Bitcoin Cash Network Status: Transactions On the Rise
8 months ago admin2 Comments Off on Bitcoin Cash Network Status: Transactions On the Rise
The Bitcoin Cash network is trucking along as the blockchain is currently finishing up its fourth month of existence. As more adoption and infrastructure support has been added to the BCH network over the past few months, many bitcoin cash supporters are optimistic about the cryptocurrency’s future.
Also read: How to Protect Your Bitcoin and Your Privacy When Passing Through Customs
The Bitcoin Cash Network Sees Improvement With the DAA Upgrade As BCH Transaction Percentages Rise
There have been over 28,000 blocks mined since the hard fork this past August that had produced the nascent network bitcoin cash. The blockchain has been doing quite well since the development community hard-forked the BCH network on November 13 which fixed the cryptocurrency’s Difficulty Algorithm Adjustment (DAA). Since then erratic block time intervals have ceased and mining profitability between the BCH and BTC chains has leveled out, remaining consistent over the past two weeks.
Bitcoin Cash profitability against the legacy chain leveled out since the November 13 hard fork.
At the moment the BCH chain is operating at 12.47 percent of the legacy chain’s difficulty, and at the moment it’s only 3.3 percent more profitable to mine BTC. Bitcoin cash transactions have also been steadily rising as the BCH network transaction rate is gradually increasing in number every week. Additionally, next year according to the Bitcoin ABC development team’s midterm roadmap, developers plan to fix the BCH address format and possibly even raise the protocol’s 8MB base block size again.
Markets Consolidate After Last Week’s Crypto-Market Dip
Bitcoin cash markets have been down since the currency’s recent highs, but are doing well today as the price per BCH is up 1 percent at roughly $1,440 per token. The digital asset took a hit when all cryptocurrency markets dove roughly 72-hours ago. Although, BCH markets still command the third position as far as market capitalization is concerned. Further BCH trade volume is averaging around $650-700M every 24-hours for the past few days. Right now the Korean won has stepped down as the number one currency by volume trading BCH, as traders are using far more BTC/BCH pairs at the moment. BTC represents 46 percent of the BCH global trade volume as the Korean won now captures only 28 percent. The top five exchanges trading bitcoin cash this week include Bithumb, Hitbtc, Bitfinex, Okex, and Binance.
At press time the price per BCH is US$1,445
New Infrastructure & Support
As far as bitcoin cash infrastructure is concerned the BCH ecosystem got more business support this week. For instance, the Indian-based cryptocurrency wallet provider and exchange Zebpay is launching BCH support shortly. Zebpay says they are actively working to add new digital assets and bitcoin cash will be integrated with ethereum, ripple, and litecoin. The organization BTC.com released a bitcoin cash blockchain explorer this week, and the software developer Chris Pacia showed a screenshot of Openbazaar’s BCH integration as well. Moreover, last week news.Bitcoin.com reported on The Bitcoin Cash Fund reaching its funding goal. Now the nonprofit organization created to bolster BCH projects and adoption has launched its website this week.
A screenshot of the Openbazaar application with bitcoin cash integration.
Bitcoin cash supporters seem very optimistic about the future with its growth and support over the past four months. In addition to the latest developments, the BCH community got a surprise on the same day CME Group and Cboe announced their new bitcoin-based futures offerings. Cboe’s president this week also hinted that ethereum and bitcoin cash futures products may be produced during the initial announcement.
What do you think about the bitcoin cash ecosystem’s past four months? Let us know in the comments below.
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