What Are Bitcoin Cash & Bitcoin Gold?
Cryptocurrencies are disrupting the global banking system, and the way currencies work globally. Bitcoin Cash and Bitcoin Gold are two different members of the world of digital currency, cryptocurrency.
The initial intent was to make the cryptos a new mode of payment. However, soon, it started to evolve itself into a segment for investment. Gradually gaining popularity among the global population, cryptocurrencies are now hot topics to everyone. As a result everybody with some extra money wants to buy bitcoin.
Bitcoin Cash and Bitcoin Gold are two factions of this new mode of transaction and investment. In this article, I will share a detailed view of Bitcoin Cash and Bitcoin Gold.
What Is Bitcoin Cash?
Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin Gold( BTG) are the three most popular cryptocurrencies. Bitcoin was created from a fork of the most famous Bitcoin in August 2017. Bitcoin Cash was created to contain a larger block size and to improve transaction speed and scalability.
Bitcoin started as a new payment method, but its popularity made it a mode of investment. The increased popularity of Bitcoin slowed down the process of transaction of Bitcoin.
The slowing down of the transaction speed minimized the volume of bitcoin transactions per second bitcoin transaction; as a result, the scalability of bitcoins decreased. These are the reasons behind the creation of Bitcoin Cash.
The giant block of bitcoin Cash allows more transactions at a faster rate and allows a more significant number of per day transactions, with around 25000 transactions each day.
What Is Bitcoin Gold?
Bitcoin mining is costly as it requires top-of-the-tire hardware. In addition, the process is also very energy-consuming. Reportedly, Bitcoin consumes more energy than the nation of the Philippines.
Bitcoin gold arose as a reaction to the expensiveness of Bitcoin production and incorporated regular computers for its mining instead of using the much more expensive ASICs like Bitcoins.
Bitcoin gold propagates itself as to be allowing-
- Less expensive mining using GPU instead of ASICs.
- Removing the monopoly of ASICs.
- Restoring the decentralization to the hand of the regular people and providing independence.
- Mining rewards are distributed worldwide instead of giving most of it to the ASICs owners.
How To Buy Bitcoin Cash & Bitcoin Gold?
Bitcoin Gold & Bitcoin Cash are available for purchase throughout the world as they allow the purchase in nearly every currency of the world. The cryptocurrency exchanges have the Bitcoin Gold and Bitcoin Cash for purchase, and the supported currencies include the U.S. dollar, Euro, and Pounds.
Keep in mind that different exchanges are suitable for other cryptocurrencies. For example, Coinbase is an excellent platform for buying Bitcoin Cash; but you need to go to a different platform for buying Bitcoin Gold. Binance is a good platform for buying Bitcoin Gold.
Both buying and selling of different cryptocurrencies require a certain amount of fees payable to the exchange platform. The fees also apply to Bitcoin Gold & Bitcoin Cash. However, these two coins are less expensive because they have very few market fees.
Advantages Of Bitcoin Cash & Bitcoin Gold
- Bitcoin Cash has a bigger block size; as a result, it allows faster transactions. The transaction rate is shorter than that of Bitcoin.
- The per-second transaction rate of Bitcoin cash is 116, which is comparatively more than Bitcoin that processes only seven per second.
- Bitcoin Gold is great because it allows mining using regular computers instead of the expensive ASICs.
- It’s cheaper than Bitcoin, making itself a much better option for the masses.
Disadvantages of Bitcoin Cash Bitcoin Gold
The U.S. Exchange Commission and the Securities have prohibited the use of unregulated online trading platforms. The exchanges for Bitcoin Cash & Bitcoin Gold mostly abide by self-imposed laws and rules. There is no guarantee that these platforms follow any other rules.
Bitcoin Cash And Bitcoin Gold are volatile; in fact, most cryptocurrencies are. In addition, blockchain technology requires extreme energy, making cryptocurrencies like Bitcoin Cash & Gold more energy-consuming in nature.
These are some of the disadvantages of Bitcoin Cash & Bitcoin Gold.
Bitcoin Cash Vs. Bitcoin Gold
Here are few things that differentiate between Bitcoin Cash & Bitcoin Gold-
- The total supply of Bitcoin Cash is 21 million. On the other hand, Bitcoin Gold has a supply of 17.1.
- Bitcoin Cash uses a Proof-of-Work system, where Bitcoin Gold uses Equihash.
- Bitcoin Cash uses ASICs hardware for mining, but Bitcoin Gold uses GPUs.
As a simple explanation, we can brand the Bitcoin Cash & Bitcoin Gold as the spinoff of the parent Bitcoin. Both of these cryptocurrencies are cheaper than the more expensive Bitcoin.
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Although initially introduced as a payment method, the popularity made cryptocurrencies an investment tool. But don’t consider it as a way to get rich overnight. Let us know if this article fulfilled your queries of Bitcoin cash & Bitcoin Gold.
Ani Johnson is a passionate blogger. She loves to share her thoughts, ideas, and experiences with the world through blogging. Ani Johnson is associated with Gossipment, TheParentsmagazine, ThePetsMagazine, TheDatingDiary, TheLegalGuides, EssayWritingGuides, TheSportsMag.