If you check online for a review of all payments worldwide received by the top 20 crypto exchanges, you can see that Bitcoin Cash use in commerce has decreased dramatically.
BCH payments dropped below $3.8 million just a few months ago from a stunning $10.5 million in March. Some say that the reason behind is that there are fewer users of Bitcoin Cash and also fewer holders. The BCH price decreased by 75 percent during this summer and the reason for the low adoption rate is probably the concentrated ownership. Almost 56% of the cryptocurrency is controlled by 67 wallets.
This means that there are somewhere between 10.000 and 100.000 BCH in just two wallets! Bitcoin Cash appeared just a year later after a hard fork from the BTC blockchain. The BCH launch caused a lot of controversy at that time but others urged to explain the importance of the fork. BTC.com vice president said in an interview for Cointelegraph that ‘’The ability to make forks while keeping the community aligned was a great achievement. By providing much greater bandwidth per block by first increasing to 8 MB and then again to 32 MB’’.
Bitcoin Cash is still among the top 10 largest cryptocurrencies. Bitcoin Cash is not as dominant on the market as well and it did take a large hit in terms of the market cap where it has lost nearly 90% of its market cap. Also, further bad news such as consensus vulnerability in the BCH code led to more damage to the BCH blockchain.
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