Bitcoin Splits into 2 ?

spending-bitcoins

Bitcoin cash was introduced recently, now many of you would be wondering what is Bitcoin cash and some of you would have took it for the bitcoin but it is an entirely different thing. Actually many people thought to make an entirely new currency and to scale the bitcoin through it and make it a common thing. Why would be there a need of bitcoin cash when bitcoin is already present? Well, Bitcoin is made up of blockchains and the transactions of the user are recorded on the blocks which together make the chain. These blocks are full now and they are slowing the transactions down. There is an average of 1700 transactions that can be saved up on bitcoin and three transactions per second which is very small as compared to that of visa which copes with thousands of transactions per second.

Now if a user buys something with bitcoin, it would take a long time before the transactions are made.As well as Bitcoin fork happends in 2017 Now if one would look on the bitcoin cash its faster as compared to the bitcoin as it allows eight times the transaction rate per block. Similarly bitcoin and bitcoin cash have different prices, one bitcoin is more than $2700 while the bitcoin cash is around $240 which shows a significant difference in both prices. It is up to the people that if they want to make it global then they have to accept bitcoin cash even if they don’t accept if before. Every person who has bitcoin will have the same number of bitcoin cash and if the people don’t exchange through bitcoin cash this surely will create impediment in people adoption to the new digital currency.

ImageSource: Coindesk

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