*bitPico and Their Moves *
bitPico had made a reputation for itself as a champion of the Bitcoin network scaling solution SegWit2xas well as for creating the Lightning Network, commonly known as LN. bitPico is also working on a 51% attack on Bitcoin Cash to show that BCH is not decentralized enough. Bitpico wants to stress test the Bitcoin Cash network and show the world how easy it is to take down the Bitcoin Cash network. The aim of the group is to fork Bitcoin Cash and create bitpicocash. However, the overall goal of the group is to expose Bitcoin cash as a weak and unusable network, one that should never be adopted for business. Despite progress, Bitcoin Cash supporters continued to claim the altcoin’s supremacy to Bitcoin, expanding the network’s block size to 32 megabytes and rebutting criticism from pro-Bitcoin sources both online and in the media. Nonetheless, you can buy, sell or trade Bitcoin and Bitcoin Cash despite your preferences with Huobi Pro (
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*Bitcoin *
Bitcoin is the largest and most valuable cryptocurrency in the world. It began its journey with the promise of offering a fast and cheap method of payment. But Bitcoin transactions are far from cheap and fast anymore due to the currency’s technical limitations — a problem Bitcoin Cash is trying to solve. The issue with Bitcoin is the small 1 MB block size limit. This makes it painfully slow, as the currency is said to be capable of processing only seven transactions per second. For comparison, Visa can handle 24,000 transactions in the same time. Bitcoin transactions also take 10 minutes to process and have become expensive because of high demand.
*Bitcoin Cash*
Bitcoin Cash was launched in August 2017 and since become Bitcoin’s most popular cryptocurrency that has forked from bitcoin network. The reason of this fork is to increase the block size and process more transaction per second. Bitcoin’s maximum block capacity is 1MB, at this current time allows to process around seven transactions per second and implications of congested blocks, means paying higher fees. Bitcoin Cash on other hand has a maximum block capacity is 8MB which is allowed to process around 60 transactions per second and fees 99% cheaper than Bitcoin.
One can only imagine how ridiculous this block size debate must look to an outsider, but to the Bitcoin community, this issue is of vital importance. Although there are two complementary technologies, known as SegWit and Lightning Network already implemented on the main net as viable solutions to the scaling problem, as it stands, the adoption of these technologies is still too small to have any real effect.
*Bitcoin vs Bitcoin Cash*
The other significant technical difference between the two is the mining algorithm. They’re both running a PoW mining algorithm, but at the inception, BCH was running a less difficult mining algorithm as a way to attract miners and compete with BTC. However, this approach backfired as miners were getting in and out solely based on the profitability of mining BCH at the moment which resulted in unpredictable block times. To solve this, BCH introduced the Difficulty Adjustment Algorithm (DAA) which is a dynamic mining algorithm. This means that the mining difficulty is flexible and adjustable in efforts to create a more constant and predictable block time and protect miners migrating from BTC from hash rate fluctuations.
Since Bitcoin Cash forked out of Bitcoin, there’s a propaganda war going on in the media, blog posts, and forums. Both sides are spreading nasty lies about each other and attacking each other in various ways. Roger Ver, the owner of Bitcoin.com (
http://Bitcoin.com) and a leader of Bitcoin Cash, started referring to Bitcoin Cash as the Real Bitcoin on his site, creating massive confusion in the community, especially for the people that recently got into crypto. This is why bitPico is working on a 51% attack on Bitcoin Cash to show that BCH is not decentralized enough and that Bitcoin is a better overall solution. I personally am a big believe in Bitcoin due to its decentralization factor. After all, isn’t that why Bitcoin was created in the first place?
*Conclusion*
Nonetheless, the two can co-exist on the market, along with many other cryptocurrencies including Ripple and Ethereum, to name a few. But the important thing to remember is that despite having similar names, they are two entirely separate currencies. To purchase your cryptocurrencies, visit Huobi Pro (
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