Nearly 17 months after the contentious fork that split Bitcoin (BTC) and gave birth to Bitcoin Cash, if we examine the 500+ days worth of data we can see that despite all the viral news and potential promises about the 8MB block size, it never come close to filling out these capacities.
According to data from Coinmetrics, Bitcoin Cash still remains behind Bitcoin when it comes to proportional and absolute terms. Both miners and consumers have overwhelmingly chosen to remain with Bitcoin and despite the couple of market spikes, Bitcoin is still king and Bitcoin Cash remains in the shadows, unable to fulfil the promises.
The major idea behind BCH was to provide a faster and easier way to settle transactions using a larger block size as a solution. The data shows that far from filling out or getting anywhere to the desired 8 MB block size, BCH has averaged a size of 171 KB since the August 2017 fork – while Bitcoin has averaged about 934 KB of the 1 MB block capacity over the past month.
So in other words, BCH is using only 2.1% of its block capacity and averaging about 18% of Bitcoin’s block size – despite having forked in order to build bigger blocks. So far, only one day in the history of Bitcoin Cash (BCH) we saw the block size rising to about 50% (January 9th 2018) when BCH block sizes hit 59% of the 8 MB capacity before reverting to their standard.
On top of this, Bitcoin Cash has failed in terms of investment as well, getting only about 3.6% of the market cap of its ancestor, Bitcoin.
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“As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
“The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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