken the world by storm. Reaching peak prices of almost $20,000 USD at one point, bitcoin is currently the most popular and well known of all current cryptocurrencies, and as adoption rates continue to increase, that popularity likely will as well.
A comparatively new player to the market, bitcoin cash is a cryptocurrency born out of a hard fork in traditional bitcoin viewpoints. Founded by bitcoin enthusiasts that were concerned about traditional bitcoin’s processing capabilities and ability to scale long term, bitcoin cash offers quicker processing times than bitcoin, though sometimes at the risk of security. Let’s dive into the differences between each of these forms of cryptocurrency.
Bitcoin in a nutshell
Bitcoin was founded as a decentralized alternative to the fiat currency most of us know and use today. Where fiat’s value and access can fluctuate significantly based on where someone is, what’s going on in a particular nation, or even political shifts, bitcoin does not belong to any single entity, and is governed by the people. Bitcoin operates on a blockchain, which, in simple terms, is a system that keeps a digital record of transactions. When a person creates a transaction on the blockchain, it is verified by multiple computers to ensure its authenticity, before it is allowed to proceed. These computers are controlled by bitcoin miners, and the verification process is actually the answer to a complex, random math problem that requires quite a bit of computing power to get right. In arriving on an answer, the miner verifies a transaction and is awarded cryptocurrency themselves. There are about 7 BTC transactions performed this way every second.
BTC Cash in a nutshell
Bitcoin cash was created out of concern that the traditional bitcoin blockchain was too small and wouldn’t be able to handle increased transactions as bitcoin grew in popularity. Some miners and developers argued for a larger block size of 8MB, and a hard fork was created. Bitcoin cash operates on a completely different blockchain than traditional bitcoin, and has more capacity for more transactions. Unfortunately, it is also controlled by just a handful of mining pools that own more than 50% of the entire market, which makes it less desirable for those that are attracted to bitcoin’s idea of decentralization. It’s a newer currency that isn’t as widely known as traditional BTC, and its lack of users and verification processes can also make some transactions less safe than traditional bitcoin.
Which cryptocurrency is right for you?
As a strictly bitcoin platform, we recommend the traditional cryptocurrency for its security, ease of use, and widespread adoptability. Bitcoin continues to grow, and doesn’t show signs of slowing down anytime soon. While prices for transactions may be a bit more expensive than BTC Cash, our platform here at BitLeague offers users 100% free transactions no matter what, so you won’t have to worry about the cost regardless! Plus, with millions in FDIC insurance for our holdings, you’ve got double protection when you invest or trade on our platform!
Sign up for a free BTC exchange account with us today, and see more reasons why we we’re so confident bitcoin is the way to go for your cryptocurrency needs.
