Bitcoin cash bcc vs bch

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As the network of Bitcoin users has grown, waiting times have become longer because there are more transactions to process without a change in the underlying technology that processes them. Developers and cryptocurrency miners have come up with two major solutions to this problem: The first involves making the amount of data that needs to be verified in each block smaller, thus creating transactions that are faster and cheaper. 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. Every time. NerdWallet, Inc. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only.

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NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Bitcoin has long been a byword for cryptocurrency, but many would consider it far from a model. In fact, in , a group of developers proposed changes to how Bitcoin works, and after arguments and counterarguments, there was a fracture — a fork, technically — and Bitcoin Cash was born.

The key differences between Bitcoin and Bitcoin Cash are speed, security and cost. Bitcoin transactions move more slowly because of stricter rules around validation, and their fees are higher. Bitcoin Cash transactions are faster and cost significantly less, but that velocity may also mean more vulnerability.

Why are there two versions of Bitcoin? Bitcoin was launched in as a digital currency powered by blockchain technology. Currencies enable transactions, and that was to be an aspect of Bitcoin as well. Indeed, the story goes, the first retail transaction involving Bitcoin occurred in , when a Florida man spent 10, BTC to have two pizzas delivered to his home.

On average, a new one-megabyte block of transaction records is produced every 10 minutes, and each block can contain over a thousand transactions. The Bitcoin network typically processes somewhere between three and seven transactions per second — which might seem pretty fast, but processing systems like Visa can handle upward of 24, per second.