BCH Network Active Addresses Outnumbered By Dogecoin, Median Transaction Value Is Sub $.01 USD
Bitcoin Cash Network Active Addresses 33% Less Than Those On Dogecoin Network, With A Median Transaction Value Of Less Than 0.01 USD
BCH (Bitcoin Cash) at the moment is the 4th largest digital asset, above Litecoin and Dogecoin, but the total number of active addresses on the Bitcoin cash network is less than half of those on the Litecoin network and less than 33% of those on the Dogecoin network at 26,030 within the last 24hrs (Litecoin has 54,225 while Dogecoin has 78,641). According to reports, the value of the median transaction on the Bitcoin cash network is meager at 0.0096 USD (0.000038 BCH).
The above reports caused a lot of debates amongst crypto enthusiasts and analysts.
Melik Manukyan, a network engineer tweeted :
“That chart is tracking median tx value, BCH and BSV have been notorious for conducting network “stress tests,” in other words, periodically spamming their networks with bursts of millions of meaningless, small transactions.”
Small On-Chain Blocks
This low amount of active addresses on the Bitcoin cash network may cause assumptions that the BCH network has low usage. This report reveals that the network has small on-chain blocks at about 95kb (almost 50% of its regular average of 177kb) instead of having a big block demands. Showing that the BCH network uses less than 2% of the proposed 8mb block size for the scalability of the network. These boosts claim that the BCH network thrives on misinformation, newbies and marketing.
Dr Hash, a coder and crypto enthusiasts said the BCH stats are worse than we predicted, he Tweeted :
“Bloody hell it's worse than we thought. median tx value on BCH is under 1 cent.
nobody is using BTC
But much payments.” Even with the large number of transactions it claims to reach.
Low Harsh Rate Of BTC
Besides the low transaction value, the hash rate of Bitcoin Cash is also very low. Currently, it has a harsh rate is 2.449 EH/s which is low in relation with that of Bitcoin which is 46.952 EH/s. This low harsh rate of Bitcoin Cash network simply means that some average sized BTC miners have successfully launched a major attack on the network causing transaction reversals and other problems on the network.
Frequent Hard Fork Is “Ridiculous”
Yoshitaka Kitao, the president and CEO of SBI Holdings recently said that he had plans on promoting Bitcoin cash, but didn't, as a result of the hard fork it faced that brought about the development of Bitcoin SV (BSV). He said :
“Coins that frequently hard fork are ridiculous. I was going to promote BCH, but Jihan and Craig ended up fighting, and ABC and SV were born. Jihan side won and inherited the name BCH, but I decided to quit both. This caused the market cap for both coins to fall.”