Bitcoin Cash Just Processed More Transactions in a Day than Bitcoin While Keeping Fees at a Fraction of a Penny
Bitcoin Cash (BCH) once again flexed its scalability prowess by processing nearly three times as many transactions in a day than BTC while keeping fees at a fraction of a penny.
As pointed out by Roger Ver on Twitter, Bitcoin Cash recently processed 687,613 transactions in a single day, compared to 240,894 transactions on the BTC network.
Bitcoin Cash just processed more transactions in a single day than BTC ever has, and the fees stayed at a fraction of a penny.
BCH is a peer to peer electronic cash system. BTC is not. pic.twitter.com/MHADMxdI3s
— Roger Ver (@rogerkver) August 2, 2018
The graph Roger Ver posted showed an unusually large spike in BCH volume. Typically, BCH volume is significantly lower than BTC volume on any given day, so it’s unclear what caused the surge in BCH transactions.
Nevertheless, BCH was able to process these transactions efficiently, keeping fees at a fraction of a penny while securely processing all of these transactions on the blockchain.
“Bitcoin Cash just processed more transactions in a single day than BTC ever has, and the fees stayed at a fraction of a penny, wrote BCH evangelist and Bitcoin.com owner Roger Ver on Twitter. “BCH is a peer to peer electronic cash system. BTC is not.”
Ver’s tweet was greeted with some expected criticism. The graph clearly shows an unusual spike in volume on the BCH network, suggesting that someone – like a BCH evangelist – flooded the BCH network with transactions to demonstrate its scalability.
It’s no secret that BCH is the more scalable bitcoin network at the moment. BCH has expanded to 32MB blocksizes, giving each block 32 times the capacity of the BTC network. The BCH network is capable of processing transactions on-chain, which means transactions are copied to the bitcoin blockchain as intended by Satoshi, and all transactions are verified by the network of bitcoin nodes.
BTC, meanwhile, is struggling to achieve scalability while maintaining a 1MB blocksize. The BTC team argues that Satoshi Nakamoto’s vision was wrong, and that it’s impossible to achieve on-chain scaling of the bitcoin network. That’s why they’re proposing awkward, off-chain scaling solutions like the Lightning Network.
Redditor Write Detailed Post on “Why I Choose Bitcoin Cash Over Bitcoin”
Meanwhile on Reddit’s BCH-friendly /r/btc subreddit, user /u/alexander7k wrote a post titled, “Why I choose Bitcoin Cash over Bitcoin.”
A few days earlier, that user had posted something called, “Honest criticism of BTC & BCH,” where he described his issues with both BTC and BCH.
His criticisms with BTC included the fact that it was “totally bankster owned” and that “the LN [Lightning Network] seems like an obvious scam.” Like many other members of the community, he took issue with the fact that BTC was refusing on-chain scaling – even to 2MB or 3MB – while introducing “an un-needed middleman into the system” with the Lightning Network. Overall, he sees the Lightning Network as “just totally flawed”.
Meanwhile, his criticisms with BCH included its reliance on Moore’s Law. BCH only works if Moore’s Law continues to roughly occur – something that hasn’t been certain in recent years. He also expressed concern with the dominance of China-based bitcoin miners. Interestingly, he appears to take issue with the fact that China is run by a Communist government, saying “the fact that most BCH miners are Communists should be very concerning.” It’s unclear how he assumes that most BCH miners are communists.
In any case, that user, alexander7k, chose Bitcoin Cash in the end for the following reason:
Lower Fees: BTC’s network was swamped with high fees throughout 2017, and it continues to operate with unusually high fees in 2018. The fee problem officially ended up in February, but BTC’s fees remain excessive compared to BCH’s fees.
Better Security: The user claims BCH’s 32MB blocksize makes an attack 32x more costly and harder to pull off. “If a bigger budgeted attacker would attack again BTC with a 32x budget, then it would cripple BTC for 10 YEARS!!! That would literally make bitcoin literally die.”
Non Mining Nodes: BTC evangelists often take issue with non-mining nodes. Alexander7k doesn’t see the big deal, and references Satoshi’s original whitepaper as justification that non-miner full noes aren’t overly important.
SPV Wallets: Alexander7k rejects the idea that SPV wallets are less secure. Simplified Payment Verification (SPV) wallets are outlined in the bitcoin whitepaper. they fetch data from multiple servers.
The Lightning Network: Like many bitcoin users, alexander7k takes issue with the Lightning Network on BTC. “It essentially creates a KYC regulated bank network on top of a settlement layer, and the governments around the world will have total control over that.”
Alexander7k sums up his post saying,
“So I choose to stay with BCH, and now I am 101% supportive of it! Long Live Bitcoin Cash!!”
BCH is clearly more scalable and decentralized today than the BTC network – but it’s unclear which version of bitcoin will win in the long run. Stay tuned for more drama as BTC and BCH continue to battle.