Tags in this story
24-hour transaction, 4.7MB, BCH, BCH supporter, big block, Bitcoin (BTC), Bitcoin Cash, Bitcoin Cash BCH, BTC, daily count, fee, Jonathan Tommy, stress test, transaction count
Just recently, the Bitcoin Cash community has been discussing the large number of transactions that the network saw every day last month. Statistics show that since the last week of 2020, the daily transaction volume of Bitcoin Cash has increased every day. In the past week, the daily transaction volume of Bitcoin Cash miners has exceeded 300,000 transactions per day.
In the past few months, the crypto economy and countless blockchain networks have received more and more attention. Not only has the value of many digital assets soared, but the usage rate of many such tokens has also increased.
Recently, supporters of Bitcoin Cash have noticed that the BCH chain is processing more transactions than usual. Since the last week of December 2020, the daily BCH transaction volume has been rising steadily and is very close to the daily output of the Bitcoin (BTC) network.
At the time of writing, on-chain data shows that the BCH chain has processed 282,010 transactions in the past 24 hours, while BTC has processed 334,793 transactions at the time. This shows that BTC processes 3.87 transactions per second, while BCH processes 3.26 transactions at this transaction rate.
In addition, statistics from messari.io show that Bitcoin Cash (BCH) is currently the fourth active blockchain under Dogecoin (DOGE). For most of the last month, BCH was the third most active blockchain.
In terms of settlement, data in the past 24 hours shows that the Bitcoin Cash network has settled USD 4.34 billion in 80,529 active addresses. On Friday, Bitcoin Cash supporters discussed the increase in the number of transactions on Reddit.
A thread pointed out that on January 29, 2021, the trading volume of BCH was 322.26k, while the daily trading volume of BTC was 322.22k. The author of the Reddit post emphasized: “The growth and utility of the community is on the rise. This is the most important thing.” Another person known as a “transaction maximizationist” wrote:
The throughput is the same, but the transaction fee is still US$0.001. cool.
Even with the increase in transaction throughput, the transaction fees of the Biosafety Clearing House have not increased. The block size parameter of BCH is 32MB. In September 2018, participants observed that the chain processed more than 2 million transactions within 24 hours.
During the period of 2018 called “stress test” by the community, BCH miners spent a whole week processing large blocks. Bitcoin Cash miners still handle very large blocks, while BTC miners still handle the 1MB limit and Segregated Witness (Segregated Witness) improvements.
On Saturday, BCH supporters celebrated a large 7723.044kB (4.7MB) block with a block height of 672,532. The large block processed 14,910 transactions, and only a $25 transaction confirmation fee was paid using the 6.25 BCH block reward. Software developer Jonathan Toomim also talked about larger blocks on Saturday morning.
“The block (672532) was mined at 8:30 am UTC,” Toomim said.The previous block (672531) only includes [one] Trading (Hathormm, aaarg!). The previous block (672530) was mined at 7:12 AM UTC. Therefore, this 4.7 MB block contains 1h28m worth of transactions. About 0.53 MB every 10 minutes,” he added.
What do you think of the increased number of transactions on the Bitcoin Cash blockchain? Let us know your thoughts on this topic in the comments section below.
Picture Credits: Shutterstock, PNG, Wiki Commons, explorer.bitcoin.com/bch/block, Coin Dance,
Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or allegedly caused by the use or reliance on any content, goods or services mentioned in this article or related thereto.