Bitcoin, or, as we know it, BTC is the world’s first popular cryptocurrency.
Bitcoin was created in 2009 by a mysterious person – Satoshi Nakamoto and is a digital currency running on a public ledger called Blockchain. Since its inception, Bitcoin has grown impressively in terms of both values. At the time of the first transaction in 2009 (block 170), one bitcoin was worth $ 0.0001. At the time of this writing, that same bitcoin is worth over $ 45,000!
On the other hand, Bitcoin Cash, or BCH, is a cryptocurrency that was created as recently as 2017. The creation of Bitcoin Cash is the result of the community’s choice of alternatives to Bitcoin which was quickly becoming the wrong choice for mass transactions. Bitcoin Cash is a fork (copy of the source code) of the Bitcoin project. The community has been striving to improve the transaction speed and scalability of bitcoin. In the end, they created a new and completely different cryptocurrency. In 2018, Bitcoin Cash was divided into two blockchains: Bitcoin Cash ABC and Bitcoin SV.
Advantages of Bitcoin over Bitcoin Cash
Here are some of the main reasons many people prefer Bitcoin over Bitcoin Cash.
- Large community
Bitcoin is by far the largest cryptocurrency in terms of market capitalization and the number of investors. Due to the sharp rise in its value in recent years, Bitcoin has become a household name in various global markets. On the other hand, Bitcoin Cash remains unexplored territory for a significant portion of crypto enthusiasts. Some people often mistakenly assume that Bitcoin Cash is a replica of the original Bitcoin project.
- Security concerns
Even though the underlying code of Bitcoin and Bitcoin Cash is essentially the same, Bitcoin Cash has undergone certain changes in the original codebase to achieve better scalability and faster transactions. These changes are often linked to security concerns as the BCH community has accelerated the process of verifying transactions. Besides, Bitcoin has seen unprecedented growth in value. Some experts believe that the price of one bitcoin could reach $ 1 million by the end of 2021. On the other hand, Bitcoin Cash has yet to show such promising growth.
Benefits of Bitcoin Cash over Bitcoin
Below are the benefits of switching to / or investing in Bitcoin Cash.
- Easy to manage
Unlike Bitcoin, volatility may not be the biggest issue when dealing with Bitcoin Cash. Since its cost has not yet exceeded $ 1000. This is one of the reasons Bitcoin Cash exists in the first place, apart from of course scalability and faster transactions.
- Faster transactions
Bitcoin Cash has an increased block size of up to 8MB, which is eight times larger than Bitcoin. This means that Bitcoin Cash transactions are generally faster than Bitcoin, making it a more suitable choice for day-to-day transactions. Plus, you can trade with Bitcoin Cash without high fees.
- Scalability
Due to its value, immense popularity, and traditional transaction, bitcoin often suffers from scalability issues. Instead, Bitcoin Cash is a scalable platform. Besides, the Bitcoin Cash developers provide several easy-to-use implementation tools to set it up as a payment method. Due to its widespread adoption, Bitcoin Cash is already listed on some of the leading cryptocurrency exchanges around the world.
Benefits of Bitcoin Cash
The main advantage of Bitcoin Cash is that it is cheaper and faster to use. Because more people, due to scalability, can use the blockchain at any given moment.
The BCH development team is rapidly implementing solutions that will make the blockchain more scalable. And this gives an excellent potential for further distribution and use.
It’s also cheaper to move it between exchanges. Whenever the price of BCH rises, a great opportunity is born to hedge it against Bitcoin if Bitcoin loses its market dominance one day.
Disadvantages of Bitcoin Cash
Bitcoin Cash doesn’t have as much investor reliance as Bitcoin. Besides, the approval rate and market penetration are much lower than that of BTC. This is largely because the coin is much younger than the “dinosaur” itself.
While the price of BCH hovers around 10-15 percent of the price of BTC, the cost of mining Bitcoin Cash is relatively the same as the cost of mining Bitcoin. This is also reflected in the power of the network, which ensures the security of the blockchain.
Finally, when it comes to trading, BHC has a lot fewer pairs than BTC, which is why the coin trades less.
