BCH Smoothly Registers 2 Million Transactions in One Day
The test seeks to permit more transaction on BTC with minimal transaction fees.
BCH Successfully conducts Stress Test
Official data shows that Bitcoin Cash witnessed more than 2.1 million transactions on the first day of September. The transaction is a result of the BCH stress test that was rolled out recently.
BCH mainnet controlled the test that is community-based. The entire aim of the test is to allow more transactions within one day. It will be targeting a high number of transactions with fewer fees. In the end, it seeks to make a statement about BCH blockchains capacity and scalability. Additionally, it will assist engineers and businesses running on the platform with information.
Initially, the test was supposed to run in November during a planned upgrade. The test is believed to be annually based.
So how did the stress test affect BTC transactions? From the test, all transactions on BTC platforms represented about 63% of all the cryptos on September 1st. On a particular day, Ethereum came is second in terms of transactions.
While the test was running, the number of microtransactions on the BCH network grew to 14,300 per block. The data was provided by Coin Dance. Another source, Fork.lol indicated that transaction skived to 25,783 per block. In normal circumstances, transactions per block usually stand at 90 to 150. On average, bitcoin the largest crypto usually stands at 1,000 to 1,500 transactions per block.
The figures send the crypto world into a frenzy. Jameson Lopp a software developer through his Twitter account, noted that the test was a success. He said the stress shattered a number of mempool visualizers when it came to transactions.
The development comes just two weeks after it emerged that BTC had few holders. According to Cointelegraph, at the same time, there was a decline in BTC use in commerce. In May payments through BTC stood at $3.7 million from $10.5 million just two months earlier.
Satis Group Projects BTC Value to Decline
On the last day of August, ICO advisory company Satis Group projected that BTC value will decline to minimums of $268. This might happen as BTC strives to undertake brand identity while at the same offering reduced technological backups. The group further noted that Bitcoin might be valued at $98, 000 within five years.
After the stress test success, BTC value rose to emerge as the highest gainer in September. At press time, BTC was valued at $635 representing a 21.5% growth in a week.