Just recently, the Bitcoin Cash community has been discussing the large number of transactions the network has recorded on a daily basis over the past month. Statistics show that daily bitcoin cash transactions have increased daily since the last week of 2020. Bitcoin cash miners processed more than 300,000 daily transactions on different days over the past week.
The crypto economy and the multitude of blockchain networks have received a lot more attention in recent months. Not only have a number of digital assets grown in value, but many of these tokens are also increasingly being used.
More recently, Bitcoin Cash proponents have noticed that the BCH chain is processing a lot more transactions than usual. Since the last week of December 2020, the number of BCH transactions per day has steadily increased northwards and has horribly hit the daily performance of the Bitcoin (BTC) network.
At the time of writing, onchain data shows that the BCH chain has processed 282,010 transactions in the last 24 hours while BTC has processed 334,793 in that time. This shows that BTC is processing 3.87 transactions per second while BCH is processing 3.26 transactions at this transaction rate.
In addition, statistics from messari.io show that Bitcoin Cash (BCH) is currently the fourth most active blockchain among Dogecoin (DOGE). For most of the past month, BCH has been the third most active blockchain.
In terms of billing, the data showed that the Bitcoin Cash network transacted $ 4.34 billion among 80,529 active addresses in the past 24 hours. On Friday, Bitcoin Cash supporters discussed the increasing number of transactions on Reddit.
One thread found that BCH had 322.26,000 transactions on Jan 29, 2021, compared to BTC’s 322.22,000 daily count. “The community grows and benefits, and that’s the most important thing,” said the Reddit author. Another person known as a “Transaction Maximalist” wrote:
Same throughput but still $ 0.001 transaction fees. Cool.
Even with the increase in transaction throughput, the BCH transaction fees have not increased. BCH has a block size parameter of 32 MB and as of September 2018, participants observed the chain processing of more than 2 million transactions within 24 hours.
During that time in 2018, a time the community referred to as “stress testing,” BCH miners processed massive sized blocks all week. Bitcoin cash miners are still processing very large blocks, while BTC miners are still handling the 1MB limit and improvements on separate witnesses (Segwit).
On Saturday, BCH supporters celebrated a large block with 4723.044 kB (4.7 MB) at block height 672.532. The large block processed 14,910 transactions and with the 6.25 BCH block rewards, only $ 25 was paid in transaction confirmation fees. Software developer Jonathan Toomim also spoke about the larger block on Saturday morning.
“This block (672532) was mined at 8:30 am UTC,” said Toomim. The previous block (672531) was only included [one] Transaction (Hathormm, aaarg!). The previous block (672530) was dismantled at 7:12 a.m. UTC. So this 4.7MB block comprised transactions worth 1h28m. That’s about 0.53MB per 10 minutes, ”he added.
What do you think of the increased number of transactions on the Bitcoin Cash blockchain? Let us know what you think on this matter in the comments section below.
Tags in this story
24 hour transactions, 4.7MB, BCH, BCH backers, large blocks, Bitcoin (BTC), Bitcoin cash, Bitcoin cash BCH, BTC, daily count, fees, Jonathan Toomim, stress tests, transaction count
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