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The hottest new trend in cryptocurrency has many asking: What is bitcoin cash? The blockchain-based currency has shot up in value 300% this year alone.
Many investors are now looking at the pros and cons of bitcoinvsbitcoin cash. Read this bitcoin cash guide to learn what all the buzz is about.
What Is Bitcoin Cash?
Simply put, bitcoin cash is a version of bitcoin that has a greater transaction capacity. Bitcoin cash was developed in 2017. The original bitcoin currency went public in late 2008.
A Fork in the Cryptocurrency Road
In a process known as a “fork,” bitcoin cash split from the original bitcoin currency as a means of addressing a potential limit of the first version. Both forms of cryptocurrency share much in common. Bitcoin and bitcoin cash run off of a decentralized ledger called blockchain.
Larger Transaction Size
The original form of currency can only run seven transactions per second. Bitcoin cash increased transaction capacity. The new cryptocurrency can transmit eight megabytes every 10 minutes. That is a huge leap from the previous limit of one megabyte every 10 minutes.
Pros and Cons of BitcoinVsBitcoin Cash
Many used to ask: What is bitcoin cash? Now, many users and investors are becoming more familiar with the newish bitcoin variant. But is the new version taking off?
Bitcoin remains the most popular cryptocurrency by far. Around 46 million Americans own bitcoin or a portion of the currency. Bitcoin is currently valued at around $57,000 while bitcoin cash is holding at around $1,400, according to CNN.
While the original bitcoin dominates the market, transaction costs may level the playing field. The average transaction fee of bitcoin hit $60 while bitcoin cash transaction fees are around 3.5 cents.
Mining Bitcoin Cash
You may be wondering: What is mining bitcoin cash? Miners help put new digital coins into circulation. They also help mark transactions as legitimate.
You will need considerable computing power to mine bitcoin cash. But using your resources to solve advanced computational problems can net you about $1.35 a day. The process of mining bitcoin cash is similar to mining bitcoin.
Other Considerations
Both bitcoin and bitcoin cash can be safely stored using bitcoin cash wallet. The new digital currency has shot up in value recently.
Bitcoin cash remains relatively cheap when compared to ethereum and bitcoin. It is still more expensive than other digital currencies like dogecoin.
Currencies like bitcoin fork every few years. Buying a digital currency while it is new is one of the easiest ways to maximize projects. Like any investment, do your research and consider making small investments at first to learn about the cryptocurrency markets.
Keep Up with the Latest in Cryptocurrency Trends
What is bitcoin cash? Now you have the answer. The popular currency is getting a lot of buzz but whether it ever unseats bitcoin remains to be seen.
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