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Is Bitcoin and Bitcoin cash the same?


Carlyn
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Hello, I have noted that when I want to trade bitcoin, I see Bitcoin and Bitcoin cash. I do not know the difference, and so I am always stuck on which one I should invest in. I am wondering which one of the two is best; which one is more profitable. Or are they the same? I am so interested in cryptocurrencies. Explain to me if bitcoin and bitcoin cash is the same, please.

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Hello Carlyn, 
One popularly used cryptocurrency is the Bitcoin. Bitcoin usually does not have a central bank and, therefore, decentralized. It is also a digital currency. 
Bitcoin cash, usually referred this way since it employs the native Bitcoin Cash client, is also a cryptocurrency which allows more transactions to be prepared by increasing the magnitude of blocks.
Bitcoin was designated for everyday transactions from one acquaintance to another.
 All through, Bitcoin’s price spill is, therefore, ending up being used for investment rather than for transaction purposes. Its time for confirmation, and the transaction fees also cascaded. 
Since blocks could not manage the increased size for transactions, Bitcoin Cash was established to rectify the situation.
They did so by enlarging the sizes of the blocks. Bitcoin Cash is also different from Bitcoin as it does not subsume segregated witnesses.
However, there are ways in which these two are similar.

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Hi Carlyn, thanks for asking the question.

Bitcoin Cash is a Bitcoin “fork”. The term fork refers to when a blockchain gets updated, but some of the nodes get affected. The affected nodes split off from other nodes, forming a new blockchain. Therefore, Bitcoin Cash is a separate blockchain that was once a part of the original Bitcoin blockchain. 

Bitcoin Cash was created because developers of Bitcoin wanted to make certain changes and forked it. Just like Bitcoin, Bitcoin Cash can also be mined.

However, there are certain differences between the two. For one, since it’s a separate blockchain, there’s a difference in price. 1 Bitcoin Cash is currently worth around $251, which is way lower than Bitcoin. 

Also, transfer fees for Bitcoin cash are much lower than Bitcoin transfer fees. A Bitcoin Cash transaction costs around $0.20 as compared to Bitcoin’s $1 per transaction. Bitcoin Cash transactions also get verified much quicker than Bitcoin transactions.

Hope I’ve helped.

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Hello,

Bitcoin is the most popular cryptocurrency in the world. It was created in 2009 by a person who called himself Satoshi Nakamoto, whose identity is still unknown. 1 BTC is worth around $9,500 nowadays.

Bitcoin Cash is a separate cryptocurrency, created and developed also by Bitcoin miners, who were concerned about Bitcoin’s future and its ability to scale efficiently. Back in 2017, Bitcoin miners and developers performed a so-called hard fork, which separated some of Bitcoin nodes and created a new digital currency - Bitcoin Cash (BCH). 

Perhaps the biggest difference between Bitcoin and Bitcoin Cash is that BCH has a larger block size of 8 MB, which allows faster transaction verification times, regardless of number of miners.

Thus, BCH can process many more transactions per second compared to Bitcoin. However, while a larger block size allows faster transactions, its security has a bigger potential to be compromised, compared to Bitcoin.

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Excellent question, Carlyn,

They are not the same but they are related.
Bitcoin (BTC) is the original cryptocurrency. Then in August 2017, there was a split in Bitcoin, which saw the birth of Bitcoin cash(BCH). Therefore Bitcoin Cash got its name by virtue of using the initial bitcoin cash client.
These two cryptocurrencies have a similar reward system, mining algorithm, supply, white paper and supply.
However, the following technical distinctions exist as a result of the BCH block being eight times larger than a BTC block.
•    Bitcoin Cash allows many more transactions to be processed in a second because it increases the block’s size. As a result, several people can use Bitcoin cash at the same time compared to Bitcoin.
•    The transfer fee for Bitcoin cash is lower than Bitcoin’s with Bitcoin costing $5.16 in May 2020 compared to BHC’s $0.001 to $0.008 per transaction.
•    Bitcoin cash transfer times are relatively faster than Bitcoin.

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Hi Carlyn,

Bitcoin and Bitcoin Cash are both cryptocurrencies that serve as a payment system and for conducting online transactions.  

Bitcoin Cash came to be as a result of the Bitcoin’s hard fork - a dramatic change in the protocol of the blockchain. Both BTC and BCash are kept in a virtual wallet that lets users send or receive cryptocurrencies and conduct transactions. 

The key distinction between Bitcoin and Bitcoin Cash is the Max Blocksize Limit. BCash has a larger block size which increases the number of how many transactions can be performed at a time. Bitcoin Cash also has lower transaction fees.
 

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