Bitcoin’s inventor, Satoshi Nakamoto, outlined what Bitcoin is in the original 2009 Bitcoin whitepaper – a document which created the roadmap and social contract for Bitcoin. To date, this is still the most simple and accurate description of what Bitcoin is. Bitcoin which is also known as ‘digital cash’, the first ‘cryptocurrency’, an international payment network, and ‘the internet of money’ – whatever you want to call it – Bitcoin is a revolution that is changing the way people think about and use money. On August 1, 2017, Bitcoin split when there was a permanent fork divergence in the blockchain, thereby creating two blockchains: Bitcoin Core (BTC) and Bitcoin Cash (BCH). Bitcoin Cash is the upgraded newer version of Bitcoin which preserves the fast, decentralized, inexpensive qualities of Bitcoin network transactions.
To further clarify: Bitcoin Core (BTC) is less usable as money due to extremely high high fees and delayed transaction times creating an unstable and unreliable deprecated network. The Core developer team has also expressed an interest in keeping these fees high since they view BTC as a “store-of-value” and not something to be transacted on a daily basis. In contrast, Bitcoin Cash’s transaction fees cost pennies and payments can be validated even with zero confirmations. These facts make BCH the ideal cryptocurrency for sending and receiving money anywhere in the world.)
What is Bitcoin Cash (BCH)?
Bitcoin Cash (BCH) is a peer-to-peer electronic cash system. It is a consensus network that enables a new type of payment method and a completely digital form of money. It is a decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.
What is Bitcoin Core (BTC)?
The creation of Bitcoin Cash required a ‘fork’ or split of the network that resulted in two versions of the Bitcoin network: Bitcoin Cash (BCH) and Bitcoin Core (BTC). Bitcoin Cash preserves the instant, exceedingly cheap qualities of Bitcoin transactions and is the version of Bitcoin described in the Satoshi Whitepaper.
Bitcoin Core, meanwhile, is the slow, expensive version that no longer functions as money. The future of Bitcoin Core is unclear as its development team is not interested in scaling the network on the Bitcoin blockchain but has opted for third-party, centralized solutions such as ‘The Lightning Network’ which, despite several years of development and countless promises, has failed to solve the scaling problems faced by Bitcoin Core.