Over 1.17 Million Transactions Settled On Bitcoin Cash Blockchain In April, Half From One Wallet
Adoption Or faux? One Bitcoin Cash (BCH) Wallet Accounts For 50% Of The Total Transactions On The Blockchain During April.
The recent revelation by I am Nomad, a Twitter user, and cryptocurrency enthusiast, on the number of Bitcoin Cash transactions in the past month reveals a striking fact. One account on the Bitcoin Cash blockchain is responsible for close to half of the total transactions in the past month. This is raising a number of questions across the cryptocurrency communities as critics bash the dominance of one account on a public blockchain.
The BCH address first received BCH tokens on April 4th, 2019, and sent out coins the same day and has since made 590,795 transactions over the last month. This accounts for close to half of the total transactions made on the Bitcoin Cash blockchain, 1.17 million transactions. The balance of the account currently stands at 4.31901645 BCH ($1,251.78 USD) and has received 81.06331633 BCH ($21,843.47 USD) during this period.
Image showing the timespan between transactions on the BCH account (Blockchair)
While others defended the transaction volume of the account as either caused by a game being developed or gambling accounts cashing out, no evidence has yet been released. The critics, on the other hand, believes the BCH account is a spam given it’s per second settlement of transactions. One Twitter user (@djangobits) believes the account may be a Transaction Volume Booster (TVB). The tweet reads,
“It's the TVB, the transaction volume booster. You don't want to make your cryptocurrency look useless, right.”
The spamming is further confirmed by the consistent transaction amount 0.00000731 BCH being made over seconds on the blockchain. While the transaction fees are practically non-existent on Bitcoin Cash, the effect of having a multitude of transactions completed by one account may be misleading to investors on the actual activities on the blockchain.