December 20, 2017
Bitcoin, Ether, Dogecoin, Litecoin, Potcoin – what’s the difference? There are so many coins all with different uses, histories, technologies and developments that rying to figure out which is what can be such an arduous process that it turns you off the entire field. As an industry expert, Infinity Blockchain Labs (IBL) makes it our mission to inform people about all matters related to blockchain finance. This includes explaining the differences between the many blockchain coins out there. Today we will start with two of them – Bitcoin and Bitcoin Cash.
Bitcoin (BTC) is the first and most well-known cryptocurrency. Created by an unknown person or group known only as Satoshi Nakamura, it put blockchain finance on the map. Now worth over $USD 10,000 per coin, it was once only several cents. It is the fundamental currency for the Bitcoin blockchain (a decentralized ledger that stores information as immutable blocks).
All transactions on the blockchain require a small amount of Bitcoin to be performed, and the people that lay the blocks, “miners”, receive a small amount of Bitcoin for their efforts. It has evolved to become a currency in itself, used to purchase goods and services as well as other coins.
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In August 2017, the Bitcoin blockchain endured an event called a ‘hard fork‘, where a fundamental part of the blockchain was changed or upgraded and all future blocks on had to change in a way that made them incompatible with older ones. The fork was the result of different views on how the blockchain should be used and maintained. In this particular situation, groups differed about how to deal with Bitcoin’s scalability problem.
The scalability problem is due to the fact that all blocks on the BTC blockchain are limited to one megabyte in size. If a transaction is larger than one-megabyte it requires multiple blocks resulting in increased transaction fees and delayed processing times. Different solutions to the problem have been fiercely debated in the Bitcoin community.
The hard fork that resulted in the creation of Bitcoin Cash is because of those differing opinions on how to deal with the scalability problem. A small group of miners (approx. 3% of total miners) under organized supervision decided to increase the block size from 1mb to 8mb. Bitcoin Cash (BHC) became the currency of the new chain. It boasts faster and cheaper transactions due to the increased block size.
In general the two currencies are very similar, and yet complete separate. Bitcoin Cash, thanks to its larger blocks boasts faster and cheaper transactions. Bitcoin on the other hand, because of its much larger community of miners and traders, has has greater security and infrastructure.
In the fast paced cryptocurrency world, it is impossible to tell exactly what the future holds. Bitcoin, because of its headstart and the general satisfaction level it maintains, probably isn’t going anywhere. And yet, Bitcoin Cash’s improved speed may continue to attract new users and encourage others to switch. It is possible the two will co-exist and even support one-another. People could use each currency for different activities (i.e. using Bitcoin Cash for daily purchases and Bitcoin for long term investment and saving). And of course other cryptocoins with different features could always come around and make both obsolete.
While very similar, you cannot send, receive or store Bitcoin with a Bitcoin cash wallet or vice versa. Until recently, your only option was to have two completely separate wallets – one for BTC, one for BCH. This of course clutters up your phone or tablet, requires you to remember extra passwords and passphrases and increases the chances one will be lost or stolen.
The team at Infinity Blockchain Labs (IBL) understood a single wallet that could store both coins would be the perfect solution for managing a variety of cryptocurrencies. With it a person would be able to have both weather it’s to use them for different purposes or for the sake of investment diversification. IBL therefore made certain that their newest wallet, Infinito Wallet can store, send and receive both BTC and BCH. Users can effortlessly switch between the two coins without needed to switch accounts, passwords or passphrases.
Infinito Wallet offers similar convenience if you want to use other coins including Ethereum and any of the thousands of available ERC20 tokens. More coins such as Litecoin and Dash will soon be accessible as well. Thanks to Infinito Wallet, users will now only need one wallet to send, receive, search, and store a full range of assets, making the crypto world fast and easy.
Moreover, Infinito Wallet offers optimized costs and unrivaled transfer speeds. And to better help users manage their accounts, all transactions will include memos and be downloaded for offline record keeping. Furthermore, by supporting numerous languages, the technology is available to more people in the world than any other wallet. Because it it registered in the Isle of Man and features of its source code can be accessed online, you can trust it is a secure, fully compliant solution for managing your cryptocurrencies.
Infinito Wallet was created by Infinity Blockchain Labs’ Core Lab. The leading blockchain r&d company has numerous labs aimed at creating solutions for different sectors and partners with the goal of promoting blockchain adoption.
You can learn more about Infinito Wallet and download it now at www.infinitowallet.io
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Infinity Blockchain Labs is a visionary R&D company engaged in intermediary and RegTech services employing blockchain technology. We focus on forming alliances with established businesses and regulatory institutions across various industries, as well as providing collaborative incubation for early stage blockchain projects.
IBL aspires to empower Vietnam to become a global leader in blockchain development and therefore are committed to sharing information to nurture a passionate, educated blockchain community. One of the ways we maintain our role as ecosystem pioneer is by helping create educated blockchain enthusiasts. We are committed to sharing information and resources to help Vietnam become a blockchain hub through conferences, courses, contests, alliances, workshops, speaking engagements and incubations. Information regarding topics like hard forks helps people become more familiar with key blockchain concepts and thus able to adopt the technology.
LinkedIn: Infinity Blockchain Labs
Contact: Nicole Nguyen PR@blockchainlabs.asia