Bitcoin cash is currently the sixth largest cryptocurrency, and its market capitalization is comparable to that of Litecoin and far exceeds Dogecoin. However, in the past 24 hours, the number of active addresses on the BCH network is less than 50% of the Litecoin, less than 1/3 of the dog's coin. There are 78,641 active addresses for dog coins, 54,225 for Lite coins, and only 26,030 for BCH. To make matters worse, according to BitInfoCharts, the median value of a single transaction (BCH included in a single transaction) is only 0.000038 BCH ($ 0.0096).
These statistics have caused controversy among some cryptocurrency analysts and enthusiasts. Network engineer Melik Manukyan said on Twitter that bitcoin cash and bitcoin SV will be "stress tested", and the two cryptocurrency networks will stage millions of meaningless small transactions.
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A small number of bitcoin cash active addresses means lower network usage. At a deeper level, this shows that the blocks on the chain are actually very small, with an average size of 95 kb at the time of writing, and no large blocks are needed at all. The actual block size is almost half of the normal average of 177 kb, and the block size used by the network is less than 2% of the upper limit (8 MB). This makes the BCH network hope to increase the block size limit to expand the idea is useless.
According to cryptocurrency enthusiast Dr. Hash, bitcoin cash statistics are worse than expected. He tweeted that although the network claimed to record a high number of transactions, the median value of BCH's single transaction was less than 1 cent, which indicates that there is not much to pay with BCH.
In addition to the very small transaction value, the bitcoin cash network's computing power is also very low. Currently, BCH's network computing power is 2.449 EH / s. Compared with the 46.952 EH / s of the Bitcoin network, there is a big difference. The low computing power of the Bitcoin cash network means that some medium-sized bitcoin miners can successfully launch 51% attacks on the network, reversing transactions and causing serious damage.
Recently, the president of SBI Holdings revealed that he had plans to participate in the promotion of Bitcoin cash, but the idea of bitcoin cash hard branches did not exist. The SBI chairman believes that cryptocurrencies that often encounter hard forks are "ridiculous."