What are Bitcoin Cash and Bitcoin Gold?

Cryptocurrency completely evades the traditional banking system and monetary authorities associated with national currencies. As cryptocurrencies originally began as a payment system, they have evolved into an asset class for investors to buy and sell.  

A data structure known as “blockchain” secures cryptocurrencies like Bitcoin as they have become a subject of controversy due to the high volumes of energy needed to “mine” them. However, this energy-intensive process keeps cryptocurrencies safe throughout a decentralized network.

An Overview of Bitcoin Cash

The Bitcoin cryptocurrency is typically categorized into Bitcoin Cash (BCH), Bitcoin Gold (BTG), and Bitcoin (BTC). Though Bitcoin is the most popular and commonly available, you can trade all three types on various exchanges. The purpose of creating Bitcoin Cash was to limit certain groups from controlling Bitcoin.

BCH has its own specifications and blockchain, implementing an increased block size of 8 MB to speed up the verification process. The process has an adjustable level of difficulty that ensures the transaction verification speed and chain's survival, despite the number of miners supporting it. Hence Bitcoin Cash can process the transaction more quickly with lower processing fees than the Bitcoin network.

An Overview of Bitcoin Gold

Bitcoin Gold can be mined using specialized “ASIC” mining computer equipment that is not only expensive hardware but also consumes a lot of energy. Due to this cost, the main version of Bitcoin production has landed more in the hands of the elite.

The purpose of Bitcoin Gold is to hand over digital mining back to the regular people. This means, instead of using specialized equipment, you can mine Bitcoin Gold with a regular computer.

Buying Bitcoin Cash and Bitcoin Gold

You can purchase Bitcoin Cash and Bitcoin Gold in any currency on various exchanges worldwide. You can visit Coinbase to buy Bitcoin Cash, but you need to visit another exchange to purchase Bitcoin Gold. As with most other stock-trading applications, you pay a fee for every transaction made on these platforms.

Are You Interested To Learn More About Bitcoin?

People who want to learn more about Bitcoin can visit Urban Crypto. We are a platform that offers information and simplified crypto and bitcoin guides that enable people to make money online with Bitcoin.

Get in touch with us and download our E-book to learn more about wallets and exchanges to invest in.

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