Bitcoin Cash Celebrates Anniversary With 687,000 Transactions
Bitcoin Cash the most popular fork of bitcoin celebrated its first anniversary on Aug 1. Bitcoin Cash (BCH) has done rather well for itself during the last 12 months after the Bitcoin Cash network split with the main bitcoin network.
BCH has now become one of the most popular cryptocurrencies in the world and its first anniversary saw as many as 687,000 transactions.
The number of transactions that the Bitcoin Cash network had on August 1 beat the main bitcoin network's transaction record by 197,000 transactions. Bitcoin core hit a record 490,000 transactions back on December 14, 2017. Many believe that this vindicates the fact that Bitcoin Cash was right in implementing larger block sizes.
The Bitcoin Cash network recording 687,000 transactions in a single day is a major milestone for BCH and the crypto industry. What makes it even more special is that all of these transactions were processed with transaction fees lower than 20 cents. The main Bitcoin network recorded close to 240,000 transactions and BTC users had to pay 67 cents for each transaction.
The high numbers caused some crypto analysts to doubt the provenance of the BCH transactions. Suspicion was cast on the number of transactions since the Bitcoin Cash network is scheduled for a stress test. However, the development team cleared things up on their official Twitter, with their claim that the team was not stress testing the network with fake transactions.
Just be clear folks
The past 24 hours
we were NOT stress testing the BCH network
we were simply testing the scripts
to be used to stress test the BCH network
(although we did prove #BCH can scale onchain unlike #BTC)
September 1st 2018 12:00 UTC#BePrepared#StressTestBCH pic.twitter.com/4CXgqED7CP
— Stress Test BCH (@StressTestBCH) August 2, 2018
Reasons To Celebrate
The news of Bitcoin Cash breaking the original BTC transaction record has had a lot of BCH fans thrilled. The transaction count was not the only good news being celebrated by the crypto industry. Monitoring sites also showed that quite a few miners were processing very large blocks. For example, an unknown mining pool and Viabtc were processing blocks of up 8 MB in size.
According to the transaction monitors, the Bitcoin Cash network was processing transactions for an average fee of just 3 cents. It actually went down to 2 cents for some users. That is an interesting change of pace from what happened to the main bitcoin network, which was put to a real test in the midst of the bitcoin craze which took place during December 2017. The Bitcoin mempool collapsed under the demand and some transactions were marked as spam. With half-a-million transactions being processed in a single day with no hiccups, Bitcoin Cash proves that it can beat the main bitcoin network.
Tim is a retired professor in economics, this background has enabled him to provide a insight into the cryptomarket. His indepth analysis as well as news on legislations around the world will help you to understand what the state of play is.