Bitcoin Cash, split from its parent cryptocurrency, Bitcoin in mid-2017 when proponents cried that the top crypto’s block size of 1MB was too small and could not process a lot of transactions, has had a hard time recently. The bear market had eaten up a part of its market cap, resulting in the coin perennially looming in the bear territory.
This led to the infamous Bitcoin hardfork which gave birth to Bitcoin Cash, with the vision of a new and improved Bitcoin, one that could mine blocks with a whopping size of 8MB, which was consequently upgraded to 32MB after the hard fork in November. Supporters of the new cryptocurrency advocated that BCH would take over Bitcoin because of the sheer number of transactions it could handle.
Bitcoin Cash advocates wanted to fit more transactions on a single block thereby allowing better use of the cryptocurrency’s blockchain. However, almost 18 months later, BCH’s original objective does not seem to hold true.
A report by the research group LongHash suggests that despite the lofty aims of Bitcoin Cash, it has, since its initiation, never consistently mined 32MB blocks.
LongHash reported that the average block size for Bitcoin Cash, since it split from Bitcoin in August 2017, is 171KB, which is just 0.53 percent of the 32MB limit that proponents touted.
The report stated:
“There has only been one day so far where BCH blocks have been more than half full. On January 15, 2018, one year ago today, BCH blocks averaged 59% of their total capacity.”
In terms of recent block size capacity, Bitcoin Cash has averaged only 34 KB in block size in the past 30 days, which is only 3.7 percent in comparison to Bitcoin’s block size of 923 KB, in the same period.
Another interesting finding is that the block size comparison mirrors the market capitalization difference between the two cryptocurrencies, with Bitcoin Cash’s market cap accounting for 3.6 percent of the market cap of Bitcoin.
“Some will claim that it’s a positive sign that BCH blocks are not near their capacity, but others will point to the lack of interest in BCH as concerning.”
To pile on the comparison between Bitcoin and the altcoin, Roger Ver, the CEO of Bitcoin.com and major BCH proponent, posted a tweet stating that BCH in 2019 is what Bitcoin was originally intended to be. Ver accompanied his claim with the original BTC whitepaper, highlighting the original “peer-to-peer electronic cash system,” comparing it to BCH.
Roger Ver just can’t seem to escape the drama, with the BCH proponent being challenged to a “fight” by John Carvalho, better known as Bitcoin Error Log, with the fate of Bitcoin.com hanging in the balance.
Note: This article has been edited and rewritten after being published.
Subscribe to AMBCrypto’s Newsletter