News, Culture & Society

Bitcoin Cash: A New Revolution in the Crypto World

Bitcoin and Bitcoin Cash are two crypto platforms that have a major difference in block size.

Due to this reason and alteration, Bitcoin Cash has become quite faster and budget-friendly especially when it comes to making transactions. A transaction made on the platform costs $49 while Bitcoin Cash only costs less than a penny.

Visit Immediate Edge and utter guide to crypto trading if you’re interested in bitcoin trading.

With all these benefits and innovations, there begins a downside of this currency that is it is potentially less safe than Bitcoin.

There are only a small number of miners required to process and verify transactions which comes to the point where the security of Bitcoin Cash is expected to compromise.

Other than all that, the a huge difference in the market size of both cryptocurrencies. According to the reports, Bitcoin Cash owns a market cap of approximately $7.1 billion. This is a fraction of Bitcoin’s $881 billion market capitalization.

Pros of Bitcoin Cash

Bitcoin Cash is the ultimate solution to problems of the crypto world. With its launch, almost all the issues are resolved. Below are some of the prominent advantages of Bitcoin Cash.

Better Speed, Economical Transactions

Bitcoin is expected to be a viable payment platform as it has a transaction cost comparatively very low and it owns the potential to execute more than 1,000 transactions every second.

Though it has made its position among the topmost crypto assets. The Visa network executes almost 2,000 transactions every second which is higher than the rate of transactions of Bitcoin Cash. This crypto-asset still has a long way to go.

Scalability

Bitcoin Cash has a bigger size block that allows blockchain with higher scalability. This alteration results in lesser fees and makes it more transactive.

No Centralized Control

Good news for those who were worried about centralized control in the financial systems from establishments like banks and government. Bitcoin Cash brings people a currency-like system that is fully decentralized and not regulated by any establishment.

Easy To Access

If we look around, there are thousands of cryptocurrencies in the market. The BCH/USD value is only around $370 per coin which makes it more affordable than other cryptocurrencies like Bitcoin.

Cons of Bitcoin Cash

Bitcoin Cash has already won the hearts of the people. But with all the advantages, here are some major drawbacks of this prevailing cryptocurrency.

Weak Protection

Bitcoin Cash executes transactions at a very high speed, charging lower charges too as compared to Bitcoin which seems appealing to people. But there is an issue that it demands fewer miners to confirm new blocks which automatically makes the system less safe and secure.

Issues with Branding

When the fork was made, there began a battle to see the competition between both the coins. It was crystal clear that Bitcoin is the winner, and these results started causing issues with the branding of Bitcoin Cash.

To gain popularity and distinguish itself among all other cryptocurrencies, all this became hard for Bitcoin Cash.

Not Environment Friendly

The blockchain mechanism used by Bitcoin Cash is Proof of Work where all the miners have to operate huge computer machines to solve complex puzzles with help of cryptography to execute the transactions. This algorithm consumes massive energy.

Though Bitcoin Cash utilizes less amount of energy than Bitcoin, this system still causes huge harm to the environment.

Less Adaptability

If we see the adaptability rate of Bitcoin as well as Bitcoin Cash we will observe a huge difference. Bitcoin was the very first cryptocurrency to ever launch in the world and people went crazy after it. In contrast to it, Bitcoin Cash is a new platform, and people hardly even know about it.

The users of Bitcoin are way more than that of Bitcoin Cash as it is less popular among people. It is expected that the platform Bitcoin Cash may grow as an accepted investment or medium of exchange for crypto assets.

Conclusion

When it comes to trusting platforms people usually go for Bitcoin as it is a mature cryptocurrency and has been circulating in the crypto market for years, now, Bitcoin has gained huge popularity and users as compared to Bitcoin Cash.

In the longer run, Bitcoin Cash is expected to have a positive future.