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Bitcoin’s [BTC] median transaction value is over 125x that of Bitcoin [BCH], Bitcoin SV [BSV]

Biraajmaan Tamuly

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Bitcoin's [BTC] median transaction value is over 125x that of Bitcoin [BCH], Bitcoin SV [BSV]
Source: Pixabay

Bitcoin [BTC], the largest cryptocurrency in the cryptospace has always been engaged in a heated debate with coins such as Bitcoin Cash [BCH] and Bitcoin SV [BSV], coins which came from the initial hard fork of the Bitcoin code.

According to recent data released by bitinfocharts.com, the median transaction value witnessed between the coins is significantly different. As reported, the value of transactions observed on the Bitcoin blockchain was significantly higher, when compared to transactions sent on the BCH and BSV blockchain.

Source: BitInfoCharts

According to the data, the median value for a Bitcoin transaction on the blockchain was around $101.218. When compared to BTC’s transaction value, BCH and BSV recorded significantly low values overall, with their respective median values at $0.0279 and $0.966, respectively.

The huge difference in median transaction value held minor importance in terms of popularity, but the massive median transaction value could be taken as an indication of investors being more inclined towards putting their faith in Bitcoin, rather than BCH or BSV.

Additionally, for some users, long-term adoption and validation of cryptocurrencies would depend on digital assets being more accessible and feasible for small, frequent and cheap purchases.



One particular reason for the high Bitcoin transaction value can be the process of batching. With Bitcoin, transactions are usually clubbed together to reduce the strain on the blockchain.

At press time, Bitcoin [BTC] was valued at $5152.89, with every median transaction value at around 0.02 BTC. The recent bullish run had positive implications for BCH as well after the coin crossed the $300 mark.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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Bitcoin

Bitcoin [BTC]: Andreas Antonopoulos breaks down life cycle of a transaction on the BTC blockchain

Akash Anand

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Bitcoin [BTC]: Andreas Antonopoulos breaks down the life cycle of a transaction on the BTC blockchain
Source: Pixabay

Bitcoin [BTC] and its intricacies have been a concept that many users in the cryptoverse have been trying to understand since its inception. In his latest video, Andreas Antonopoulos, a major Bitcoin bull and the author of Mastering Bitcoin, elucidated on the life cycle of a wallet transaction from start to finish.

Antonopoulos stated that from the point someone sends a transaction from a wallet to its confirmation on the Bitcoin blockchain, the wallet constructs a transaction by accumulating the BTC in the user’s wallet and assigning the addresses. The user’s wallet then transmits the transaction’s information to one of the many nodes it is connected to, from where it can be sent to ‘1, 2 or even 8 other nodes’. He added:

“The transaction is then transmitted to other nodes, which can be mining nodes, e-commerce payment gateways, and many such options. Each of those nodes will receive the transaction from your node and each of those, in turn, will validate every single transaction. When the nodes receive the transactions, they don’t’ know whether it was created by you or was forwarded and hence each of these transactions need to be validated individually.”

Antonopoulos went on to state that if all the nodes are validated, ie. if the payment details are correct and if it is confirmed that no double spend has occurred on the blockchain, then eventually through the process of ‘flood propagation’, the transaction information will be sent to every other node, out of which some may be mining nodes. In his words:



“Once the transaction reaches the mining pool, it maintains a pool of unconfirmed transactions, like a bucket where all this unconfirmed data is stored. This is the pool known as the mempool. Also, know that there isn’t THE mempool rather there is ‘A’ mempool. Information in separate mempools can be in a 99 percent overlap but there will never be a case where it will completely similar.”

According to the author, the mempool also serves the purpose of providing transaction for a miner to add a new block after which ‘the race is on’ for the next block. Miners usually have to construct a block and then solve the Proof of Work on it to eventually make it a confirmed block. Antonopoulos claimed that once the block is made, the information will be sent to the mining equipment to solve the PoW on that particular block and probably after a “billion hashes” the miners will find the block. The Bitcoin bull elucidated on the information transfer back by saying:

“Once the PoW is solved, the mining node will propagate the node back the same way as it received. The nodes validate the block on the way back and once all the nodes confirm its validity, then the user’s wallet will know that there is a confirmation on the transaction. That is the entire life cycle of a transaction.”





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