Just recently, the Bitcoin Cash community discussed the large number of transactions the network reached daily for the previous month. Statistics show that daily BCH transactions have increased since the last week of 2020. BCH miners have processed more than 300,000 daily transactions on different days for the past week.
The cryptocurrency economy and countless blockchain networks get more attention in recent months. Not only are some digital assets skyrocketing in value, but many of these tokens are also increasing in use.
More recently, Bitcoin Cash proponents noticed the BCH chain is processing more transactions than usual. Since the last week of December 2020, the number of BCH transactions per day has steadily increased northward and closer to the daily levels of the Bitcoin network.
As of this afternoon, onchain data shows the BCH chain processed 282,010 transactions in 24 hours while BTC processed 334,793 in that time. This proves that BTC is processing 3.87 transactions per second, while BCH does 3.26.
Additionally, according to statistics from messari.io, Bitcoin Cash is currently the 4th most active blockchain after Dogecoin. Most of the time last month, Bitcoin Cash was the 3rd most active blockchain.
In addition, over 24 hours, data shows the Bitcoin Cash network paid out $ 4.34 billion out of 80,529 active addresses. On Friday, Bitcoin Cash supporters discussed the growing number of transactions on Reddit.
One thread noted that on January 29, 2021, BCH had 322.26k transactions compared to BTC’s daily volume of 322.22k.
“Community development, add-ons are on the rise and that’s the most important thing,” emphasized the author of the Reddit post.
Another person dubbed the “Trading Maximize House” wrote:
“The same throughput but the transaction fee is still 0.001 dollars. Great ”.
Even with increased transaction throughput, BCH transaction fees remain unchanged. BCH has a block size parameter of 32MB, and as of September 2018, the participants observed the chain processing more than 2 million transactions over a 24-hour period.
During this time in 2018, a time the community calls the “stress test,” BCH miners processed large blocks throughout the week. BCH miners currently still handle very large blocks, while BTC miners only handle the 1MB limit and separate segwit enhancements.
On Saturday, BCH proponents celebrated massive block 4723,044kB (4.7MB) at block height 672,532. The large block processed 14,910 transactions, and with the 6.25 BCH block reward only $ 25 fees were paid for confirming the transaction. Software developer Jonathan Toomim also talked about the larger block on Saturday morning.
“This block (672532) is mined at 15:30. The previous block (672531) consisted of only one transaction. Block 672530 is mined at 14:12, about 0.53MB every 10 minutes.