The difference between Bitcoin Cash (BCH) and Bitcoin (BTC) lies in BCH’s idea of holding the original properties of digital funds. As a result, Bitcoin Cash is the new and improved Bitcoin Core. When bitcoin was first released, there was hardly any hype. But as the crypto started to grow, more blocks started to pile up. In May 2017, users were waiting up to 4-days for their transactions to process, with the option to pay an additional fee to speed up the transaction. As of late, Bitcoin Core suffers from high transaction fees and slow transaction speeds. This is a result of full blocks, rendering it useless. Despite this, Bitcoin Cash (BCH) scaled this issue, sitting at #4 for the highest market cap on the market.
— Bitcoin News (@BTCTN) October 14, 2018
On August 1st, 2017, Bitcoin Cash (BCH) was released as a peer-to-peer electronic cash system, developed to reclaim the qualities of money that were previously exclusive to the original Bitcoin cryptocurrency.
Despite this, BCH is not a knock-off version of bitcoin, nor is it an altcoin. BCH is a hard fork of the Bitcoin Core network. Meaning that despite being on 2 different networks, both cryptos are able to share the same ledger as well as the historical codebase of Bitcoin Core. This hard fork increased Bitcoin Core’s block size from 1mb to 8mb, consequently resolving the scaling issue. However, this is not the only issue they address. (also read Bitcoin vs Bitcoin Cash)
One of Bitcoin Cash’s benefits is low transaction fees and fast confirmation times. Costing around $0.003 per transaction; Bitcoin Cash transactions take 10 minutes max to process. This is the result of the mempool of pending transactions being validated with each new block added to the blockchain.
Fellow Bitcoiners, are you ever going to realize how problematic these fees are getting? Avg fees now over $40 per tx. A year ago avg fee was $4. A year prior, $0.40. Growing faster than price, and exponentially with usage. We just spent $4800 to move 15 BTC in one TX. – Erik Voorhees, CEO of ShapeShift.
An average of 19 satoshis per byte is the fee for using Bitcoin Cash (BCH). A Satoshi is the smallest unit of bitcoin. Users can set their Bitcoin Cash manually to 2 satoshis per byte. With BCH, a polished user experience is the main focus. Users are also able to manually set the fees to 2 satoshis per byte, as well as add them to the next block of transactions.
In this graph, Bitcoin Core and Bitcoin Cash go head to head with Gold and Fiat currencies.
Bitcoin Cash is a currency seeking use by merchants and regular users as a form of payment. This peer-to-peer electronic cash system provides speedy and secure transactions at low fees. Merchant and investor’s adoption of Bitcoin Cash is a big influence on the valuation of BCH, as well as it’s success.
As BCH is highly influenced by practical use cases of the coin, global adoption of the coin plays a major role in making the price go up. FUD spread by the media, as well as negative press from reputable people in the finance industry, banning of crypto by certain governments and hacker attacks on altcoins and exchange platform all negatively effect BCH prices.
Our cryptocurrency exchange iCE3X provides users with the ability to buy and sell BCH assets to their heart’s content. We provide secure access to an online trading platform that supports Bitcoin Cash, Bitcoin, and several other well-renowned altcoins. All our users’ crypto assets are kept offline in cold storage, and we provide 2-factor authentication (2FA) to keep our users even more secure.
We urge all of our users to research the market environment as well as the crypto asset you’re looking into before you invest. Never trade money you can’t afford to lose and make sure you do your homework before transacting.
This article is intended to educate and should in no way be seen as investment advice or an enticement to use the ice3x.com platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.