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Bitcoin Cash Volumes in USD terms are Increasing

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Avatar for Pantera
Written by   329
1 month ago

The number of daily transactions for Bitcoin Cash has dropped since noise.cash introduced batching of transactions. The numbers are still great, but down significantly, however, the point was made, Bitcoin Cash can scale and accommodate 400,000 transactions daily, without any scaling issue.

Since the beginning of the year Bitcoin Cash passed BTC in this indicator and fees remained lower than $0,01, while BTC reached all-time high fees of $60.

While the number of transactions has been reduced, adoption is increasing, and another indicator is proving the increased usage of the Bitcoin Cash network.

The real transaction volumes of BCH in USD terms (the blockchain recorded transactions, not the exchange volumes) are increasing and the network is now transferring daily tens of billions of dollars.

Image Source: Bitinfocharts - Twitter

BLOCKCHAIN VOLUMES IN USD

The volumes of BCH in USD terms recorded in the Bitcoin Cash network are increasing and currently, Bitcoin Cash is processing daily transactions averaging roughly 30 Billion USD.

Image Source: Bitinfocharts

Bitcoin Cash is currently processing a similar value of transactions with the Bitcoin (BTC) network. This is the total daily amount in USD transferred using the two blockchains.

NUMBER OF TRANSACTIONS

The transaction numbers may have dropped but the size, the value in USD, has increased. Noise.cash was responsible for hundreds of thousands of microtransactions. In my opinion, this was required to prove to everyone that the Bitcoin Cash network was able to scale without sacrificing fees or decentralization. Fast and instant transactions while not missing any important feature, Bitcoin Cash is how Satoshi was dreaming Bitcoin to become.

BCH & BTC Number of Transactions -Image Source: Bitinfocharts

FEES

The miner fees for Bitcoin Cash remained flat, while it is thousands of times more expensive to send a transaction using Bitcoin (BTC) than Bitcoin Cash.

Image Source: Coin Dance

In fact, while the network is experiencing very high utilization, the median Bitcoin Cash fees are still just a fraction of a penny.

Source: Bitcoinfees.Cash

The historic median fees chart is on a logarithmic scale to reflect both chains better, while the linear chart can be examined below:

Source: Bitcoinfees.Cash

Bitcoin Cash since 2017 has tamed fees, increased functionality, and efficiency and given new hope for adoption of P2P electronic cash.

With all this increased activity the Bitcoin Cash blockchain fees have remained at very low levels. In all metrics, Bitcoin Cash is performing amazingly and has proven it is a better choice for adoption in the field of everyday transactions.

Bitcoin Cash is the currency solution for the following macroeconomic problems that many regions are facing:

  • Rising Inflation

  • The rapid devaluation of fiat currencies

Everyone knows of Bitcoin today and everyone has the false idea that Bitcoin can be used but the moment they engage with it for the first time, they discover the harsh reality.

Maybe one person in a million doesn't mind paying $20-60 fees for their everyday transactions, but the rest are not interesting in this kind of payment system.

It goes without saying that a currency is required to feature fast transactions and come at a very low cost. Bitcoin Cash is following the whitepaper and continuing the work from the moment Mike Hearn and Gavin Andresen left the team of developers. Bitcoin didn't fail as Mike Hearn said, but it transformed.

Bitcoin Cash is the updated version of Bitcoin, and if Satoshi is alive and well today, I'm 100% certain he recognizes this fact.

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Avatar for Pantera
Written by   329
1 month ago
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Comments

Well written explanation in easy to understand terms. It's articles like this that got my attention not only on Bitcoin Cash, but also on you keep it up 👍

$ 0.00
1 month ago

Wonderfully well-written explanation in easy to understand terms. It's articles like this that got my attention not only on Bitcoin Cash, but also on you, @Pantera, as a writer.

And it is what I have been saying! Bitcoin works as a commodity, something to invest in. Bitcoin Cash works as a currency. An immediate means of sending payment and receiving goods.

Very good article!

$ 0.10
1 month ago

You have perfectly explained the motives behind my post. Bitcoin Cash could also be an investment, but the main purpose is to use it for our everyday transactions. To achieve this we need merchant adoption and I think that it is already expanding rapidly.

$ 0.00
1 month ago

I don't think comparing transaction volume is a fair comparison. With Bitcoin Cash, you are more likely to make unnecessary transactions than with Bitcoin because of the fees. For example, Cash Fusion sends funds to yourself repeatedly. I think this will skew what seems like utilization in Bitcoin Cash's favor.

What's important is the people are adopting it quickly, which is a trigger for mass usage, and achieving BCH's goal in the first place. Even trancsaction volumes may have decreased, the interest and use of people is what matters and it fortunately increases everyday. Let's just continue to increase awareness about BCH by reading this articles and sharing them as much s we can. Thank you so much. :)

$ 0.01
1 month ago

Your last words when people use Bitcoin for the first time they realize they bought something which is not what they thought, I guess we must tell people to use both networks and see which one work for them better, but at the end of the day I do believe the peer to peer Bitcoin will be the winner which is BCH in my opinion. And the opportunity is there because once the whole world realizes that the market will adjust and the price will reflect that too. And the opportunity to get more BCH for your BTC will be closed and only fiat will be left, I do think that BCH will reach $1m or even $100m just in the peer to peer idea, let alone inflation and hyperinflation.

$ 0.05
1 month ago

I was afraid the withdrawal limit system introduced by Noisecash will affect BCH and I remember the admin replying to one of my comments that the number of transactions decreased but we need not worry. For the transaction fee, please I have a question, the highest I've ever been charged is $0.02 while my brother has been trying to transfer to another wallet and the lowest he has seen is $0.23

$ 0.00
1 month ago

because he has many inputs in his wallet, pretty much he got many transaction that are below 0.00003 BCH. each incoming transaction is an input but once the consolidates into one output the fees will be cheap again.

$ 0.00
1 month ago

Oh! Okay

Thanks a lot

$ 0.00
1 month ago

This is a self explanatory article as of why I decided to become one of your followers. Very pleasing to the eye and the mind. Great job!

$ 0.00
1 month ago

Yeah!Of course Sir BCH transaction is rate is decreased but its usd value is increasingly surprisingly.And it excel in this regard to BTC.Actually BTC is currency for millionaire and BCH is currency for everyone.End of debate😉

$ 0.01
1 month ago

Very Precise backed with proper reference and proper information. Simply a master piece for even a new bee to understand what is BCH.

$ 0.00
1 month ago

But still we can increase the number of daily transaction by setting the minimum withdrawal amount Many people ar setting that amount mor than $1 some are setting it to $10. But,if wee set small amount there like $0.30 $0.50 or $0.10, then the number of transaction can be increased again. I don't know it is the proper way or not. I just thought it usually

$ 0.01
1 month ago

I have set it to 25 cents now, because I don't get too many responses and I post once or twice a day to get possibly 25 cents each day.

$ 0.00
1 month ago

Excellent article dude.

$ 0.00
1 month ago

Thank you!

$ 0.00
1 month ago