Bitcoin vs Bitcoin Cash: What’s the Difference?

Since its inception, there have been questions about the scalability of bitcoin Bitcoinis cryptocurrency Existing on a network of computers within the blockchain, this is revolutionary in ledger recording technology, it makes ledgers difficult to manipulate for two reasons: the fact of what is happening is confirmed by most rules. Not by individual actors.In addition, this network is decentralized; it is available on computers all over the world.

The problem with using this technology is that it is slow, especially in comparison to banks that deal with credit card transactions. Visa processes 150 million transactions per day, averaging about 1,700 transactions per second. The company’s capabilities are far superior. It’s actually more than 24,000 transactions per second.

How many transactions can the bitcoin network process per second? Seven. Transactions take about 10 minutes to complete. As the network of bitcoin users grows, the wait time gets longer as there are more transactions to process without change. the underlying technology that operates

The ongoing debate about bitcoin technology has to do with the main problem of scaling and speeding up the transaction verification process, there are two key solutions: making the amount of data to be verified in each block smaller, thus Creating faster and cheaper transactions or making blocks of data larger so that more data can be processed at one time.

In July 2017, mining groups and companies representing 80% to 90% of bitcoin’s processing power voted to integrate the technology known as a separate witness called “Bitcoin Mining”. SegWit2x SegWit2x Make the amount of data that must be verified in each block smaller by subtracting the signature data from the data block that must process each transaction and attaching it to the extended block. 65% of data is processed in each block, so it is not a significant technological change, talking about doubling the block size from 1mb to 2mb, an increase in 2017 and 2018 and as of February 2019 the average block size of bitcoin. Increased to 1.305mb, which is higher than the previous record, the larger block size helps in improving the scalability of bitcoin in september 2017 research published by the exchange Cryptocurrency BitMex has found that SegWit implementation has increased block size amid continued adoption rates for the technology.

In late 2017, scientists from Bitcoin Unlimited revealed that they mined the world’s first 1GB block, 1000 times its normal size.

Bitcoin Cash is a different story, Bitcoin Cash started with Bitcoin miners and developers equally concerned with the future of cryptocurrencies and its ability to scale effectively, however, these individuals have their reservations. Regarding the adoption of the split witness technology, they feel as if SegWit2x does not meaningfully address the underlying issues of scalability and does not follow the roadmap outlined by Satoshi Nakamoto, the anonymous person who proposed the technology. Blockchain behind cryptocurrency For the first time, furthermore, the process of introducing SegWit2x while the way forward is transparent. But there are concerns that its introduction undermines the decentralization and democratization of the currency.

In August 2017, some miners and developers initiated the so-called hard fork of a new currency: bitcoin cash. Ensure chain viability and transaction verification speed irrespective of the number of miners supported, this raises concerns about the security of bitcoin cash.

Special Considerations

This development could mean a number of things for the future of cryptocurrencies, the situation is so fluid and the market valuations are constantly calibrated and fluctuating, it will be difficult to have a clear picture until bitcoin cash. work for a while If (or fails) the impact of bitcoin’s forked witness technology will be assessed and assessed.Bitcoin block size is 2mb.

Bitcoin will remain highly secure. But the transaction speed will obviously increase. Bitcoin Cash may eventually have a transaction in two minutes and 30 seconds, although the security of the Bitcoin Cash blockchain is unclear.

It will also depend on the vision of miners and users for the currency. If bitcoin undermines the decentralized nature of the network and the democratization of blockchain technology, people may look for a cryptocurrency with exciting potential

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