Here’s what you need to know about the bitcoin cousin that’s rapidly growing in popularity.
“Bitcoin cash is the version of bitcoin that implemented an increase in the transaction capacity,” digital currency economist Alex de Vries told CNN Business.
The bitcoin cash creators aimed to raise bitcoin’s block size limit of one megabyte every 10 minutes — which translates to a maximum of seven transactions per second — to eight megabytes every 10 minutes, de Vries said. Bitcoin cash blocks can go up to 32 megabytes.
The creators of bitcoin cash, “wrote an update for the Bitcoin software which increased the transaction limit,” de Vries said, and thus, the new cryptocurrency was born.
What’s the difference between bitcoin cash and bitcoin?
Although both have 18.7 million digital coins in the universe, demand isn’t nearly the same for bitcoin cash as for bitcoin: One coin of bitcoin costs about $57,168 right now, and one coin of bitcoin cash costs about $1,412.
“Bitcoin cash has proven itself to be one of the most resilient cryptocurrencies in the digital currency ecosystem today,” Konstantin Anissimov, executive director of international cryptocurrency exchange CEX.IO, told CNN Business.
Bitcoin cash was supposed to boast faster transaction speeds than bitcoin, but that that didn’t exactly pan out the way the creators expected. Bitcoin cash transaction confirmation times remain higher than bitcoin transaction confirmation times for a host of complicated reasons. Still, bitcoin cash has a distinct advantage over bitcoin: It’s cheaper to use.
Ready to buy bitcoin cash?
Bitcoin cash has shot up more than 139% in the past month. It’s relatively cheap per coin compared to other popular cryptocurrencies such as ethereum and the original bitcoin, but it’s pricier than meme-turned-cryptocurrency dogecoin, which is currently only $0.60 per coin.
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