Introduction
If you are a blockchain enthusiast and looking to invest in cryptocurrencies, you must have heard about Ethereum Classic and Bitcoin Cash. In this blog post, we will provide a factual comparison between Ethereum Classic and Bitcoin Cash. We will analyze the similarities and differences between these two cryptocurrencies, including their history, uses, market capitalization, and more. Let's dive in.
History
Ethereum Classic (ETC) is a cryptocurrency that is the result of a hard fork of the original Ethereum blockchain. When the DAO hack happened in 2016, the Ethereum Foundation decided to fork the blockchain to return the stolen funds. However, some of the community remained on the original blockchain, which is now known as Ethereum Classic.
Bitcoin Cash (BCH) was created in 2017 as a result of a hard fork of the original Bitcoin blockchain. The main reason behind the fork was to increase the block size limit, which would speed up transaction times and lower transaction fees.
Use Cases
Both Ethereum Classic and Bitcoin Cash have multiple use cases. Ethereum Classic is primarily used as a platform for decentralized applications (dApps) and smart contracts. On the other hand, Bitcoin Cash is used primarily as a payment method and store of value.
Market Capitalization
As of July 2022, the market capitalization of Ethereum Classic is approximately $7.2 billion, while that of Bitcoin Cash is approximately $6.5 billion. Ethereum Classic is ranked 27th on CoinMarketCap, while Bitcoin Cash is ranked 33rd.
Transaction Speeds and Fees
Ethereum Classic has a faster average block time of around 13 seconds, which makes transactions quicker compared to Bitcoin Cash's average block time of 10 minutes. However, Bitcoin Cash consistently has lower transaction fees compared to Ethereum Classic.
Conclusion
Both Ethereum Classic and Bitcoin Cash are well-known cryptocurrencies with their own strengths and weaknesses. Ethereum Classic is primarily used for dApps and smart contracts, while Bitcoin Cash is mainly used for payments and store of value. Ethereum Classic has a faster block time, while Bitcoin Cash has lower transaction fees. Ultimately, the choice between these two cryptocurrencies depends on what you're looking for in a cryptocurrency.