Before we understand the relationship between Bitcoin Cash and Bitcoin, let’s take a brief look at what Bitcoin Cash is. In fact, Bitcoin Cash is a cryptocurrency modified on the entry and exit of Bitcoin, and the coin has always attracted the attention of investors. Bitcoin Cash refers to electronic cash used over the Internet, its working principle is a peer-to-peer connection, and its overall concept of operation is significantly decentralized, which means that in the process of Bitcoin Cash transactions, there is no third party at all. attended. Because of the particularity of Bitcoin Cash, many investors are very interested in it and Bitcoin. Let me introduce you to an article to understand the relationship between Bitcoin Cash and Bitcoin.
This article understands the relationship between Bitcoin Cash and Bitcoin
In the cryptocurrency world, the most One of the famous forks was on August 1, 2017, the one that led to the split of the world’s first and most successful cryptocurrency (Bitcoin). It was this fork that led to the birth of Bitcoin Cash, which has steadily grown in value.
As with most forks, this fork was caused by disagreements between key players and miners, especially in terms of how to make bitcoin transactions faster, which was also the time when bitcoin blocks The main problem with the chain. After the fork, most of the new rules and features were implemented in the Bitcoin Cash blockchain.
Bitcoin Cash and Bitcoin have never been the same and probably never will be. Although they are not the same, there are some connections. The connection is that Bitcoin Cash is a continuation of Bitcoin, which means that digital cash follows the principles of peer-to-peer connectivity and redefines and upgrades the rules based on the concept of Bitcoin, which is what led to the massive growth and acceptance of Bitcoin main reason.
When Bitcoin Cash comes into play, anyone who owns Bitcoin will automatically own the same amount of Bitcoin Cash. Yes, this is true. However, there is another factor. If you hold your bitcoins in the hands of a third party, say an exchange, then in order to get your bitcoin cash, you have to ask them and ask them for your bitcoin cash.
The difference between Bitcoin Cash and Bitcoin
First, the transactions per second vary widely. Currently, Bitcoin Cash can make over 110 transactions per second. Bitcoin, on the other hand, can process about 3 or 4 transactions per second, which was one of the main problems leading to forks, as key players failed to agree on the best way to increase transaction speed to scale Bitcoin. The challenge that most cryptocurrencies have faced over the years is the time it takes to process a transaction, if we compare that to other payment methods like VISA that can process around 2000 transactions per second, you realize that in order to improve At this point, there is still a lot of work to be done on the cryptocurrency side.
Secondly, transaction fees. Bitcoin Cash transactions cost about $0.2 per transaction compared to $1 for Bitcoin, making transactions with Bitcoin 5 times more expensive than Bitcoin Cash and another major issue leading to the fork.
Then came price increases and stability. Bitcoin is still far more valuable than Bitcoin Cash, largely thanks to Bitcoin’s trust and broad community. However, the size of the Bitcoin Cash community has steadily grown, as has its value.
The above content is an introduction to the relationship between Bitcoin Cash and Bitcoin. I hope you can understand the relationship between Bitcoin Cash and Bitcoin in one article. In fact, compared to Bitcoin, Bitcoin Cash processes transactions faster because it has a more efficient system, and it also has lower transaction fees. Finally, Bitcoin Cash also has more A more unified community for Bitcoin. Compared with Bitcoin, people’s trust and consensus on Bitcoin is higher, so its value is much higher than other digital currencies, because in terms of the value of cryptocurrency, consensus is a very Important factor.