An Overview Of Bitcoin Cash
What Is Bitcoin Cash?
Bitcoin was introduced in the year 2009 and it was well-received in the market. However, there are some issues with Bitcoins. This cryptocurrency faces issues with scalability. This is the reason why Bitcoin cash was introduced in the market. Bitcoin cash is cheaper and faster than Bitcoin. This was created with a hard fork of the Bitcoin Blockchain network and has undergone many developments since then. Few merchants accept Bitcoin cash and it can be bought and sold through PayPal. Bitcoin cash came into the picture in the year 2017 to resolve the speed issues of Bitcoin. It is a hard fork of Bitcoin which means the Bitcoin split in two at a certain block. This block has a fundamental change of protocol which makes the previous blocks invalid and requires nodes to get upgraded to the new chain.
How Is Bitcoin Cash Different From Bitcoin
Bitcoin cash was created with the objective to ensure more transactions in a single block. This decreases the fees and the time required to transact. However, there are some technical similarities between Bitcoin and Bitcoin Cash. To start with, they both use the same consensus mechanism and they have capped their supply at 21 million coins. The market capital for Bitcoin is quite high whereas the market capital for Bitcoin Cash is very low. Bitcoin Cash is one of the top 30 cryptocurrencies which has a market capitalization of only $ 2 million. The price of Bitcoin is high whereas the price of Bitcoin cash is quite low. The price of Bitcoin cash is volatile and it is more affordable than Bitcoin. However, one negative aspect of Bitcoin cash is having it is not as secure as Bitcoin. In this context, it has to be kept in mind that cryptocurrencies are volatile and they have huge risks. However, if anyone is looking for something which is cheaper, then they can invest in Bitcoin cash, although it is not very secure.
How Does Bitcoin Work?
The workings of Bitcoin cash is the same as Bitcoin. They both have 21 million assets and uses nodes to validate transactions. Moreover, they both use the PoW consensus algorithm. However, you can use Bitcoin cash through various applications such as CashShuffle or Cashfusion. Bitcoin cash holders can use CashShuffle, which is a coin-mixing protocol that can shuffle your Bitcoin cash with the other holders. However, this is not always reliable as here the users will have to trust others and it costs a certain amount of fees. On the other hand, Cashfusion places Bitcoin Holder on the wallets of the users. However, here your transactions have been combined with other transactions that no one can trace a path to your holdings.
Future Of Bitcoin Cash?
Bitcoin cash is definitely expanding its market and this is because Bitcoin is much cheaper and more easily available. However, Bitcoin Cash is in competition with other brands. Some of the recent projects here are Litecoin. Although the concept of Litecoin is different from Bitcoin cash.