Are you one of the millions of investors who believe in Bitcoin Cash? Despite being relatively new to the market, Bitcoin Cash has been one of the most controversial cryptocurrencies. Proponents say that it is what Bitcoin should have been all these years, yet skeptics continue to question the team running the project. Despite these non-stop arguments, perhaps what will decide the fate of Bitcoin Cash is its ability to handle millions of transactions without causing a surge in transaction fees—and this is what the stress test aims to address.
On September 1, the Bitcoin Cash network had seen more than 2.1 million transactions following the stress test. This event is driven by the BCH community to test the capacity of the BCH mainnet and its services. The idea is to create a test that will process minimum fee transactions within 24 hours to see just how much the network can handle. Many people have questioned the capacity and scalability of the BCH blockchain, but this stress test may put an end to all that.
The stress test was launched ten weeks prior to the November upgrade. Also, it will become an annual test to allow users to see the capacity of the BCH blockchain. Proponents say that it is high time for such a test to be conducted because BCH isn’t only declining in value, but it is slowly seeing a downtrend in commercial applications as well. Moreover, BCH hasn’t been among the most traded coins in cryptocurrency trading programs like Bitcoin Loophole, indicating a decline in investor interest.
Following the Bitcoin Cash stress test, numbers show that BCH transactions accounted for 63 percent of the total crypto transaction in the previous 24-hour period. It is followed by Ethereum, XRP, and Bitcoin, respectively.
The stress test skyrocketed the number of microtransactions, reaching 14,300 per block. This is considerably more than the average of 90 to 150 transactions per block. In comparison, the average number of transactions per block is 1,000 to 1,500 for Bitcoin.
Despite the significant increase in microtransactions, there wasn’t any increase in transaction fees. In fact, the numbers show a slight decrease in fees from $0.002 to $0.0017. Because of this, cryptocurrency experts say that the Bitcoin Cash stress test was a success.
The stress test has effectively shown that increasing the number of transactions per block, even by a thousand-fold, will not lead to a huge surge in transaction fees—something which has always been a concern of both skeptics and investors.
Perhaps unsurprisingly, the price of Bitcoin Cash increased following the release of the stress test results. Among the top 20 cryptocurrencies by market cap, BCH has seen the biggest growth in value over that 24-hour timeframe.
The news was also welcomed by longtime believers of BCH, saying that it’s one of the biggest testaments to the legitimacy of the BCH blockchain and what the future may look like if the cryptocurrency becomes the primary means of payment for everyday goods and services.