Bitcoin Cash at the Bottom, Dogecoin, Dash, & Litecoin Beats BCH in Payments with a Big Margin
Bitcoin Cash (BCH) was launched on August 1, 2017, with the aim to increase the block size limit of Bitcoin and lower the transaction fees on-chain. The sixth largest cryptocurrency didn’t gain enough support to become the Bitcoin but it still continues to exist as an altcoin and among the top 10 cryptos.
Bitcoin Cash is not only the cryptocurrency that is focusing on becoming the payment of choice and lower the on-chain transaction fees. Cryptocurrencies like Litecoin, Dash, and Dogecoin are doing far well than Bitcoin Cash in this department.
Actually, these altcoins are proving to be far more useful for low-value transactions over the past few months. If we take a look at the data of the past month, Bitcoin Cash has fewer on-chain payments at 12.6k while Dogecoin (DOGE) is in the lead at 55.6k followed by Dash and Litecoin (LTC) at 54.8 and 46.2k respectively as on February 10.
Payment Count, Source: Coinmetrics
According to Coinmarketcap, Litecoin is the 4th largest cryptocurrency at $2.6 billion while Dash is the 15th largest at $710 million and Dogecoin is at 24th position with a market cap of $223 million.
When it comes to active addresses, the data is no good here as well for Bitcoin Cash. In the below graph, it can be seen clearly, while the other three altcoins are coinciding, Bitcoin Cash is at the bottom by itself.
Active Addresses, Source: Coinmetrics
Here, Dash is in the lead with 80k active addresses in one month which is about 4 times of Bitcoin Cash’s 20.9k addresses.
After the split of Bitcoin Cash into Bitcoin SV, it can hardly be seen in the market with not much development coming from its side. However, Roger Ver recently took to Twitter to share the results of a new study from November 2018 that shows the Reddit activity of Bitcoin Cash outperforming other top altcoins.
Though Bitcoin Cash was created to be cheaper than Bitcoin, the original Bitcoin blockchain processes over ten to twenty times of payments per day that is excluding Lightning Network and batching.
When it comes to transaction per hour, in the last 24-hours Bitcoin registered 10,988 in comparison to Bitcoin Cash’s 689, as per Bitinfocharts. On the basis of this data, Bitcoin Cash (BCH) is far from becoming a payment option of choice.