With Stress Test Success; Bitcoin Cash (BCH) Price Should Benefit
The Bitcoin Cash (BCH) network has successfully completed its planned September stress test. According to data from BitInfoCharts, the number of transactions reached 2.1 million. The test was conducted to show BCH’s blockchain capacity and scalability.
Bitcoin Cash Stress Test
The stress test is a community-driven test of the Bitcoin Cash network and the services related to it. With it, it was possible to test the real conditions of the Bitcoin Cash network. Additionally, it was possible to give reliable information to developers and businesses running dApps.
The Bitcoin Cash Stress Test is expected to be conducted once a year. The next stress test will include the upgrade the network has planned for November.
Because of this stress test, Bitcoin Cash transactions accounted for 63% of all the transactions in cryptocurrencies in 24 hours. It showed what the network could handle; a point that shows BCH’s potential for independent domination should it break from BTC trends.
The aim of the test was to process millions of transactions in just 24 hours. The goal was to reach 5 million transactions at the lowest fee possible.
In order to participate, users had to spend $1.5 dollars to process 1000 transactions (0.002 BCH / 0.2 MB), $4.2 for memo tips (the equivalent of 1000 transactions or 0.00546 BCH / 0.5 MB), and $7.5 to perform 5000 transactions at a minimum fee (0.01 BCH / 1 MB).
During the stress test, transaction fees were 0.0017 dollars, the lowest point ever. Indeed, this shows that the Bitcoin Cash network is prepared to receive an impressive number of transactions without increasing fees.
The number of microtransactions on the Bitcoin Cash network also surged during the stress test. According to Coin Dance, each block registered 14,300 microtransactions. In general, each block processes between 90 to 150 transactions.
Bitcoin Cash was born as a hard fork of Bitcoin one year ago. The main difference between BCH and BTC is that the first option has decided to scale with on-chain modifications. BTC supporters are working on an off-chain scaling solution known as Lightning Network (LN).
Bitcoin Cash (BCH) Price Movement
At the moment of writing, Bitcoin Cash has dropped 18% in the last 24 hours—a sign of a large negative turn in the whole market. BCH coins are priced around $510—and the coin’s market cap is currently just over $8 billion.
The Stress Test is a sign that BCH could be a major player in peer-to-peer transactions; potentially a cheaper and faster alternative to Bitcoin. If that continues to be shown by tests like these, we could see Bitcoin Cash prices shoot toward the $1,000 mark as BCH takes some of BTC’s market share percentage.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.