What Is Bitcoin?
When introducing the world of cryptocurrencies, Bitcoin is always the first name to be mentioned. That’s actually because Bitcoin was the first digital asset invented in 2008. However, it was officially introduced to the world on 3 January 2009. It was the first time in history that the concept of cryptocurrency was mentioned.
The main idea behind creating Bitcoin was to provide a completely decentralized electronic cash system allowing everyone to transfer money globally without needing a third party or authority.
Although Bitcoin faced several challenges as a beginner, every time, it could overcome the problems and come back more powerful than before. Furthermore, since it wasn’t clear how Bitcoin works for most people, it took almost two years for it to be known as a valuable asset.
Bitcoin is not only a blockchain, but also its native token is called with the same name. Bitcoin, or BTC, was launched with its blockchain as the asset that would be used instead of fiat currency. The BTC coins are produced through the mining process. Furthermore, it is divided into smaller parts, known as Satoshi, which equals a hundred millionth of one Bitcoin.
Bitcoin (BTC) has several uses, from investment to gaming. Furthermore, Bitcoin can be used as a payment method in several online stores. Other uses include transaction fees, collecting NFTs, and developing apps.
Furthermore, Bitcoin has a limited max supply, equal to 21 million coins, which will be released to the market by 2140.
You can quickly buy Bitcoin on BlockTrade with no fees. Check out different payment methods to buy this crypto:
- Buy Bitcoin with PayPal.
- Buy Bitcoin with Debit Card.
- Buy Bitcoin with Credit Card.
- Apple Pay and Google Pay are also supported on BlockTrade.
What Is Bitcoin Cash?
Created in August 2017, Bitcoin Cash is the younger brother of Bitcoin. This cryptocurrency is known as a fork of Bitcoin because it was created due to the disagreement a group of Bitcoin users and developers had over some rules on this blockchain. The main problem they had was the scalability of Bitcoin; they wanted to increase the block size limit from 1MB to 8 MB. This change could make more transactions with fewer changes.
Accordingly, this group separated from the Bitcoin blockchain to create their own. That’s when Bitcoin Cash was born. As mentioned, the main idea of creating this cryptocurrency was to make it more efficient and faster to do each transaction. Now Bitcoin Cash supports block sizes up to 32MB, which is much more than they had in mind. Accordingly, the main difference between these two brothers is that the newcomer (Bitcoin Cash) is faster and cheaper than the old one (Bitcoin.)
Furthermore, Bitcoin Cash can be used as a transaction fee, investment, purchasing goods or payment methods on online stores, and developing apps.
Bitcoin Cash also has a maximum supply of 21 million coins, like Bitcoin. That’s the main similarity between them.
You can buy Bitcoin Cash on BlockTrade with no fees. You can buy Bitcoin Cash with the following payment methods:
- Buy Bitcoin Cash with Debit Card.
- Buy Bitcoin Cash with Credit Card.
- Buy Bitcoin Cash with Paypal.
- Bitcoin Cash can be bought using Apple Pay and Google Pay as well.
Similarities Between Bitcoin and Bitcoin Cash
Bitcoin Cash is a fork of Bitcoin. Therefore, Bitcoin and Bitcoin Cash have a lot in common:
- Both of them have the same max supply of 21 million tokens.
- They are both decentralized blockchains.
- Both Bitcoin and Bitcoin Cash use the same consensus mechanism. They use a proof-of-work algorithm to secure the network and create new blocks.Both of them have the same max supply of 21 million tokens.
- They are both decentralized blockchains.
- Both Bitcoin and Bitcoin Cash use the same consensus mechanism. They use a proof-of-work algorithm to secure the network and create new blocks.
Differences Between Bictoin and Bitcoin Cash
Although Bitcoin and Bitcoin Cash share a common origin, they have different features and goals, including:
- Speed: the key difference between these cryptocurrencies is their speed. Bitcoin Cash has been created to provide faster transactions. It creates a block size of 32MB, which is a lot larger than the block size limit of Bitcoin, which is 1MB.
- Security: Although both blockchains use the same consensus mechanism, some believe that Bitcoin is more secure than Bitcoin Cash because it has a larger network.
- Cost: Bitcoin Cash transactions cost significantly less than Bitcoin, less than a cent per transaction. Bitcoin transactions have an average fee of $8.88 per transaction (as of March 22, 2022.) This makes Bitcoin Cash more suitable for small and frequent payments, while Bitcoin is more attractive for large and infrequent transfers.
- Purpose: Bitcoin Cash was designed to function more like cash than Bitcoin, which can function as an investment or a store of value.
Which One Is a Better Investment? BCH vs. BTC?
Now it’s time to weigh these two digital currencies to see which one is the better investment option. However, there is no certain answer to this question because a profitable investment is not something to guarantee due to the volatility of cryptocurrencies. But, there are some factors you need to consider before buying crypto for investment.
- Technical analysis to consider the history of a cryptocurrency. The history of a coin can tell a lot about its fluctuations and profits.
- Fundamental analysis to check out the current situation of a token on the market and consider the changes that happen to the company.
- Price predictions to have a hypothesis of what might happen in the future and guess the possible price of each coin in short-term and long-term periods.
Bitcoin Cash Vs. Bitcoin: Price History
Let’s take a look at the price history of each cryptocurrency to see how profitable they were in the past.
Bitcoin Price History
Bitcoin (BTC) was introduced to the market with an initial price of $0.0009 per coin in 2009. It didn’t have any fluctuations until 2011 when it finally could reach $1 and became known as a valuable and trusted asset. Apparently, Bitcoin’s heart started to beat this year because, after only a few months, its price reached $30! Who could have imagined that an asset could increase thirty times in less than one year? Although it reduced to $13.5 in 2011, it showed that it could be a surprising profit.
However, 2013 changed the destiny of most BTC holders. This year, the first BTC ATM was installed in Vancouver. Accordingly, BTC was seen as credible as cash, so its holders could buy and sell their BTCs around the city using ATMs. This news shocked the cryptocurrency market! The result was the price growth to as high as $230! Although it didn’t happen overnight, it shocked everyone. 2013 didn’t end here; it had many shocking ups and downs until it ended at $805.
In these years, Bitcoin became more popular, and more people started buying it. In 2015, its average price was $593; in 2016, it reached $1000. The next shocking moment in Bitcoin’s history happened in 2017. Bitcoin’s price rose as high as $20,000 per coin. Again, in 2020, Bitcoin’s price reached $29,000; after that, it rose to $63,000 in 2021. However, it started to fall in 2022 and afterward. At the time of writing this article, Bitcoin’s price was around $29,000 per coin in July 2023.
Bitcoin Cash Price History
It was on 1 August 2017 when Bitcoin Cash was released to the market with an initial price of $240. Very soon, its price went up as high as $3,324 in the same year, which shows how profitable it was as a short-term investment. 2018 didn’t start well for this coin because it lost its value each day until it ended the year at a price of $74, which was a huge loss!
2019 wasn’t surprising, and Bitcoin Cash’s price didn’t have many ups and downs. The average price of Bitcoin Cash was around $312 this year. The next year passed the same for this coin. However, 2020 wasn’t a great year for most cryptocurrencies, and almost half of them were facing recession. On the other hand, it started 2021 with a surprise and became as valuable as $1,342. It only lasted for one day, and again, its price dropped to $456.
2022 passed with almost a stable price between $300 to $100. Meanwhile, 2023 started with a small rise, and the Bitcoin Cash price reached $270 in July 2023.
Bitcoin Cash Vs. Bitcoin: Price Predictions
Crypto analysts and experts analyze different aspects of crypto and forecast their future. However, you should note that these are only predictions. No one can guarantee that a cryptocurrency will be a profitable investment in the future. The price predictions can only give ideas about the probable future of each crypto.
Bitcoin Price Predictions
- Techopedia’s experts predict the average price of Bitcoin might be around $25,200 by 2025, and it could reach $69,000 by 2030.
- AMBCrypto thinks Bitcoin’s price might be around $31,000 in 2025, possibly reaching 128,000 by 2030.
- CryptoNews experts also predict a minimum price of $65,000 in 2025, and they think the price of Bitcoin might reach $313,000 by 2030.
Bitcoin Cash Price Predictions
- According to CryptoNews’s predictions, the possible price of Bitcoin Cash might be around $300 by 2025, and it might reach $732 by 2030.
- The analysts at Techopedia think Bitcoin Cash might possibly be around $450 by 2050, and its average price could be around $850 by 2030.
- AMBCrypto is not that positive about the possible future of Bitcoin Cash. According to its predictions, Bitcoin Cash might be around $207 by 2025, and its price could possibly reach $591 in 2030.
Bottom Line
In the battle of the Bitcoins, there can only be one winner. Will it be the original Bitcoin, with its loyal following and established track record? Or will the upstart Bitcoin Cash, with its faster transaction times and lower fees, steal the throne? It’s a tale of innovation, competition, and, ultimately, the power of the people to decide the future of money. So which side are you on? Choose wisely, and let the battle begin!
You should note that whatever you decide, you should always follow the everyday news and changes in the crypto world to be able to discover when to buy and when to sell to have a better investment.
FAQs
Is Bitcoin Cash better than Bitcoin?
The answer depends on different factors. For example, Bitcoin Cash is better than Bitcoin regarding speed. Creating block sizes up to 32MB is the winning factor for Bitcoin Cash. But on the investment side, there can’t be an exact answer. However, Bitcoin is older, more valuable, and more trusted than Bitcoin Cash.
What is the advantage of Bitcoin Cash over Bitcoin?
The main advantage that Bitcoin Cash has over Bitcoin is its speed. Bitcoin Cash can perform faster and less expensive transactions.
How much Bitcoin Cash is left to mine?
The maximum supply of Bitcoin Cash is 21M coins, the same as Bitcoin. More than 19 million BTH have been mined, leaving almost 2 million coins to be mined.
How much Bitcoin is left to buy?
Almost 19 million Bitcoins have been mined and are currently in circulation. Currently, approximately 2 million Bitcoins have been left to be mined. Therefore, almost %90 of all Bitcoins have been mined.
Can you convert Bitcoin Cash and Bitcoin?
You can easily convert each crypto to another using an exchange that supports Bitcoin and Bitcoin Cash.