Although Bitcoin, Bitcoin Cash, and Bitcoin SV have names that seem similar, there are significant distinctions between them. Unfortunately, these distinctions may not be readily apparent to crypto novices.
This article will teach you the difference between Bitcoin Cash vs Bitcoin SV and Bitcoin (BTC) so that you can comprehend their differences.
Bitcoin (BTC) has the distinction of being the first cryptocurrency ever created. On January 3, 2009, the digital currency created by pseudonymous innovator Satoshi Nakamoto ushered in the era of cryptocurrencies and blockchain technology.
Importantly, on October 31, 2008, Nakamoto released the Bitcoin whitepaper, a document that explains in great detail the technical specifics of his invention. At 14:10 Eastern Standard Time, Nakamoto sent a message entitled “Bitcoin P2P e-cash paper” to subscribers of the cypherpunk-oriented Cryptography Mailing List housed on Metzdwowd.
In the decade that followed, bitcoin’s popularity soared, resulting in the emergence of several other cryptocurrencies. These new digital currencies were known as altcoins, which is an abbreviation for alternative coins, since they were brought to the market to serve as alternatives to Bitcoin.
Litecoin, which was supposed to be the “digital silver” to Bitcoin’s “digital gold,” Bitcoin Cash, and Bitcoin SV are examples of alternative cryptocurrencies.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is a hard fork of the blockchain of the original Bitcoin. The currency was created on August 1, 2017, in response to rising tensions amongst Bitcoin community members about scalability problems and how to handle them.
The Bitcoin community expected the SegWit update to boost the network’s processing capacity. A tiny but determined group felt increasing the block size would help the network grow. At block height 478559, Roger Ver’s crew upgraded their software and created a new currency.
Bitcoin Cash refers to the ideological differences that drove the debate. The Bitcoin Cash organization said the block size increase would make the cryptocurrency more usable in everyday transactions.
Bitcoin Cash is technically extremely similar to its parent cryptocurrency, Bitcoin. They both use Proof of Work as a consensus method, using SHA256 as the primary algorithm. In addition, they both have predetermined reward halving.
The primary difference between these two is that Bitcoin Cash has a much higher block size to accommodate more transactions and hence better scale the network. This distinction makes them non-interchangeable and, hence, unique cryptocurrencies.
Bitcoin SV (BSV)
On November 15, 2018, the Bitcoin Cash blockchain split, becoming Bitcoin SV (BSV). Bitcoin Satoshi Vision (SV) The name of the digital currency references the Bitcoin Cash group’s split.
As previously, Bitcoin SV and Bitcoin Cash proponents disagree on block size. Bitcoin Cash backed retaining the block size at 32 MB, whereas Bitcoin SV preferred 132 MB. These arguments led to Bitcoin SV’s breakup.
Bitcoin SV varies mostly from Bitcoin Cash and Bitcoin in terms of technical characteristics due to its larger block size. This characteristic has shown to be the most significant and irreparable difference.
Although Bitcoin, Bitcoin Cash, and Bitcoin SV share a name, they are separate cryptocurrencies, like WBTC vs BTC. Bitcoin is the world’s first digital currency, while Bitcoin Cash and Bitcoin SV are alternative cryptocurrencies that seek to fulfill distinct functions that Bitcoin now does.
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