The problem with Bitcoin is that it’s slow. Like, really slow, especially in comparison to banks that deal with credit card transactions. Visa processes 150 million transactions per day, averaging out to roughly 1,700 transactions per second. And their capability far surpasses that, at 24,000 transactions per second.
How many transactions can the Bitcoin network process per second? Seven. Transactions take about 10 minutes to process. And as the network of Bitcoin users grows, waiting times will get longer, because there are more transactions to process without a change in the underlying technology that processes them.
What is Bitcoin Cash?
Bitcoin cash is the child of a user activated fork that split the bitcoin blockchain on August 1 2017.
Bitcoin Cash is the continuation of the Bitcoin project as peer-to-peer digital cash
A small group of miners, who were growing unsatisfied with bitcoin’s technical limitations and lack of software updates, decided to take the matter into their own hands.
By forcing a fork in the bitcoin blockchain, they essentially created a whole new currency known as bitcoin cash.
Bitcoin Cash was created as an answer to the years-long debate among the Bitcoin community regarding the best way to scale Bitcoin to more users. The most simple solution, and the one adopted by Bitcoin Cash, is to increase the Max Blocksize Limit parameter of the Bitcoin codebase. While Bitcoin’s block size limit remains at one megabyte (allowing for ~250,000 transactions per day), Bitcoin Cash has increased the limit to 8MB, allowing for around two million transactions to be processed per day.
Which is better?
So, which will win the race and become the future of Cryptocurrencies and possibly the world?
Whether you decide to use Bitcoin Cash or not is entirely up to you. While Bitcoin currently has a larger network and supporting infrastructure, many are dismayed by the ever-increasing fees and long transaction times.
Bitcoin Cash offers lower fees and a more reliable rate of transaction than Bitcoin.
In terms of development, most of the code for Bitcoin Cash is the exact same as Bitcoin’s. This makes developing software or altering existing software to support Bitcoin Cash quite simple.
However, I personally with all the support (Coinbase,Poloniex, Kraken...)and newer technology think Bitcoin cash will succeed as the successor of Bitcoin, Skyrocketing in price and usage in the near future.
