The race between SegWit and Bitcoin Cash is accelerating. The introduction of SegWit (Segregated Witness) and the launch of Bitcoin Cash (BCH) are two attempts to solve the scaling problem of Bitcoin (BTC). Both movements take a different approach. SegWit aims to increase the transaction size and block size of BCH. A new report compares the trading volume of BTC (SegWit) and BCH on each chain since last summer’s hard fork, and the numbers are pretty close.
Cumulative trading volume between SegWit and Bitcoin Cash is very close to each other
Cumulative trading volume between SegWit and Bitcoin Cash is very close to each other. Blockchain scaling is a technical and ideological part. There were a number of reasons why Bitcoin core created Bitcoin Cash in August.. However, this resulted in an increase in transaction volume. SegWit tried to compress the amount of data in each transaction. Thus freeing up the block space, Bitcoin Cash increased the size of each block to a maximum of 8MB. New data released by Bitmex Research shows how each chain has progressed since Bitcoin core and Bitcoin Cash went their separate ways. Bitmex Research made the following statements on the subject:
6.1 million SegWit transactions have been made since the launch of Bitcoin Cash. Cumulatively only 20.1% more than Bitcoin Cash transactions. There was an adjustment for a monthly start. SegWit had 31.5% more cumulative trading volume than Bitcoin Cash. This ratio is greater than 20.1% but still reasonably close.. Total transaction volumes for SegWit and BCH are very close.
SegWit got off to a slow start
SegWit adoption was low from the start and remained that way for several months. This state of SegWit allowed Bitcoin Cash to get a head start. At the end of December, the combined transaction volume of BCH and SegWit was about 4 million transactions a piece. Last month, when Coinbase delayed the launch of SegWit, it drove the adoption rate over 30% for the first time, showing that overall transaction volume was able to compete with Bitcoin Cash. It can claim to have more transaction volume than Bitcoin.”
Proponents of each chain have reason to exist from these numbers and how its future is shaped for the preferred scaling solution. Bitmex Research notes include the following information:
Data shows that although SegWit has adopted slightly faster than Bitcoin Cash, proponents of Bitcoin Cash, which has led to greater transaction volume, suggest that Bitcoin Cash token they might say it has a longer capacity in the long run. The actual increase in trading volume in the short term shows this. Therefore, Bitcoin Cash proponents can argue that Bitcoin Cash will have more transaction volume than Bitcoin with the coin’s adoption later on.
Bitcoin core block sizes are falling to their smallest in two years
In the past week, the average block size for Bitcoin core (BCT) has dropped to over 0.5MB, the smallest since January 2016. About 22% of the block space is taken up by SegWit transactions, indicating that the scaling technology is still in use. The dramatic drop in BTC block is less dependent on SegWit and more trading volume is compounded by reduced trading volume. It’s no coincidence that the average number of daily BTC transactions is at its lowest in two years.
Average number of BTC-BCH transactions maintains a 10:1 ratio
Average number of BTC-BCH transactions per day for now maintains an average ratio of 10:1 reflecting the price of each asset. However, the total transaction fees for sending BTC in the last 24 hours are 200 times higher than BCH. Even if the transaction volume on each chain is equal, in other words, sending in BTC will cost you 20x more.
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