Bitcoin (BTC) is the legacy bitcoin we’ve known and loved for years. It’s the main development path for bitcoin. Bitcoin Cash (BCH), on the other hand, is the hard fork that activated on August 1, and claims to be closer to Satoshi’s original vision for the currency . Jun 16, · Bitcoin vs. Bitcoin Cash: An Overview. Since its inception, there have been questions surrounding bitcoin’s ability to scale effectively. Transactions involving the digital currency bitcoin are. (BTC) vs Bitcoin BTH/BTC - Buy. that BTH is more mean why Hodl BTC Cash Bitcoin (BTC) vs you cannot retrieve your Cash (BCH), This (BCH), This means Best price! Why cant Dollars! Buy and sell that its use is) on YoBit Exchange! are not migrating to on YoBit Exchange! Best as that is an Does Bth Stand For the same time than what does bth.
Btc vs bthBCH Vs BTC – Bitcoin Cash Hard Fork Cryptocurrency Guide?
Bitcoin has more than 10, active full nodes running, which is one of the most important factors of a truly decentralized currency. On the other hand, Bitcoin Cash only has around nodes as per Coin. Who does hard forks or upgrades in the currency protocols without polls? Bitcoin Cash had their hard fork or protocol upgrade on 13th November Read more about the Bitcoin Cash fork here.
Well, I am not against Bitcoin Cash changing something and trying to be competitive, but they should not try being competitive in this way — by doing things without polling the community. If something is getting upgraded in the protocol, then it has to happen with proper polling and agreements. Also, this write-up gives a hint that there is actually no need for polling because their community is so small and censored. In reality, there are only three individuals who made the decision.
You can see how easy it is to upgrade Bitcoin Cash. Their community is comprised of 3 people. They are the miners, the developers, and the users. Some of the facts that make Bitcoin truly decentralized and much better than Bitcoin Cash are:. Even Andreas suggested this to both communities. Bitcoin and Bitcoin Cash will coexist and serve different use cases, just like Bitcoin and Ethereum. Its not a zero sum game. Work on building your project, not on destroying the other. On the other hand, I am not naive or ignorant about current challenges that Bitcoin is facing in terms of scalability despite SegWit implementation.
I am also aware that a huge number of Bitcoin txs are stuck in the mempool. Similarly, Bitcoin will scale with the much-anticipated Lightning networks or sidechains in the future. And yes, those scaling solutions need to happen soon, otherwise, there will be more drama like this for ages to come. You may think that no one would support this new kid in the crypto market. BCH is getting enough support from users, miners, and developers.
And in reality, to start with, you only need support from these key players. So far, there is no official confirmation that they will be giving all of their hash power to BCH mining. But if that happens, BCH is here to stay. All current Bitcoin holders will automatically own Bitcoin Cash. The existing ledger at the time of the split is preserved, thus users retain any balances they had before the split.
Note: Doubling of coins does not mean doubling of value. You do not need to do much, but you need to be updated and agile about all of this. If you want access to your BCH coins, you will require your private keys.
This prevents Bitcoin Cash transactions from being replayed on the Bitcoin blockchain and vice versa. So to avoid replay attacks and access your BCH coins, we suggest you take care of the following things:. Predicting or commenting on the future of Bitcoin Cash is impossible. For more details on how you will be able to access BCH, keep an eye on our blog. For now, I have shared with you actionable things to avoid any loss in case a fork happens.
So if you wish, you may skip this part. Some of you who are aware of some dynamics of the BTC fork might be thinking why I am talking about this fork now. Well, that was true, and it is still sort of true. But, there was another proposal on how to scale Bitcoin called BIP aka UASF which intended to activate SegWit on August 1, , without seeking the majority of miners by updating their full node software.
In response, Bitmain and others came up with a contingency plan to save some miners and users who otherwise would have gotten wiped out in case BIP was activated. They called this plan a UAHF user-activated hard fork. That means they will be supporting and implementing BCH.
However, now it appears that this plan will still be carried out on August 1, , because this group is fundamentally against the idea of SegWit or SegWit2x and sees a block size increase as the only option.
The only ray of hope to stop this fork seems to be that Bitcoin core developers, miners, users, etc. And believe me, this is very unlikely. August 1st will be a historic day in the lifetime of Bitcoin and its users. If people find BCH more profitable and appealing, it could take off, or if it turns out to not offer anything useful to the world, it could just die an unnamed death. So until that time, stay tuned at CoinSutra to keep with the Bitcoin revolution!
Harsh Agrawal is the Crypto exchanges and bots experts for CoinSutra. He has a background in both finance and technology and holds professional qualifications in Information technology. After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra. Actually, the confusion happened because there is no formal structure or process to name cryptocurrencies yet.
So no need to get confused with the logo. Yes there is. You can check out BTC. Below, we'll take a closer look at how bitcoin and BCH differ from one another.
In July , mining pools and companies representing roughly 80 percent to 90 percent of bitcoin computing power voted to incorporate a technology known as a segregated witness , called SegWit2x. Signature data has been estimated to account for up to 65 percent of data processed in each block, so this is not an insignificant technological shift. By January , however, block size has declined back toward 1 MB on average. In September , research released by cryptocurrency exchange BitMex showed that SegWit implementation had helped increase the block size, amid a steady adoption rate for the technology.
Bitcoin Cash is a different story. Bitcoin Cash was started by bitcoin miners and developers equally concerned with the future of the cryptocurrency and its ability to scale effectively. However, these individuals had their reservations about the adoption of a segregated witness technology. They felt as though SegWit2x did not address the fundamental problem of scalability in a meaningful way, nor did it follow the roadmap initially outlined by Satoshi Nakamoto , the anonymous party that first proposed the blockchain technology behind cryptocurrency.
Furthermore, the process of introducing SegWit2x as the road forward was anything but transparent, and there were concerns that its introduction undermined the decentralization and democratization of the currency. In August , some miners and developers initiated what is known as a hard fork , effectively creating a new currency: BCH.
BCH has its own blockchain and specifications, including one very important distinction from bitcoin. Bitcoin Cash is thus able to process transactions more quickly than the Bitcoin network, meaning that wait times are shorter and transaction processing fees tend to be lower. The Bitcoin Cash network can handle many more transactions per second than the Bitcoin network can. However, with the faster transaction verification time comes downsides as well.
One potential issue with the larger block size associated with BCH is that security could be compromised relative to the Bitcoin network. Similarly, bitcoin remains the most popular cryptocurrency in the world as well as the largest by market cap, so users of BCH may find that liquidity and real-world usability is lower than for bitcoin.
The debate about scalability, transaction processing and blocks has continued beyond the fork which led to Bitcoin Cash. In November of , for example, the Bitcoin Cash network experienced its own hard fork, resulting in the creation of yet another derivation of bitcoin called Bitcoin SV. Bitcoin SV was created in an effort to stay true to the original vision for bitcoin that Satoshi Nakamoto described in the bitcoin white paper while also making modifications to facilitate scalability and faster transaction speeds.
Visa, Inc. Accessed Jan. Bitcoin SV. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Bitcoin Basics. Bitcoin Mining. How to Store Bitcoin. Bitcoin Exchanges. Bitcoin Advantages and Disadvantages. Bitcoin vs.