Bitcoin vs Bitcoin Cash – what is this? If you’re just entering the cryptocurrency sphere in 2018, you’re in for a treat. The past year has been one of the most exciting years in the crypto-scene, full of drama, scams, forks, and new and often confusing regulations. If you’re just starting to read up on things, the chances are, you’ll encounter chaos as you’ve never faced before, and the difference between BTC vs BCH is one of the things you should learn first.
Booming and crashing markets, thousands of different tokens and coins, different block chains, scaling technologies, fake news, millions of new blogs popping up everywhere — all in all, it’s just one big mess. On top of that, after getting spammed about Bitcoin over and over again, you finally decide to see what’s all this fuss about, and you come to learn that there’s more than one Bitcoin?
What kind of sorcery is this? Here you go – a comparative study of Bitcoin vs Bitcoin cash!!
We are at the forefront of another “dot-com” boom. The entire cryptocurrency market is breaking all-time highs across the board. Bitcoin is now one of the 30 or so largest currencies in the world, and all across the world, people are looking to invest in bitcoin.
According to the 2017 study done by the Cambridge Centre for Alternative Finance, the Global cryptocurrency benchmark study, the current number of unique active users of cryptocurrency wallets is estimated to be between 2.9 million and 5.8 million and between 5.8 million and 11.5 million wallets are estimated to be currently ‘active’.
Are we in a bubble? Definitely.
But that statement doesn’t say anything, does it? For example, at what stage of the bubble are we at the moment? Well, let’s look at the numbers.
The GreenAddress wallet is a Bitcoin only HD wallet with security as its main focus. It is primarily used as a desktop wallet, but only through a Chrome extension. That was done by design to provide additional security. There are also mobile versions available for both iOS and Android operation systems.
Multi-signature is available to add security, and there are four different types of 2-factor authentication available, and there are additional features that have been developed to appeal to experienced Bitcoiners. Those new to Bitcoin might find the wallet a bit overwhelming, and a simpler Bitcoin wallet might be a better choice for your very first wallet.
If you need an alternative method to centralized exchanges for buying Bitcoin your answer might be LocalBitcoins. The site provides a peer-to-peer marketplace for users to get together, buying and selling Bitcoin without oversight from centralized exchanges or financial institutions.
What is Bitcoin mining? Mining is the process by which new bitcoins are created and simultaneously, the way the bitcoin system is secured. Through mining, bitcoin transactions are validated and cleared. Mining is a sort of decentralized clearinghouse because it secures the bitcoin system and enables a network-wide consensus to be achieved without a central authority or a trusted third party. It is the invention that makes cryptocurrencies revolutionary. Well, technically, Bitcoin is an emanation of an ingenious solution to the double-spending problem and the Byzantine Generals’ Problem. And here you will find out how to mine Bitcoin.
2Already 80% of all Bitcoins have been mined (as of January 15, 2018) so let’s see how many Bitcoins are left. The Bitcoin blockchain was designed to only ever produce 21 million Bitcoins. Once all of these are produced and mined there won’t ever be another Bitcoin produced. This is known as controlled supply and is in direct contrast with the way national currencies are handled by central banks.
National, or fiat, currencies have an ever expanding supply. This has several reasons, one of which is that it creates inflation, which global governments encourage as a way to grow the economy. Unfortunately it also leads to the devaluation of the currencies, and in many cases this also leads to a reduction of wealth for citizens.
Bitcoin is often regarded as an anonymous cryptocurrency because it is possible to transmit and accept bitcoins without giving anyone your personally identifying information. While this is true, the current version of the protocol is not exactly anonymous.
When Bitcoin was first introduced in 2009, its creator Satoshi Nakamoto envisioned it to be a private and secure protocol for transfer of value over the Internet. Before 2014, the general public didn’t really understand how the blockchain technology operates; there was very little information on the Internet and the limited info that was available was usually catered to developers/cryptographers who already knew a lot about the technology.
If you need a desktop Bitcoin wallet and start searching for one you’ll soon find yourself overwhelmed. There are so many Bitcoin compatible desktop wallets that it can be very difficult to decide which to use. If you want to just stick with one that has a long history of solid performance though, you could just stick with the Electrum wallet.
There is hardly any doubt that Bitcoin is more than a bit of an economic revelation. The cryptocurrency that was born out of the eponymous 2008 Bitcoin white paper and launched the following year has been catapulted to the forefront of global attention. The emergence of Bitcoin launched blockchain technology and introduced cryptocurrencies to the world. In less than a decade that Bitcoin has been around, it certainly has made the news a lot. One question that has defied any definitive solution has been the puzzle of just how to value Bitcoin. The answer may lie in an approach developed by a Swiss research team.
Bitcoin cannot be mentioned without Hal Finney. One of the earliest Bitcoin pioneers, he was the first person to receive the world’s first Bitcoin transaction and he has often times been identified as Satoshi Nakamoto. In the world of cryptography, Finney is a key figure and a grandmaster. He always had a keen interest in cryptography payment schemes, and when Satoshi Nakamoto brought Bitcoin to the limelight, he felt positive and convinced, while many cryptographers were sceptical about the cryptocurrency. Hal Finney and Phil Zimmermann worked together at PGP (Pretty Good Privacy) Corporation which Zimmermann started.