Bitcoin, being a virtual currency has garnered a lot of attention in the past few years. The ever-increasing price of bitcoin has made many people across the world invest in this virtual currency. The price of a “Bitcoin” has increased so much that the people who invested in it earlier can make a generous amount of money by selling their bitcoins.
Recently, in August 2017, The Bitcoin Network launched a new cryptocurrency, and named it “Bitcoin Cash“. Known by the symbol BCC, the Bitcoin Cash is created by a fork of the Bitcoin Network. This implies that the users who held the Bitcoin at the time of the fork, that is, on 1st August 2017, now have an equivalent amount of Bitcoin Cash, and this is available on the forked Bitcoin Cash blockchain.
Difference Between Bitcoin and Bitcoin Cash
The “Bitcoin” has always been a hot topic among people, and a lot of people across the globe are quite confused about what Bitcoin is and how it works. To add to the confusion, the new “Bitcoin Cash”, or Bitcoin for Cash, as known by some people, has arrived.
Increase In the Blocksize
Bitcoin Cash is created by the community as the answer to the ongoing debate among the Bitcoin community about the best way for scaling Bitcoin to more users.
The most simple solution suggested for this problem was to increase the parameter “Max Blocksize Limit” in the Bitcoin codebase. This solution was accepted by the community and thus, Bitcoin Cash was introduced.
While the block size limit of the Bitcoin remains 1 MB like earlier, which allows only than 25000 transactions per day, but, the Bitcoin Cash has an increased limit of 8MB, which implies that about 2 million transactions can be processed every day.
Difference In the Use Of These Currencies
When it comes to the users of Bitcoin and Bitcoin Cash, there is a very little difference in the use of these two currencies.
The BCC protocol, because of the equal hash rate, allows more transactions of Bitcoin Cash per second as compared to Bitcoin. This is why BCC offers lower fees and faster payments.
Why Should You Use Bitcoin Cash When Bitcoin Is Still There?
This is one of the most prominent questions that Bitcoin users are asking that when Bitcoin still exists, then why should I use a new currency from the same community. Well, it is true that the Bitcoin has the better support infrastructure and larger networks, but many users are getting dismayed by the fact that the transactions of Bitcoin take the longest time to get processed and the transaction fee is increasing greatly.
Bitcoin Cash has a more reliable rate of the transaction when compared with Bitcoin, and offers lower fees.
If seen from the development perspective, the code for Bitcoin and Bitcoin for Cash is quite similar, and thus, altering an existing software and developing a new one for supporting Bitcoin Cash quite simple.
Which Exchanges Are Supporting Bitcoin Cash?
There are many exchanges hailing from different parts of the world which provide support for Bitcoin Cash, and these include: