According to data during the 24 hours of the ‘Bitcoin Cash Stress Test’, the BCH network was confirmed to handle more than 2 million transactions, which is the highest amount of transactions ever handled by any blockchain within a day.
The Bitcoin Cash network was put to test on September 1, 2018, in a bid to create millions of minimum-fee transactions within a 24-hour period to prove to businesses and merchants globally that the BCH can scale on the blockchain, handling huge volumes of transactions. Many people participated in the ‘BCH Stress Test’ by depositing 15,000 – 1,300,000 satoshis (£0.062 – £5.42) individually.
According to the statistics collected within the 24 hour period, BCH miners had processed more than 2 million transactions, outpacing Ripple/XRP (1.7M tx/day) and Ethereum (1.2M tx/day).
More blocks mined, less fees recorded
The BCH network did not just shatter records by recording the highest transactions ever in 24hrs; it also processed an enormous amount of blocks, surpassing the highest mined block size in the same period, which previously stood at 8MB.
On the first day, they were many 4 – 8 MB blocks, until eventually a block was hit that was 21 MB in size. Mining operators such as Bitcoin.com, Waterhole, BMG Pool, BTC.top and Viabtc actually processed block sizes larger than 8 MB. Coingeek reported to have mined a 10MB sized block.
As an added benefit, the many transactions handled on the BCH network did not trigger high fees. In fact, the transaction fees actually dropped from the normal average of around £0.017 ($0.022) to £0.0013 ($0.0017).
BCH supporters impressed by the success of the stress test
The incredible success of the ‘Bitcoin Cash Stress Test’ saw many BCH supporters celebrate the momentous occasion.
For instance, Roger Ver, a well-known bitcoin investor and evangelist, aired his excitement on Twitter as the stress test was underway, comparing Bitcoin with Bitcoin Cash:
Last year BTC could only process a single transaction for $50.
Today BCH is processing 35,000 transactions for $50. #StressTestBCH
— Roger Ver (@rogerkver) September 1, 2018
Good news for businesses and merchants?
The bid to prove to businesses and merchants that the BCH network could handle millions of transactions within 24 hours without increasing transaction fees, was a huge success.
The findings recorded are certainly in the favor of businesses, BCH investors, and the crypto market in general. By assuring businesses that Bitcoin Cash can be a great option for payments by handling millions of transactions at low fees, we will likely see continually growing adoption, which could propel the coin’s value rise rapidly to hit new highs.