Bitcoin com bitcoin cash
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The second requires making the blocks of data bigger so that more information can be processed at one time. Bitcoin Cash BCH developed out of these solutions. Key Takeaways Bitcoin is limited by transaction processing time, an issue that has caused rifts among factions within the Bitcoin mining and developing communities. Bitcoin Cash was started by Bitcoin miners and developers concerned about the future of the Bitcoin cryptocurrency and its ability to scale effectively.
This fix makes the amount of data that needs to be verified in each block smaller by removing signature data from the block of data that needs to be processed in each transaction and attaching it in an extended block. Talk of doubling the size of blocks from 1 MB to 2 MB ramped up in and As of February , the average block size of Bitcoin increased to 1. By Jan. In September , research released by cryptocurrency exchange BitMEX showed that SegWit implementation had helped increase the block size amid a steady adoption rate for the technology.
Bitcoin Cash Bitcoin Cash is a different story. Bitcoin Cash was started by Bitcoin miners and developers equally concerned with the future of the cryptocurrency and its ability to scale effectively. However, these individuals had their reservations about the adoption of a Segregated Witness technology. In August , some miners and developers initiated what is known as a hard fork , effectively creating a new currency: BCH.
BCH has its own blockchain and specifications, including one very important distinction from bitcoin. Bitcoin Cash is thus able to process transactions more quickly than the Bitcoin network, meaning that wait times are shorter and transaction processing fees tend to be lower.
The Bitcoin Cash network can handle many more transactions per second than the Bitcoin network can. However, downsides also come with the faster transaction verification time. One potential issue with the larger block size associated with BCH is that security could be compromised relative to the Bitcoin network.
Similarly, Bitcoin remains the most popular cryptocurrency in the world as well as the largest by market capitalization , so BCH users may find that liquidity and real-world usability are lower than they are for Bitcoin. The debate about scalability, transaction processing, and blocks has continued beyond the fork that led to Bitcoin Cash. In November , for example, the Bitcoin Cash network experienced its own hard fork, resulting in the creation of yet another derivation of Bitcoin called Bitcoin SV.
Bitcoin SV was created in an effort to stay true to the original vision for Bitcoin that Satoshi Nakamoto described in the Bitcoin white paper while making modifications to facilitate scalability and faster transaction speeds. The debate about the future of Bitcoin appears to show no signs of being resolved.
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