Bitcoin vs. Bitcoin Cash

Bitcoin Cash (BCH) is the result of a bitcoin fork. It is extremely similar in many ways to bitcoin (BTC), but Bitcoin Cash has a few technical differences that make a big impact.

One difference, which has many significant follow-on effects, isY the difference in block size. Bitcoin has a 1MB block size, while Bitcoin Cash has an 8MB block size.

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The pros and cons of a larger block size

A larger block size is good news in that it helps process transactions a lot faster, but it also means a full node takes up a lot more data storage space.

A full node is required to mine on the blockchain. It includes a copy of the entire transaction history for the whole blockchain. So as you can imagine, a larger block size comes with higher hardware and data storage costs.

One of the main arguments against a larger block size is that it leads to increased centralization of a coin, and that the higher hardware costs mean only large mining groups will be able to profitably work on the blockchain.

What a larger block size looks like

It can help to visualize what a larger block size looks like. Here are two snapshots of a few hours in the mempools of bitcoin and Bitcoin Cash. The mempool is where pending transactions are stored while they wait for a miner to hook them up to a block and make the transaction happen.

Specifically, these are what the two mempools were doing between about 4-8 p.m. Eastern time on December 20, 2017.

The bitcoin mempool

The Bitcoin Cash mempool

Source: Johoe’s Mempool Size Statistics

What am I looking at?

Each dip and spike on the top of the mempool shows a block being processed. In bitcoin, the 1MB block size just takes small bites out of the waiting transaction, starting with the ones with the highest fees. But the 8MB block size of Bitcoin Cash takes big chunks out of the mempool.

This is particularly important when there are “larger” transactions going through.

In this case, larger refers to the actual size of each transaction in bytes rather than the value of it. Certain additions like extra encryption will increase the size of transactions, while others like SegWit will decrease the size of each transaction.

Bitcoin vs. Bitcoin Cash

Other differences are in the mining algorithms. At its inception, Bitcoin Cash had an easier mining algorithm.

An easier mining algorithm was deemed to be necessary for BCH to keep a competitive edge against the more-valuable bitcoin and to attract the miners needed to run the network.

Soon this had the unintended side effect of miners dipping in and out of BCH based on whether it was profitable at the time, leading to extremely unpredictable block times. Sometimes blocks would be hours apart (for very slow transactions), and sometimes they would come along within a few seconds of each other (for very fast transactions, but rapid inflation).

In response, BCH introduced a dynamic mining algorithm that would get easier or more difficult as needed. This helped introduce some more consistency to the BCH blockchain and keep more miners working on it.

Which is best?

Each is good at a different thing.

What are the advantages of bitcoin?

The high fees and slow transaction times of the original bitcoin are a deliberate but somewhat unfortunate design choice.

It’s intended to keep the coin rare, challenging and valuable. The bitcoin community and developers are banking on bitcoin being a “store of value” for cryptocurrency as a whole, just like gold underpins the US dollar and other fiat currencies. No one actually uses gold as a currency, but it still offers liquidity and value.

The idea is that bitcoin could be digital gold.

Read our simple guide to bitcoin to find out more.

What are the advantages of Bitcoin Cash?

Bitcoin Cash was deliberately split away from bitcoin by a team that thought high fees and slow transactions would eventually destroy bitcoin. It was deliberately designed to essentially be bitcoin, except easy to send, receive and transact with.

Hence the “cash” part of its name. It was designed to be the spending money next to bitcoin’s gold.

Get to know Bitcoin Cash better with this easy-to-understand overview.

Where can I buy bitcoin and Bitcoin Cash?

• Exchanges that support bitcoin (BTC)
• Exchanges that support Bitcoin Cash (BCH)

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eToro USA LLC Cryptocurrency Trading		Wire transfer, Online banking	USD	25 cryptocurrencies	Disclaimer: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Copy the trades of leading cryptocurrency investors on this unique social investment platform. Non-US residents can read our review of eToro's global site here.	Go to site View details	Compare	loading Fetching your data...
Robinhood Cryptocurrency Exchange		Bank transfer, Cash, Debit card	USD	17 cryptocurrencies	Trade a handful of leading cryptocurrencies with this easy to use mobile app.	Go to site View details	Compare	loading Fetching your data...
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KuCoin Cryptocurrency Exchange		Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA	USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more	247 cryptocurrencies	Finder Exclusive: Get up to 10 USDT in trading fee rebates for signing up and making a deposit, and up to 30 USDT in trading fee rebates after buying with fiat. T&Cs apply. Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.	Go to site View details	Compare	loading Fetching your data...
Coinmama Cryptocurrency Marketplace		Bank transfer, Credit card, Debit card, SWIFT, SEPA	USD, EUR, AUD, CAD, GBP, JPY	10 cryptocurrencies	Founded in 2013, CoinMama lets you buy and sell popular cryptos with a range of payment options and quick delivery.	Go to site View details	Compare	loading Fetching your data...
Coinbase Digital Currency Exchange		Bank transfer (ACH), Credit card, Debit card, PayPal, Bank transfer (SEPA)	USD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, CLP, BGN & 10+ more	63 cryptocurrencies	Buy and sell major cryptocurrencies on one of the world's most renowned cryptocurrency exchanges.	Go to site View details	Compare	loading Fetching your data...
Webull Cryptocurrency Exchange		Bank transfer (ACH), Wire transfer	EUR, GBP, USD, CHF, JPY, CAD, HKD, INR, CNY, AUD	8 cryptocurrencies	Trade a handful of leading cryptocurrencies on this mobile app with as little as $1 per trade, plus access to stocks and ETFs.	Go to site View details	Compare	loading Fetching your data...
Crypto.com App		Credit card, Cryptocurrency, PayPal, TransferWise, SEPA	USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more	125 cryptocurrencies	Get 0% fees on credit/debit card purchases for 30 days after signup. Buy 80+ cryptocurrencies, earn up to 8% on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.	Go to site View details	Compare	loading Fetching your data...
Gemini Cryptocurrency Exchange		Bank transfer (ACH)	USD, AUD, CAD, EUR, GBP, SGD, HKD	41 cryptocurrencies	Trade bitcoin, Ethereum and more at a US-based exchange where payments can be made in USD.	Go to site View details	Compare	loading Fetching your data...
SoFi Cryptocurrency Exchange		Bank transfer	USD	21 cryptocurrencies	Instantly purchase a handful of leading cryptocurrencies with the SoFi app, which also insures your coins against potential hacks or theft.	Go to site View details	Compare	loading Fetching your data...
CEX.IO Cryptocurrency Exchange		Bank transfer, Credit card, Cryptocurrency, SWIFT, SEPA, Faster Payments (FPS)	USD, EUR, GBP, RUB	22 cryptocurrencies	Disclaimer: Highly volatile investment product. Your capital is at risk. Use your USD, EUR or RUB to buy and sell cryptocurrency at competitive exchange rates and with high maximums for verified accounts.	Go to site View details	Compare	loading Fetching your data...
FTX.US Cryptocurrency Exchange		Bank transfer (ACH), Cryptocurrency, Wire transfer	USD, AUD, EUR, CAD, GBP, SGD	19 cryptocurrencies	Enjoy the local version of the FTX exchange which offers a range of leading cryptocurrencies, up to 10x leverage, access to global liquidity and benefits for FTT token holders.	Go to site View details	Compare	loading Fetching your data...
Binance.US Cryptocurrency Exchange		Bank transfer (ACH), Bank transfer, Cryptocurrency, Debit card, Wire transfer	USD	56 cryptocurrencies	Get a US$15 bonus when you trade US$100 or more of any supported crypto. T&Cs apply. Trade with USD on Binance.US, the American dollar onramp of the world’s largest cryptocurrency exchange. Non-US residents can read our review of Binance's main exchange here.	Go to site View details	Compare	loading Fetching your data...
Revolut Cryptocurrency App		Bank transfer (ACH), Bank transfer (SEPA), SWIFT, Credit or Debit Card	USD, EUR, GBP, CAD, NZD, JPY, HKD, NOK, DKK & 9 more	20 cryptocurrencies	Buy and sell several popular cryptocurrencies through your Revolut account, set up recurring purchases and transfer it to other US users. You can’t transfer cryptocurrency to anyone who does not have an active Revolut account. Service not available in Tennessee.	Go to site View details	Compare	loading Fetching your data...
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Huobi Cryptocurrency Exchange		AdvCash, Cryptocurrency, SWIFT, Wire transfer	GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+ more	219 cryptocurrencies	Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.	View details	Compare	loading Fetching your data...
Coinbase Pro		Bank transfer, Cryptocurrency, Debit card, PayPal, Wire transfer	USD, EUR, GBP	69 cryptocurrencies	Formerly known as GDAX, Coinbase Pro is a US-based exchange which offers fiat currency payment options, including wire transfer, ACH bank transfer and SEPA.	View details	Compare	loading Fetching your data...
Bitstamp Cryptocurrency Exchange		Bank transfer, Cryptocurrency, Credit or Debit Card, SEPA, Faster Payments (FPS)	USD, EUR, GBP	25 cryptocurrencies	A global cryptocurrency exchange that facilitates crypto to fiat transactions, where you can use EUR or USD to buy bitcoin and popular altcoins.	View details	Compare	loading Fetching your data...
ShapeShift Cryptocurrency Exchange		Credit card, Cryptocurrency, Debit card, Banxa	-	50 cryptocurrencies	Quickly swap between more than 40 cryptocurrency assets or use your credit card to instantly buy bitcoin.	View details	Compare	loading Fetching your data...
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Will Bitcoin Cash overtake bitcoin?

No one can say for sure, but you’ll find a lot of strong opinions in both directions. However, bitcoin’s transaction functionality seems to be the main issue.

For example, the first major Bitcoin Cash growth spurt came at the start of November 2017, following the news that the bitcoin B2X hard fork was cancelled. This hard fork was intended to solve some of bitcoin’s transaction problems. When it was called off, people argued that the growth came from users trading their BTC for BCH.

The second major growth spurt came around the end of December 2017 when the bitcoin mempool had been clogged up (as above) for the better part of a month and there was growing dissatisfaction with bitcoin’s yet-to-be-released Lightning Network.

You will need to decide whether bitcoin’s transaction functionality will continue to affect Bitcoin Cash’s growth as well as consider what will happen if bitcoin ever solves these problems.

Frequently Asked Questions

• Who funds and develops Bitcoin Cash?

  Much like most other cryptocurrencies, Bitcoin Cash is an entirely open-source project that’s being worked on by several different teams of developers.

• When was Bitcoin Cash created?

  Bitcoin Cash was forked off from bitcoin on August 1, 2017.

• Who uses Bitcoin Cash?

  Bitcoin Cash was quickly adopted around the world but saw especially widespread use in China and South Korea, which helped buoy its prices to compete with bitcoin initially.

How to buy bitcoin

How to buy Bitcoin Cash