In a world of growing technology, trading has come a long way from manual analysis of the market to virtual coin-based currency. Bitcoin, created in 2009, was the pioneering virtual currency based on the bitcoin blockchain.
Bitcoin and bitcoin cash are very similar because they originate in the same coded blockchain. The two currencies have a few differences because of a disagreement between members of the bitcoin community. Bitcoin was created by Satoshi Nakamoto way back in 2008 and officially launched in 2009. In 2017, however, a sizeable number of members disagreed on the scalability of bitcoin and therefore decided to launch a hard fork. This means that bitcoin cash became a distinct coin due to the hard fork launch.
Bitcoin cash (BCH) has been popularized alongside bitcoin. BCH and BTC community members believe that their version is the true bitcoin Satoshi Nakamoto envisioned. The launch of this hard fork led to different hard forks that created a chaotic environment in the bitcoin community.
Bitcoin and bitcoin cash: which is better?
Both bitcoin and bitcoin cash are strong contenders in the cryptocurrency market since they originate from the same blockchain. Bitcoin, however, is more popular than bitcoin cash because of its well-known origins. Bitcoin has been in the market for considerably longer than bitcoin cash. In 2017, as bitcoin cash was breaking into the market, bitcoin had already reached the 20,000 dollar mark. This encouraged confidence in the coin and therefore it has continued to grow.
Bitcoin cash was designed to compete with bitcoin even though they originate from the same blockchain. It was created to make bitcoin transfer easier and faster. It has achieved this through increased block capacity (its blocks are 8MB compared to Bitcoin’s 1MB blocks) and thus a faster verification process. Other cryptocurrencies such as Etherium have adopted unique characteristics to compete in the market. One such characteristic is smart contracts which have given Etherium a competitive edge over the slower cryptos in the bitcoin blockchain. Bitcoin cash can easily be used to hold wealth instead of fast transactions.
Why you should consider trading bitcoin on PrimeXBT
PrimeXBT is an award-winning app with a wide array of features to help the user trade. It offers a fast and easy way of opening an account that takes less than 60 seconds. It also offers a rigorous referral system that allows for easy verification. This is convenient for every trader and thus offers a competitive edge over other trading apps.
The app offers access to global markets on the go. A user can access the markets any time they wish to by simply swiping up or down to access market graphs for analysis. This, coupled with managing options available on the app, enables the user to trade by shorting or holding commodities available on the platform.
PrimeXTB also offers a wide array of tools to mitigate the risk of online trading. There is an available stop loss feature to mitigate loss. It works by stopping loss once the commodity reaches a certain threshold.
How to trade Bitcoin and Bitcoin cash on PrimeXTB
PrimeXTB offers various cryptocurrencies for trade. These include bitcoin, Etherium, Litecoin, Ripple, and many more. The app also offers various stock indices, forex trades, and commodities. Bitcoin trade has been made simple and accessible to a wider population. All one needs is to open an account on PrimeXTB, deposit funds, and start trading.
Looking at the price history, bitcoin prices have risen from as low as two hundred dollars to an all-time high of sixty-six thousand dollars. A wider acceptance of cryptocurrency in the world has encouraged the stability of the market and therefore offered an avenue for further growth.
As the world embraces technology more, one needs to recognize indicators of future ventures. Bitcoin has grown steadily and has shown promise through efforts to make it more of a transactional currency rather than a holding currency despite its drawbacks.
