We answered questions about what is Bitcoin Cash, one of the most traded cryptocurrencies, and how it is mined, and we have explained in detail what is the difference between them and Bitcoin.
Bitcoin is the currency that comes to mind when we talk about crypto money, which is a type of money that we gradually start to encounter in every aspect of our lives. However, there is another cryptocurrency that confuses users, because of the similarity and origin of the users: Bitcoin Cash. So what is Bitcoin Cash? What are the differences between them and Bitcoin?
In fact, the main goal is to catch the speed of the digital world. The transactions made in the Bitcoin cryptocurrency are done by approving them through a digital notebook called blockchain. However, as the number of people trading on Bitcoin increased, the speed of the transactions started to decrease considerably and a new cryptocurrency called Bitcoin Cash was produced as a solution . We have explained all the details you need to know about Bitcoin Cash for you.
What is Bitcoin Cash?
As the number of users trading on Bitcoin has increased, blockchain has become insufficient and therefore a new cryptocurrency called Bitcoin Cash was created in 2017 apart from Bitcoin. Bitcoin Cash is briefly shown as BCH on cryptocurrency exchanges . While the blocks in the Bitcoin system can trade at 1MB capacity, the blocks in the Bitcoin Cash system can operate at 8MB capacity .
The reason for Bitcoin blocks to have 1 MB transaction capacity was security concern, but when the number of users increased, this capacity was not enough and Bitcoin Cash was produced via blockchain. Bitcoin Cash has the capacity to trade much faster than Bitcoin . Since it has such a speed, it is quite natural that it is one of the most traded cryptocurrencies in a short time.
How does Bitcoin Cash differ from Bitcoin?
Bitcoin Cash is the newest and current cryptocurrency.
Bitcoin block limit is 1 MB, Bitcoin Cash block limit is 8 MB.
Bitcoin uses the SegWit protocol, not Bitcoin Cash.
Bitcoin Cash is much faster and much cheaper.
At first glance, if you are not an expert, you may not fully understand the difference, but as soon as you start trading on currencies, you will understand the difference. While the Bitcoin block limit is only 1 MB, the maximum is 2 MB, the Bitcoin Cash block limit is noticeably faster than the 8 MB transaction capacity. In other words, while the Bitcoin network can make a maximum of 7 transactions per second, the Bitcoin Cash network can do tens of times more than that.
While Bitcoin uses the SegWit protocol, Bitcoin Cash has completely removed the SegWit protocol from its system . In this way, this protocol is not slowed down in any way. Thanks to all this capacity speed and the system that issued the SegWit protocol, the cost of transactions is also considerably reduced.
Bitcoin Cash is the newest and up-to-date among the cryptocurrencies to date. This makes users interested in Bitcoin Cash. You can earn much more and surprise gains over Bitcoin Cash, which is getting popular and increasing the number of daily transactions, compared to Bitcoin. Of course, it depends on how well you know this system.
How Is Bitcoin Cash Mining Done?
Although Bitcoin Cash is a different cryptocurrency than Bitcoin, Bitcoin is traded on the blockchain. This is an important detail for system security and continuity. Before you do Bitcoin Cash mining, just like Bitcoin mining, you must first create a virtual wallet for yourself.
Just like in Bitcoin mining, the first condition in Bitcoin Cash mining is to have an ASIC device that is specially produced for cryptocurrency mining . Unlike Bitcoin mining, you will need much more processing power and energy, as profits per block generated in mining are provided and Bitcoin Cash blocks are 8 MB.
You can do Bitcoin Cash mining on your own or in a miner's pool. Since you will need much more processor power and energy, if you do not have enough technical equipment, it will be best to work with a miner pool. Thus, you can generate more profit by generating many more blocks.