BitMEX Research Says Bitcoin SegWit Use Up 17% Over Bitcoin Cash Even With Stress Test

Bitcoin SegWit Challenges Bitcoin Cash

Both soft and hard forks have always presented an interesting conceptual and practical issue on the blockchain. Bitcoin’s blockchain creates forks in its overall chain when the community decides that a certain idea or issue is simply too important to continue along the same path.

When some people felt as though it only made sense to increase the size of blocks on the chain, for example, Bitcoin Cash was created. But as the blockchain upon which transactions are built continued to expand, it has become more and more common for new derivations of Bitcoin to crop up.

The newest iteration of Bitcoin is Bitcoin SegWit. The SegWit protocol is an upgrade to the Bitcoin blockchain which was created out of a desire to increase the overall number of transactions which can be conducted on each block on the Bitcoin chain.

The desire to do so is clear and justified, because increasing the transaction limit would be one way to solve the massive Bitcoin scalability problem, which is one of the biggest issues plaguing developers on the Bitcoin blockchain.

Researchers have found, though, that SegWit may be growing far faster than anyone initially anticipated, too. BitMEX’s Research Division released statistics on Twitter revealing that Segwit has had over 22.1 million total BTC SegWit transactions on the BCH network since it went live.

But in this same amount of time, BCH itself has only seen a total of 18.9 million. Quickly doing the math, the blog article concluded that the SegWit transaction volume eclipses its mother network by around 17%.

Comparative Growth

It isn’t just Bitcoin Cash that SegWit seems to be eyeing. According to some sources, the currency had recently climbed to all-time-highs in transaction volume, comprising an impressive 50% of total daily transaction volume for Bitcoin momentarily before falling back down to 40%, a percentage at which it has hovered in these last couple of months.

This is a major move for the currency, which has been relatively new to the Bitcoin scene but has been quick to captivate the interest of investors on the blockchain eager for a potential solution to the massive scalability problem.

As SegWit continues to grow, the true test of the scalability of the BCH network will come clear. What problems might arise and be exacerbated as more investors become interested in pouring their own funds into the largely new and untested waters of Bitcoin SegWit?

Times Of Growth

The Bitcoin Cash network and its leaders are set for an enormous time of expansion, even amid the troubling waters of this cryptocurrency drought. According to a Bloomberg report, Roger Ver of Bitcoin Cash has expressed his interest in launching his own new crypto exchange, which would function to boost the overall liquidity of his cryptocurrency, Bitcoin Cash.

BCH has remained relatively steady at its place as the fourth top cryptocurrency in the world, averaging a market cap of around USD $7.9 billion with a price which has been particularly hard hit by the value crashes of the past few months in the crypto space.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,269FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

Digital Assets Beat Traditional Assets by a Wide Margin & Ethereum Outperforms Bitcoin

In 2020 to date, Bitcoin has seen a positive performance of 80% and Ethereum 217%. With these gains, digital currencies are leading this year, with...

Filecoin Miners Will Receive 25% Of The FIL Rewards Immediately After A Successful Network Upgrade

Filecoin (FIL) miners set to receive 25% of their rewards instantly for miners that successfully activated the FIP-004 protocol at block number #170,000. Given...

PayPal Exploring Acquiring Crypto Companies, Already in Talks with Bitcoin Custodian BitGo

PayPal is now exploring acquisitions of crypto companies, including bitcoin custodian BitGo, reported Bloomberg. This week, Paypal announcing support, buy, sell, and hold for cryptos...

Bitcoin Is Having A “Sell-Side Liquidity Crisis,” As BTC Buyers Outweigh the Sellers

After an explosive start of the week that took us to a 13-months high of $13,300, Bitcoin is taking a breather just under $13,000. Interestingly,...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today