BitcoinCash vs Bitcoin - which is faster
thnx to Tha Joker in giving me the incentive to do some investigation into this.
Shown below is what I found out :)
When using Bitcoin, weather from a Wallet or an ATM, the speeds of these transactions can be slow at times, depending on network congestion and such things.
The size of the Blocks play a large role in the speeds of these transactions.
Cyrpto Currency is basicly separated into two camps.
Those who prefer Small Block sizes and those that prefer Big Block sizes.
Bitcoin and BitcoinCash are both Crypto Currencies.
BitcoinCash (BCH) works with Big Blocks.
Bitcoin (BTC) works with Small Blocks.
Big Block @ 8MB of data into each block
Small Block @1MB of data into each block
BCH is faster than BTC, mainly because BCH (bitcoincash) uses Bigger Blocks.
A process known as Segregated Witness (SegWit) does help to increase the size of a Small Block.
SegWit doubles it to 2MB, but that still does not compare to the 8MB from the Larger Blocks.
So if you buy Crypto Currencies to do everyday transactions and are looking for speed, then BitcoinCash may be for you.
Another important thing to note and this would be very important if doing larger transactions (like buying a house).
Big blocks are faster, but sacrifice decentralization.
Small blocks are slower, but maintain the key advantages of decentralization and security.
Shown below are some key points I copied from gemini.com
Bitcoin (BTC) vs Bitcoin Cash (BCH)
C/P
By Cryptopedia Staff
Updated January 14, 2021
Bitcoin Cash (BCH) is designed to be a transactional cryptocurrency that functions as a peer-to-peer electronic cash payment system. It was developed in an effort to solve Bitcoin’s perceived scalability problem and is designed to be spent, rather than held as a store of value.
BCH’s fundamental distinction from Bitcoin (BTC) is the larger block size of its native blockchain, which makes BCH transactions much faster and cheaper to complete.
Bitcoin broke new ground as the first of its kind, but it soon became clear that Bitcoin had some deficiencies.
Bitcoin is relatively slow, generating a new block for the blockchain only once every 10 minutes with a block size limited to 1MB.
Further, it handles only seven transactions per second.
As a store of value that is minimally transacted this is mostly manageable but for everyday use, speed is critical.
Keep in mind that Visa processes 24,000 transactions per second.
As more users adopted Bitcoin, the network essentially bottlenecks.
Bitcoin started to encounter its scaling problem around 2015 and two camps emerged to address it: those who favored small-block solutions, and those who favored large-block solutions.
Big blocks are faster, but sacrifice decentralization.
Small blocks are slower, but maintain the key advantages of decentralization and security.
Speed and decentralization essentially exist on a spectrum, so the more you have of one, the less you have of the other.
With increased network traffic, even proponents of small block solutions recognized the need for at least some increase in processing speed. The solution small block proponents put forward is a process known as Segregated Witness (SegWit).
It functions by removing signature data from Bitcoin transactions.
A block contains transaction data and digital signature data about the origin and destination of BTC in any transaction.
SegWit segregates the witness (the digital signature) from the transaction data.
Essentially, it rearranges the data in any given block more efficiently. SegWit basically allows for double the block size (approximately 2MB per block).
Bitcoin Cash has its origin as a hard fork from Bitcoin. It is technically and structurally very similar to Bitcoin, but with one major difference: block size.
In the eyes of Bitcoin Cash supporters, Segregated Witness wasn’t an adequate solution to Bitcoin’s scalability problem. As a response to the deficiency they saw in SegWit, Bitcoin Cash was created and designed to pack 8MB of data into each block, and to process 116 transactions per second on average.
Transaction speed is greatly increased with BCH, but the larger block size also requires more processing power.
Bitcoin Cash is settled on a larger block size (which is 4-8 times larger than BTC, depending on the use of Segregated Witness) in order to process transactions more quickly.
These transactions are quick enough that you could make a grab-and-go retail purchase with BCH (like a cup of coffee), but if you were making a large purchase such as a car or a house, you could opt for a slower, more secure cryptocurrency like BTC.
BCH and BTC, therefore, fulfill different roles. Not every cryptocurrency is a store of value, and not every cryptocurrency needs to process data quickly to function like a credit card transaction.
It makes sense to use different tools for different tasks — much like using a credit card for restaurant dining and a bank transfer to buy a house.
end c/p
And that in a nutshell is why BCH is faster than BTC.
For the full article
Code:
https://www.gemini.com/cryptopedia/how-does-bitcoin-cash-work-bch
