Most of us have heard about Bitcoins. Even if you have not, you must have heard about the deep web. In the deep web, if you ever purchase something, you don’t buy it with debit or credit cards or money you see in your country, but you buy it in bitcoins. So now the question is what is bitcoin? It is a digit form of currency or better known as cryptocurrency. It is now used worldwide and it’s regarded as the first of its kind. Unlike normal money which the banks control, Bitcoin is solely controlled by the user himself and the software to store bitcoins is available in the internet. The advantage of bitcoin is that, the users can buy things in an instant. The transactions happen directly from user to seller. The buying and selling of goods with bitcoins is recorded by system called blockchain.
In recent times, there has been a bit of a flux linkage with bitcoins. Somewhat like Alternating current, the value of Bitcoins has been going up and down by significant amounts. Investing in bitcoins is definitely not for rookies. After falling down as much as 29% fromits highest point because of the cancellation of an upgrade, the Titanic cryptocurrency came back howling in Monday. The gain was short lived though but it soon suffered again. While much of the reasons are being located as the price volatility of Bitcoins, the biggest one is that some investors are turning toan alternativecryptocurrency. This cryptocurrency is known as bitcoin Cash. It is like a spin-off part of bitcoin. It has many of the upgrades that are being debated by developers.
While much of the market’s attention was turned towards the 500% surge of bitcoin, bitcoin cash gained popularity quite quickly due to its bigger sized block. This property makes the transactions cheaper and smoother than Bitcoin.Some developers protested against increasing the size of bitcoin blocks as this would create another spin-off, many of the other developers stood with firmly with bitcoin cash. The bitcoin market price has been extremely volatile even by the standards of bitcoin value.
Due to last week’s bitcoin upgrade being cancelled, the users now have tomake a choice between the older and newer version. In the red corner we have the original bitcoin, developed using a technology called Segwit, aims to improve bitcoin performance by erasing unnecessary data off it’sexisting blockchain. In the blue corner, we have bitcoin cash. Its block chain allows 8times more data to be handled compared to bitcoin.
Bitcoin cash advocates believe their approach is simpler and much to the original concept of bitcoin, which was described solely as a payment method. However, the supporters of the original bitcoin say that vision is too backdated, and by improving its function using Segwit, bitcoin can become a new and even bigger digital assets that not only support paying bills but also give a lot of other functions.
The best thing however, would be to hold onto both the coins. In that way, the winner of this surge gets dominate the market for some time and people can choose the better one.