When compared with other digital coins, Bitcoin cash is a relatively new cryptocoin, therefore many of its capabilities are still unknown. On the 1st of September, the community around Bitcoin Cash conducted a stress test on the BCH network.
This test was conducted in order to prove to merchants and businesses all over the world that the network is capable of scaling on chain and handling a large number of transactions at once. On the 1st of September, the goal was to create millions of minimum fee transaction in just 24 hours, with the results having a positive impact on how people viewed the coin.
Overall, 2.1 million transactions hit the network over the course of the day, which despite being impressive, was less than half of what the community wanted or expected. On the day of the stress test, the network managed to process two thirds or the transactions.
The stress test did more than prove that it was a worthy network, as its value rose from around the $100 mark to a staggering $638, before dropping to around £500 the week after.
There is a lot of hype around the Bitcoin Cash network at the moment, especially as another hard fork is planned for a few months’ time. The fork will increase the security of the network and reduce the transaction costs.
Bitcoin Cash was also the result of a hard fork, this Bitcoin’s network, around a year ago. The reason behind the fork was due to a disagreement in the Bitcoin community, with some developers and Bitcoin users wanting to increase the maximum block size with the hope of improving the speed of the network and transaction costs.
Bitcoin Cash remains an interesting alternative to the more famous Bitcoin, especially for those that wish to migrate to newer technologies.