For the last few years, crypto has been stealing the trading game. Especially after bitcoin and other currencies gained massively in 2017, people are taking genuine interests in ICOs, Bitcoin investment, the cryptocurrency market, blockchains, coding, mining, and other related stuff. The trend is popular among youth, aged between 20 and 30 years, and the people are searching for stuff like how to trade cryptocurrency, cryptocurrency market, and similar.
However, cryptocurrency traders might not be aware of the hard forks of the pioneer digital currency, Bitcoin, i.e. Bitcoin Gold and Bitcoin Cash. While BCH has already established itself in the top 3 cryptocurrency list, Bitcoin Gold is yet to prove its value. Today in this post, we’ll present a short difference between these three currencies.
Difference between Bitcoin V/s Bitcoin Cash V/s Bitcoin Gold
Bitcoin: BTC is the pioneer digital currency that started operating in 2008 and was developed by a pseudonymous person named Satoshi Nakamoto. Bitcoin eliminates the necessity for a centralised technology as used by banks or card companies to process payments. The crypto pioneer is created on the blockchain ledger distributed technology.
The primary logic behind why the BTC is leading the crypto charts is that it is the oldest and has the maximum investors, with many developers to back it. Moreover, many companies and even governments, including Overstock.com, Expedia.com, Bloomberg, Microsoft and many accept BTC in payments, considering it as legitimate.
Some Obstacles in Bitcoins
- Processing time of over 10 minutes for a single transaction,
- The network allows proceeding with seven transactions only in a second,
- High transferring cost of a Bitcoin investment as compared to other counterparts.
Interestingly, a single Bitcoin was priced below $1 back in 2010 and went up to almost $I8000 in 2017. One BTC coin costs around 10,000 US dollars, with ROI as high as 2000% alone in the year 2017.
PS: Bitcoin is the most valued crypto with a 36% market share in the crypto industry and a huge $189 billion market cap.
Bitcoin Cash: BCH, created in 2017, is one hard fork of Bitcoin, the original and first crypto. Bitcoin Cash carries many common characteristics with counterpart Bitcoin, even sharing the history of transactions earlier. The motive for creating a new cryptocurrency was – the original BTC was popping a lot of complications like heavy grinding in processing transactions, scalability, and having just meagre 1MB blockchain.
Bitcoin Cash is nothing but the aftermath of the conflict among the developers of the BTC. BCH was created as BTCs developers couldn’t come to a consensus regarding some changes in the code. BCH has quick transaction speed, an 8MB block size as compared to 1MB of BTC. The tariffs also fell, with a single transaction taking $0.067 in comparison to BTC taking around $1.5 now.
Moreover, the coin was founded in 2016 and in no time, became a part of the top 10 cryptocurrency list, mainly due to the hype. The trading price today for a single BCH is $280.
Bitcoin Gold (BCG): Just like BCH, Bitcoin Gold is also a hard fork of the original Bitcoin. The split came into existence in October 2017, after the fork, BCH, was founded in August 2017. The primary aim of this cryptocurrency was to solve the problem of mining. A single Bitcoin mining requires a pool of specialised, heavy & expensive equipment, primarily run by mining companies. The resource-intensive process which needs mining rigs makes it impossible for the general public to mine a BTC. Bitcoin gold was established to solve it.
So, BTG can be mined by regular computers and doesn’t require any mining rig.
The Bottom Line
So, this was the difference between the three types of Bitcoins, i.e. BTC, BCH, and BTG. Let’s quickly review all the primary details now.
One can trade with any one of them or all of them. All three of them are trading separately. However, while Bitcoin and Bitcoin Cash are available for trading at every crypto exchange, Bitcoin Gold is only limited to some like Bitfinex. The charges for trading BCH and BTG are very meagre, while BTC can be a little costly.
About the Creator
mario kht
FXreviews accords traders and investors with some of the best hand picked brokers that can harvest their needs for booking profits in the world of financial market.
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