Bitcoin Cash Daily Transactions -Sustainability and Comparisons
From hashrate to increased userbase, Bitcoin Cash is outperforming most other cryptocurrencies, yet it lacks one decisive market factor to outperform the rest (and perhaps it is better this way). This factor is hype .
CheapLightning, explained this perfectly in a recent video by BitcoinCashPodcast calling it anti-hype! It is a fun term but explains perfectly the fact that the Bitcoin Cash community is comprised of quality professionals instead of greedy speculators.
There is no “price go up” narrative in Bitcoin Cash, although everybody feels great to see their work and performance appreciated by the crypto market. Bitcoin Cash is not about hype but action, this is the main point, as I understand it.
Of course, the billions of dollars speculating on the crypto market prefer hype, so they occasionally pump Solana, Cardano, Luna, Doge, Shiba Inu, and various other networks that lack fundamentals and long-term potential but excel in advertising and marketing.
As in 2017, the same speculators pumped IOTA, TRON, XVG, and dozens more. I don’t even remember the names as they fell into obscurity a few months later.
Bitcoin Cash is decentralized in mining and development and has the highest hash rate from any other network besides BTC. The userbase and merchant adoption of Bitcoin Cash is also expanding. The network stability of Bitcoin Cash is unquestionable while we have recently even witnessed a top-5 blockchain (Solana) going offline for 17 hours.
The total number of daily Bitcoin Cash transactions is direct proof of the increase in its userbase. Bitcoin Cash is beneficial to its users thus more users are joining. Instant speed and consistently low fees of transactions are rare to find features in decentralized networks. The daily transactions are another bullish indicator that explains the expansion of the Bitcoin Cash userbase and the increase of the network effect.
Number of (blockchain) Transactions
BCH vs BTC
For almost two months, Bitcoin Cash outperformed BTC in the total number of daily transactions. One reason for this increase in transaction numbers was noise.cash, and the allocation of micro tips to thousands of users.
Noise.cash later introduced batching that decreased the daily transaction number, but it is still at a promising place with about 150k transactions on average each day.
Yet, the transactions did not drop to previous levels before January 2021, as many critics expected. Bitcoin Cash transactions are on average about 400% higher (rough estimate, didn’t calculate) in 2021, and looks like this is a strong bullish signal for the Bitcoin Cash network effect.
BCH vs Doge
Obviously, Bitcoin Cash wins this one.
Yet Doge is all the rage and hype today. The cryptocurrency community has to thank one person for this: Elon Musk. This guy somehow found utility in Dogecoin and completely ignored various other blockchain networks that outperform Doge in all metrics.
BCH vs Monero
Monero is having a constant slow growth and while back in 2020 used to have similar transaction numbers with BCH, this is clearly changed during this year.
Although, the usecase of Monero is different, Bitcoin Cash also offers some similar privacy enhancing mechanisms (i.e. cashfusion). Monero is undeniably the leader in this category but has a different target group (currently).
BCH vs Ethereum
BCH in total numbers has currently fewer daily transactions from Ethereum and XRP. Although, with SmartBCH, there is also a growing number of transactions performed on the second layer and represent Bitcoin Cash transactions.
Bitcoin Cash has an issue with the custodial crypto exchanges. Many of the top crypto exchanges are asking for 15–20 confirmations before accepting deposits. It is another reason Bitcoin Cash users should not hold any BCH in custodial exchanges. Coinbase, Kraken, and more have been hostile to Bitcoin Cash and favor the BTC maximalists since they want to keep their “wealthy” customers happy.
Some dubious crypto (BTC) authors are telling their audience that Bitcoin Cash transaction times take up to two or three hours, which is misinformation or the result of inadequate research.
Bitcoin Cash removed RBFwhich was a privilege to the early whales. With 0-confirmations Bitcoin Cash enjoys instant transactions.
BSV seems to be experiencing a surge in transaction numbers from day one. Still, this data by BSV is inconsistent with what reality suggests and nobody takes it seriously. BSV is a centralized network that was previously 51% attacked multiple times. BSV investors take a risk they don’t understand (in my opinion). Still, I can’t deny that most of the BSV community understands Bitcoin better than the BTC maximalists. However, I can’t see a future in centralized blockchain networks. BSV looks like a cheap alternative to the IBM blockchain. Where is the IBM blockchain now? Decentralization matters (in all blockchain constituencies, not just in mining).
The BCH transaction increase since the beginning of the year was organic. And this is what hurts Bitcoin Cash haters most. I remember even a main Blockstream dev (Gregory Maxwell) having lost reason and claiming the transactions were fake. This is a decentralized network, though, not a testnet like BSV operated only within one company.
Bitcoin Cash is superior to Doge in terms of speed and cost of transacting. If there is a choice between the two, nobody selects Dogecoin to transact. Logic suggests the use of Bitcoin Cash against most alternatives.
Instead of “price go up”, Bitcoin Cash has a different mantra. Bitcoin Cash is a service to the world.
This is not about the speculators promoting hype and offering unrealistic expectations to investors while cashing out in fiat.
Use Case go up, and utility of the network go up! The price will only follow adoption as demand will rise.
Bitcoin Cash is solving real-life problems and expanding into the digital economy.
It is already a Bitcoin scaling solution and now, with SmartBCH; it offers a scaling solution to Ethereum as well.
Ethereum was always contradicting on how to proceed. Vitalik was giving the signal and used lots of trial and error to find an approach. Although the last move to PoS seems to have had a negative effect, one that required to include a burning process to sustain Ethereum. Anyway, the userbase of Ethereum is now gone. Most developers stopped working on anything else but DeFi. A huge part of the Ethereum userbase has abandoned it forever.
The public can be manipulated for a certain time, but not forever. In a modern digital economy, any network with similar fundamental flaws will be ignored and become irrelevant.
Modern times dictate instant transactions and inconsiderable fees. Bitcoin Cash offers this without sacrificing decentralization.
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Originally published at https://read.cash.
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