Bitcoin cash transaction number is skyrocketing

Daily count of BCH transactions is intensifying
  • Bitcoin Cash transaction count is continuing to increase since the last week of December
  • BCH chain is handling a lot more transactions than usually
  • With the increment in transaction count, the transaction remained at the same level

Bitcoin Cash (BCH), an alternative to Bitcoin, faces a high number of transactions on a day-to-day basis. The community is found arguing regarding the high number of daily transactions. Indeed, in recent days, the cryptosphere is witnessing soaring prices and an increment in the tokens usage. It observed that since the last week of December 2020, the number of transactions on the network continues to increase. On the other hand, last week, the token miners have processed more than 3,00,000 daily transactions on various days.

Bitcoin Cash chain is handling a lot more transactions

Bitcoin Cash advocates have recently observed that the network is handling many more transactions than it usually does. The daily transactions count has been steadily rising northbound, going close towards Bitcoin’s daily count. Following the data from the fork. Lol, it is observed that the BCH network had processed 2,82,010 transactions over just 24 hours. 

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Simultaneously, the flagship crypto token processed 334,793 transactions over the same period. It is clear that were the leading token is handling 3.87 transactions per second, BCH network is taking 3.26 per second. According to a data from Messari, BCH is currently the fourth most active blockchain under Dogecoin, whereas last month the token was the third most active token.

No effects on BCH transactions fee

Since last month the transaction count has remained increasing daily. Back in 2018, the network faced more than two million transactions in just 24 hours. Despite the increasing transactions, we observed no effect on the transaction fee, as it remained at its level. Back in 2018, the Bitcoin Cash community called stress tests for the miners, as they were processing massive sized blocks over a week. Still, BCH miners are processing massive blocks, where such miners still deal with the same 1 MB size limit.

Large transaction blocks being celebrated by BCH community

On Saturday, Jonathan Toomim revealed that a large 4.7 MB block was mined at 8:30 am UTC, after a block which consisted only of one transaction. The advocates of Bitcoin Cash were observed celebrating such a block at block number 6,72,532. It is known that the block consisted of 14,910 transactions in it with 6.25 tokens block rewards only $25 in fees.

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Andrew Smith
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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