Recently, the Bitcoin Cash community discussed the sheer number of transactions the network has seen on a daily basis for 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 over multiple days last week.
The crypto-economy and a myriad of blockchain networks have received a lot more attention in recent months. Not only has the value of several digital assets increased significantly, but many of these tokens are also being used more and more.
More recently, Bitcoin Cash supporters have noticed that the BCH chain is processing a lot more transactions than usual. Since the last week of December 2020, the number of daily BCH transactions has steadily increased northward and has come closer to the network’s daily Bitcoin (BTC) output.
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At the time of writing, on-chain data shows that the BCH chain has processed 282,010 transactions in the last 24 hours, while BTC has processed 334,793 during that time. This shows that BTC handles 3.87 transactions per second, while BCH does 3.26 at this transaction rate.
Moreover, statistics from messari.io show that bitcoin cash (BCH) is currently the fourth most active blockchain under dogecoin (DOGE). Most of the time in the past month, BCH
it was the third most active blockchain.
In terms of settlement, over the past 24 hours, data shows the Bitcoin Cash network has settled $ 4.34 billion out of 80,529 active addresses. Bitcoin Cash supporters discussed the growing number of transactions on Reddit on Friday.
One thread pointed out that as of January 29, 2021, BCH had made 322.26k trades against the daily count of 322.22k BTC. “The growth and usefulness of the community is on the rise, and that’s the most important thing,” the author of the Reddit post noted. Another person nicknamed “Transaction Maximalist” wrote:
Same performance but still transaction fees of $ 0.001. Cold.
Even with the increased performance of BCH transactions, the transaction fees have not increased. BCH has a block size setting of 32MB and in September 2018, participants observed that the chain was processing over 2 million transactions over a 24-hour period.
During that time in 2018, a time when the community called “ stress tests, ” BCH miners processed large blocks throughout the week. Bitcoin Cash miners still deal with very large blocks, while BTC miners still face the 1MB limit and separate token improvements (segwit).
On Saturday, BCH supporters held a 4,723,044 KB (4.7MB) large block up to block 672,532. The big block processed 14,910 transactions and the 6.25 BCH block rewards did paid a $ 25 fee for confirming the transaction. Software developer Jonathan Toomim also spoke about the biggest block on Saturday morning.
“This block (672532) was mined at 8:30 am UTC,” Toomim said. The above block (672531) included only [one] transaction (Hathormm, aaarg!). The previous block (672530) was mined at 7:12 UTC. This 4.7 MB block therefore includes 1h28m of transactions. That’s about 0.53MB for 10 minutes, ”he added.
What do you think of the increase in the number of transactions on the Bitcoin Cash blockchain? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, explorer.Heaven32 / bch / block, Coin Dance,
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