September 1 has been defined as ‘Stress Test Day‘ for the Bitcoin Cash network – a community driven event where millions of minimum fee transactions are to be processed on the day. However, 1 month before the scheduled date, the network handled over 700,000 transactions, touching that of Ethereum’s total transactions.
Bitcoin Cash Community Lights Up
The Bitcoin Cash community was fired up with the idea that BCH transactions have crossed that of Ethereum. They posted screenshots of the coin’s historical charts against Bitcoin and Ethereum to show their enthusiasm for the surge.
A Reddit user named BitcoinCashHoarder wrote:
“Independence from stifling Blockstream developer centralization and hostile takeover of BTC. This day will be remembered in Bitcoin history forever.”
When some other users started to dilute their enthusiasm by saying that the spike was only momentary, the community came out in support of the coin yet again. A user called Megability wrote:
“Of course it was not ‘organic,’ it was a stress test on the 1-year anniversary on BCH, and to show how much capacity is possible, easily, and with plenty to spare – i.e., scalability for many years of increased adoption… bring it on! ;).”
Did BCH Really Outdo Ethereum?
Momentarily? Yes. For about an hour, the number of transactions on the BCH network was more than that of Ethereum. However, one look at the price charts suggests that the spike was neither organic nor sustained for long.
A look at Blocktivity tables on press time shows the distinction between the two networks. For instance, a number of transactions on the ETH network remained at 757,355, while on the BCH network it was 683,820. This shows that BCH is coming close to ETH in terms of transactions.
The average number, however, shows an entirely different story. For Ethereum, an average number of transactions during a day hovers at 746,043, while for Bitcoin Cash, it remains at a low 174,008. The number of transactions ever recorded on the ETH network is 1,372,918, while on BCH it is almost halved at 713,460.
The BCH community suggests that the spike is nothing but “fireworks” before Stress Test Day in September, which will showcase two things. The first is to showcase the current network capacity – proving that the network can handle these volumes today. The second is proof of on-chain scalability which would help give businesses and investors confidence in the capability of the network.
Amidst this noise and chaos is a report that suggests that only 10% of BCH is used for transactions, while the rest is secured for investment purposes. The network will have to work hard to prove otherwise.
BCH Does Fireworks on Independence Day; Transaction Volumes Reach High was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.