According to Bitcoin news, Bitcoin and Bitcoin Cash are technically the same but the philosophy of their operation is different. Key promoters of Bitcoin Cash like Roger Ver, frequently mention that Nakamoto’s imaginative vision of making Bitcoin a payment service is a key driver for the outcry for block size increase which resulted in the development of the bitcoin cash. They believe that the change in bitcoin’s block size will allow bitcoin to be used as a means of exchange for goods and services which would particularly interest those looking for how to buy bitcoin
. It will help it to compete with international credit card processing bodies like Visa requires high transaction processing fees.
Another difference of bitcoin cash from bitcoin is that it does not integrate Segregated Witness (SegWit), which is an additional projected solution that’ll accommodate additional transactions for every block. SegWit keeps just the information or the metadata consigning a transaction in a block. Basically, all details that consign a transaction get saved in a block.
Bitcoin Vs. Bitcoin cash: Similarities
Apart from the conceptual and block size differences between bitcoin and bitcoin cash, Bitcoin and bitcoin cash equally show a lot of similarities. These two cryptocurrencies make use of the Proof of Work (PoW) consensus technique for the mining of new coins. They equally share the services of Bitmain the greatest service in the globe for mining of cryptocurrency. The maximum Bitcoin Cash supply will be 21 million coins and this is an equivalent amount with Bitcoin.
Bitcoin Cash equally began to use a similar algorithm – Emergency Difficulty Adjustment (EDA) – that modifies difficulty every 2016 blocks or nearly every two weeks. Miners leverage on this resemblance by interchanging their mining action between Bitcoin and Bitcoin Cash. Although it was lucrative for miners, the exercise was disadvantageous to raising the supply of Bitcoin Cash in the markets. Therefore, Bitcoin Cash re-visited its EDA algorithm to make it simpler for miners to create the cryptocurrency during bitcoin mining.