BitCash Vs Bitcoin -Clash of The Crypto Titans!
In the turn of 2016, very few could predict the birth of a new cryptocurrency -who would want to usurp and divert the popularity of Bitcoin to itself. In 2018,no doubt BITCASH has slowly risen through the ranks to become a force to reckon with. On this post, I wish to shed more light on the workings of both cryptocurrencies, give you my opinion and then leave you to make a decision
Before we proceed, here are a few points you will want to put into consideration:
Bitcoin cash originated from Bitcoin.
Bitcoin cash in itself, is a fork of Bitcoin.
What is a Fork?
A fork can be said to be created when an original blockchain code is updated but only some of the nodes(computers) in the blockchain accept the update.
In this situation, the original blockchain system(bitcoin) remains, while the updated nodes split from the original blockchain and create a totally new blockchain system. This explains the creationof Bitcoin Cash.
Bitcoin:
Like any other real currency, it can be used for buying and selling of goods and services. The Blockchain technology is a system that prevents bitcoin from being counterfeited . It is also important to note that bitcoin is not owned, controlled or issued by one single group and party.
The concept of Bitcoin is this, as more people strive to get their hands on Bitcoin(demand), and the rate of creation(mining) of bitcoin decreases(reduction in supply). The value of Bitcoin will increase drastically.This explains the bitconmania of 2017!
Analysis Of Bitcoin Cash
Bitcoin cash(BCH) is created through bitcoin cash mining. Bitcoin Cash also runs and owns it's Blockchain network.
Bitcoin Cash was created as a result of a of a fall-out between the developers of bitcoin concerning certain changes that some of the developers wanted effect. To that effect, a minute group of the disagreeing developers forked Bitcoin and created a newer version of bitcoin -with a few modifications.
Bitcoin VS Bitcoin Cash
As we proceed, it is necessary to note that both cryptocurrencies are holders of value. BitcoinCash is rapidly gaining followership and value , However, Bitcoin still remains the most holder of value.
Cryptocurrencies should always be analyzed based on ROI(returns on Investments) and value growth.
Regardless of BitconCash's recent emergence and it's struggling with the hurdle of capturing and making int's mark in the crpto-world, not a few have speculated that Bitcoin will loose a huge portion of it's market share and Dominance to BitcoinCash -invariably making bitcoinCash more preferable.
This prediction is in view of the fact that BitcoinCash has addressed the challenge of scaling faced by Bitcoin allowing easy usage by more people and cheaper transaction fees.
On the flip side, Bitcoin seems not to enjoy as much customr- onfidence Bitcoin enjoys. In addition, as regards trading, BitcoinCash has far less trading pairs than Bitcoin, in effect making bitcoin cash less trade-able than Bitcoin.
Bitcoin has been estimated to make 44.5% of the cryptocurrency's entire capital. Hence, justifying the statement that Bitcoin is the "Gold"of the cryptocurrency.
However, the greatest advantage Bitcoin has over bitcoin cash and other cryptocurrencies, is tit's large and active community -who help to put Bitcoin on the news.
In Conclusion:
Being the first original cryptocurrency, bitcoin still has dominance in the cryptocurrency. However, BitcoinCash is a way faster and cheaper choice of transaction on blockchain.
I'm strongly of the opinion that Bitcoin and BitCash should become staples in the crypto-sector. It's therefore advisable for a prospective investor to consider the both cryptocurrencies.
Bitccoin can be used mainly for investment and deriving investment benefits, while BitCash may be used as the main form of cryptocurrency -for transactions.
Knowledge of the workings of these 2 cryptos will aid you in making well-imformed investment decisions
I think Bitcoin Cash is smaller because public news talks about Bitcoin way more. In the next generation or two programming will be a skill like using PCs are today. Once that age hits BCC will bounce higher than ever.
hmmm.....great school of thought!