In today’s article would like to discuss what is Bitcoin Cash and the main things that you need to know about it. But before we get to this topic, there are a few things to discuss about Bitcoin itself first.
Exchange BTC to BCH at BestRate.org
Bitcoin has seen a tremendous rise in the last few months and it doesn’t seem to stop, gaining about $1,000 every single day.
Bitcoin Cash is Bitcoin’s fork that was launched in early August 2017. And the question we want to discuss now is whether Bitcoin Cash is going to run up compared to Bitcoin.
Scalability issue
Bitcoin Cash is the first hard fork of Bitcoin launched this year with the implementation of Segregated Witness on the Bitcoin core. That was a part of community that did not believe that this technology could help and they are inclined on increasing the block size. So that’s what Bitcoin Cash offered. With Bitcoin Cash each block has 8 mB, while traditional Bitcoin has only 1 mB.
So we can say that Bitcoin Cash has fixed the problem of scalability, at least temporarily. It can process transaction in the much cheaper way than Bitcoin does, as more transactions can be placed in a block.
The smaller is the block, the fewer transactions can be fit in it and the higher is that fee for each transaction. With an increased block size Bitcoin Cash can offer plenty of supply.
But it is just a question of time when Bitcoin Cash will get as overloaded as traditional Bitcoin. Think of the following analogy. More people drive cars every year and thus highways get overloaded. The government tries to solve this issue by making the highways broader, by adding additional lines. The traffic jams get smaller, but in time the roads get overloaded once again. This is what awaits Bitcoin Cash.
However, currently it is in a very good position and it allows to make very cheap transactions.
If you take a look at the transaction fees comparison chart for Bitcoin Cash and Bitcoin, the graph will speak for itself. While BCH transaction fees have never reached more than $0.61, the fees for BTC soar up to almost $30, especially in the last few months.
To sum up, in the short-term perspective Bitcoin Cash is fine. But if we think of longevity we will see that BCH is not used as widely as BTC.
You can exchange Bitcoin Cash for any other altcoin at BestRate.org. Just select the cryptocurrencies to exchange and follow through an easy procedure.
