The hottest news coming out of the Bitcoin world is it being split into two. The hard fork, everyone was eagerly waiting for was carried out on August 1st and we no more have Bitcoin – the lord of the crypto – as a single entity. Yes, now there are two bitcoins:! BTC (original Bitcoin) and Bitcoin Cash or BCH (forked version of Bitcoin).
Bitcoin Cash is similar to Bitcoin in terms of protocol: same block time, 21,000,000 supply, proof of work SHA-256 hashing, and the same reward system.
However, two of the main things that separate it from Bitcoin are: block size limit and the difficulty level.
Bitcoin Cash proposes to expand the block size to 8 MB compared to Bitcoin which offers a block size of just 1 MB. The other major difference between the two crypto-bros is difficulty level as BCH will adjust the difficulty every 6 blocks as opposed to Bitcoin’s 2016 blocks.
Some other differences are discussed in the following part of the article.
What Is The Difference Between Bitcoin And Bitcoin Cash?
- BCH is an altcoin forked off Bitcoin
- It separates blockchain and bumps up the block size up to 8MB
- It removes Segwit
- If the split is not successful or the community refuses the usage, BCH will soon diminish after the split.
How To Obtain Bitcoin Cash?
Before obtaining Bitcoin Cash, make sure you go through the following points:
Get Your Private Key Ready:
Get a private key to make sure you have access to Bitcoin wallet. Having a private key is essential as without it, there is no way you can access the coins.
Create A BCH Wallet:
In order to keep Bitcoin Cash somewhere, you will need to create a BCH wallet. This will help secure your bitcoins and also assist to make transactions.
Do Not Trust Anyone:
Do not trust anyone, I repeat, do not trust anyone under any circumstances. You will be contacted with numerous scammers/tricksters whose sole purpose is to steal your coins. You can avoid them by not responding back and keeping your private key unrevealed.
What Are The Exchanges And Wallets That Except BCH?
The list of Exchanges/wallets that except BCH include:
The word is, we now have two bitcoins: Bitcoin and Bitcoin Cash (BCC or BCH).
Just remember to be cautious while splitting your BTC and read as much about the split as possible. Hopefully, you made most of the split and are now enjoying your free coins.
Do let us know how the split turned out for you below!