hero image

For some time now, Bitcoin’s dominance in the cryptocurrency market has gone unchallenged. But this looks to be on the verge of changing, with Bitcoin cash fast gaining popularity. Bitcoin cash originated from Bitcoin, as it was once a part of the Bitcoin blockchain. As such, Bitcoin cash is an offshoot or a Fork of the regular Bitcoin.

Do you wish to find out more about these two cryptocurrencies before you decide which one to buy? Or are you just plain confused about this cryptocurrency phenomenon that everyone seems to be obsessed with? We have got you covered. Read on to find out about both Bitcoin and Bitcoin cash, and if you should buy one over the other or both.

What is Bitcoin?

Bitcoin is a decentralized cryptocurrency. The decentralized nature of this currency ensures that it is not regulated by any particular governmental or financial institution. It works through a blockchain technology that acts as a massive public ledger where records of all personal transactions are stored and viewed publicly.

The decentralized aspect of Bitcoin, coupled with the transparency in transactions it accords, has made this particular form of digital currency massively popular in the last few years. Other major advantages accorded by it are that unlike regular currency, it is globally accepted and that it cannot be forged due to the encryptions in its blockchain technology.

What is Bitcoin Cash?

Bitcoin Cash is a cryptocurrency, a form of digital currency just like Bitcoin. It originated when the original code of the Bitcoin Blockchain was updated but not all the nodes, i.e. computers that run the Blockchain accepted the update. In such a case, the updated nodes break off and create a new Blockchain while the original Blockchain remains the same.

Bitcoin Cash is a very new cryptocurrency. It came into being when the new Blockchain containing the updated nodes generated a new currency towards the end of 2016. Due to its status as a newer offshoot of Bitcoin, it offers all the older benefits of Bitcoin, along with a few new ones.

Advantages of Bitcoin Cash over Bitcoin

When the developers and coders of Bitcoin wanted to introduce a few changes to the software, they were unable to come to an agreement. This led to certain programmers to introduce a new coding on some of the nodes, creating a new Blockchain and a new cryptocurrency called Bitcoin Cash.

Some important differences that the upgraded Bitcoin Cash has over the older Bitcoin are:

  • The transaction fee on Bitcoin Cash is cheaper than the one levied upon Bitcoin transfer and exchange. Bitcoin transaction fee rates also keep rising with rise in the currency’s value. Bitcoin Cash, on the other hand, has a minimal transaction fee though that is subject to change.
  • The transaction time for Bitcoin Cash is faster unlike Bitcoin transactions, which has to go through a complicated process of verification which takes about 10 minutes for completion.
  • The Bitcoin Cash Blockchain can handle more transactions per second than the older one on Bitcoin.

Bitcoin or Bitcoin Cash?

As Bitcoin is the most widely accepted cryptocurrency showing no signs of value degeneration, it is always a good investment to buy some Bitcoin. But at current buying rates the Bitcoin Cash is more accessible and affordable investment. The developers of Bitcoin Cash are also more united in their vision for the currency, unlike the infighting Bitcoin coders.

Thus, it is apparent that both Bitcoin as a well established option and Bitcoin Cash offering exciting new prospects, are great lucrative investment opportunities. You can choose to buy either or both of these cryptocurrencies depending upon your preferences.