It's been one year since Bitcoin Cash made its debut after the pivotal fork on August 1st, targeting block 478559. Since that significant event, Bitcoin Cash Bitcoin Cash has risen to prominence as the leading and most valuable Bitcoin offshoot to retain the 'Bitcoin' brand. While other forks like Bitcoin Gold and Bitcoin Diamond have mostly drifted into obscurity, Bitcoin Cash has amassed a dedicated following, with many enthusiasts passionately declaring it the genuine Bitcoin, relegating BTC to the relics of the past. But how has it fared over the last year in terms of acceptance and fiscal expansion?
BCH One Year On – Financials
To grasp where Bitcoin Cash currently stands, we need to reflect on its origins from the fork on August 1, 2017.
When BCH first appeared on coinmarketcap.com When it launched, BCH was priced at $555. Today, it holds a value of approximately $750. Its value in USD has shown a noticeable, consistent upward trajectory since its birth. Here's how it charts:
Now, let's delve into BCH's performance against BTC. Initially, BCH could be exchanged for 0.199 BTC, meaning 5 BCH was worth 1 BTC. Fast forward to the present, and its value against BTC has halved, with more than 10 BCH now equivalent to 1 BTC. The change is depicted in the following graph:
BCH Transaction Volume
Moving past numbers, let's explore BCH's daily transaction volume. Here's a glimpse into BCH transactions via bitinfocharts.com:
According to the data, BCH began with a daily average of 5,000 to 10,000 transactions, not including peak times.
However, since June 2018, daily transactions have surged to an average of 20,000, with some spikes peaking at 100,000 transactions a day. How does this stack up against BTC?
Over the past year, BTC has handled between 200,000 and 400,000 transactions daily. Comparing this with BCH, it shows that while BCH is growing, it has a way to go before it rivals BTC's activity levels.
BCH Use Cases
Now, let's consider who is embracing Bitcoin Cash. As its name hints, Bitcoin Cash aims to be a more agile currency geared for everyday transactions, such as purchasing goods and services.
A tweet from Bitcoin.com, a staunch supporter of BCH, claims that '10,000+' businesses now accept Bitcoin Cash.
Happy Bitcoin Cash Day!
Today marks 1 Year since the #BitcoinRebirth
20,000-25,000 transactions per day
10,000+ merchants accepting BCH
62394+ blocks mined
Thanks to the whole #BitcoinCash Thanking the community for backing the authentic vision of #Bitcoin as peer-to-peer electronic cash! pic.twitter.com/oyO9L71Kj1
— Bitcoin.com (@BitcoinCom) August 1, 2018
Another site, acceptbitcoin.cash, lists a total of 687 a growing roster of merchants embracing BCH. Admittedly, it's a challenge to track every single establishment that accepts BCH or any other cryptocurrency. Yet, evidence indicates a rising number of businesses are warming up to BCH for transactions.
The scenario is similar for BTC. Figures from a 2015 article in the IB Times report cite that over 100,000 businesses were accepting BTC then. Based on recent growth, it's reasonable to assume the number is now substantially higher than it was back in 2015.
Wrap Up
So, what implications do these facts have for Bitcoin Cash? Here at Blockonomi, we don't pick sides in the BTC versus BCH debate, but the figures point to two clear conclusions.
Firstly, Bitcoin Cash is on the rise. Its value in USD is climbing, transaction volumes are increasing, and it's being accepted by more merchants. Yet, for Bitcoin Cash to either match or surpass BTC, there's still a marathon ahead. Nevertheless, for BCH enthusiasts, the horizon looks promising, with ample potential for future growth.
