Bitcoin Cash: 500 days, Unseen Success

It’s been 17 months since Bitcoin Cash came to this world due to the controversial fork. It is likely to be assumed that the complete motive for the fork has been ruined. This has made Bitcoin Cash (BCH) as mere another altcoin and nothing more significant. An analysis of the available data, of more than 500 days of Bitcoin cash blockchain, highlights that in spite of the heavy debates and massive promises related to the 8 MB block size, it has never been able to fill this capacity even in a small measure.

Statistics from Coinmetrics reveal that Bitcoin Cash still has a long way to go before it can catch up to Bitcoin both in proportional as well as absolute terms. Both miners and consumers have shown their faith in Bitcoin comprehensively. Except for a few price hikes, the market has not shown any significant support over the last 17 months.

It feels that Bitcoin Cash fork which took place after a lot of debate as to whether or not to provide the same as Bitcoin’s 1 MB block size, has turned out to be an effort that has gone wasted. The dominant idea behind Bitcoin Cash was to render a convenient and efficient transaction procedure by using a bigger block size. However, in the last one and a half year, the market has shown figures that do not hold a lot of promise in this asset.

Statistics reveal that forget about filling out or getting close to the 8 MB block size, BCH has merely managed to average a block size of 171 KB since the August 2017 fork. If compared, Bitcoin has touched an average of about 934 KB in the last month though it has a capacity of 1 MB. Basically, Bitcoin Cash has used only 2.1 % of its block capacity and an average of 18 % to Bitcoin’s block size in spite of creating fork with the primary aim to build bigger blocks. This clearly reflects that the market does not hold any impressive interest in Bitcoin Cash, as can be observed with Bitcoin forks in common.

Till now, there has been just one day when the Bitcoin Cash has recorded a block size utilization increase up to 50 percent. This occurred on January 9, 2019, when it touched 59 percent of the full 8 MB capacity for a short time and then fell to its original position. If taking just the market as a concerning factor, Bitcoin Cash has shown no potential with investors either, with maintaining just about 3.6 percent of the market cap when compared to that of Bitcoin.