You’ve probably heard about Bitcoin, as it has skyrocketed in popularity over the past few years. Even if you aren’t exactly sure how Bitcoin works, you probably know that it is a cryptocurrency used for investing and trading.
More recently, you may have heard mentions of Bitcoin Cash. You might find yourself wondering, “What is the difference between Bitcoin and Bitcoin Cash?”
Keep reading, and we’ll answer all your questions about this promising new development in crypto.
Why Use Cryptocurrency?
There are many reasons to use cryptocurrency for trading and investing. The main reason many people trust crypto is that it is more secure than credit card transactions.
The blockchain network that Bitcoin operates within is extremely secure. Plus, transactions on the blockchain network protect Bitcoin users from fluctuations of the U.S. dollar.
What Is Bitcoin?
Bitcoin is a cryptocurrency that runs on blockchain technology. Bitcoin transactions take place on a blockchain network that is private and secure.
Bitcoin was invented to be used for trade and payment purposes, but many users treat it as an investment currency.
What Is a Fork?
Bitcoin cash is a fork of the Bitcoin blockchain network. A fork in a blockchain network can be thought of exactly like a fork in a road. A fork originates from the main road, but goes off in an entirely different direction.
Bitcoin cash is a fork of Bitcoin because it operates similarly but represents a major change to the original Bitcoin model.
Bitcoin Cash allows for faster transactions than Bitcoin does, enabling the currency to better compete with standard credit cards.
What Is the Value of Bitcoin and Bitcoin Cash?
The value of both Bitcoin and Bitcoin cash fluctuates with the market. The current 1 Bitcoin cash Price is around CAD 815; or, around USD 646.
Bitcoin works on a much larger scale. 1 Bitcoin is currently worth a little over $47897.
How Do You Use Bitcoin Cash?
You can use Bitcoin Cash very similarly to the way you use Bitcoin. You must use a physical or digital Bitcoin Cash wallet to conduct Bitcoin Cash transactions.
You can purchase Bitcoin Cash at Bitcoin Cash ATMs, which can often be used to purchase Bitcoin and other cryptocurrencies.
While Bitcoin cash has a lower value than Bitcoin, it can be used for faster transactions.
Is Bitcoin Cash as Sustainable as Bitcoin?
While there are environmental concerns about the Bitcoin supply, both Bitcoin Cash and Bitcoin are quite sustainable compared to the U.S. dollar. However, Bitcoin Cash may be more accessible to a wide base of users.
Because Bitcoin Cash appears to function similarly to the U.S. dollar, more people may be comfortable using it.
Invest and Trade Faster Than Ever
Now that you know the major differences between Bitcoin and Bitcoin Cash, you can start buying cryptocurrency wisely. It’s never too early to get in on a cutting-edge investment.
Since Bitcoin Cash is a smaller investment, it’s a great start for crypto beginners!