What is This Cryptocurrency? Bitcoin Cash
Bitcoin Cash is a forked coin that came from the Bitcoin cryptocurrency. While many may find the Bitcoin, Bitcoin Cash, Bitcoin SV, and Bitcoin Gold naming convention difficult the meaning behind each second name derives from what the intention for the creation of the new cryptocurrency. Bitcoin originally was created by the anonymous individual to create a new digital store of value. Bitcoin has a specific protocol that follows the code that was written for Bitcoin to work. The detail is very specific and anyone wanting to know more about the subject can look at the Whitepaper for Bitcoin. This quick blog post is simply to explain as simply as possible what each cryptocurrency is used for, a brief history, and price analysis.
Bitcoin Cash became derived from Bitcoin after those in the community decided to create a new coin from Bitcoin to satisfy the original intent of the coin. Many individuals know of Bitcoin and how it stores value. Although useful for many, some wanted the coin to be able to be used for every day transactions instead of being kept in the belief that it would soon increase in value. While both uses are plausible, some individuals believe that Bitcoin should be used in a way that allows for everyday use. You want to buy coffee, you pay with Bitcoin. You want to pay Netflix, you pay with Bitcoin. You want to pay your college tuition, you pay with Bitcoin. This has not been the case due to the rise of value that has followed Bitcoin and could potentially occur again.
While Bitcoin is considered digital gold, there are individuals who hope that it can be used as a mode of transaction for every day use rather than a digital gold that stays hodled. The limiting factor that may be preventing Bitcoin from being used daily is the amount of information that needs to be known prior to the use of Bitcoin for transaction and also the way that Bitcoin can take up to ten minutes for a transaction to be viewed, reviewed, validated, and confirmed. For this very reason, individual operators within the Bitcoin community decided to fork Bitcoin with a majority vote that would allow for a more day to day use Bitcoin called Bitcoin Cash.
While many try to logically point out which of the two Bitcoins is better, the importance of finding a solution is the most important point as well as the ability to have two different stores of value. Both can serve a specific use as needed. Bitcoin can be used as a way to hold value and hope for a potential increase in value similar to that seen in 2018 while Bitcoin Cash can be used as a day to day transaction coin.
Bitcoin Cash has also increased in value and has hovered around the $250 amount. While this may make it difficult to be used as a day to day transaction coin, it is interesting to see how Bitcoin Cash will be used. The transaction times of Bitcoin Cash are smaller ranging from a few seconds and the transaction fees are also less ranging from cents. Bitcoin Cash has a better model for everyday use than Bitcoin, but again it depends on the intended use.