Bitcoin Cash preparing for mass adoption
On May 15, Bitcoin Cash (BCH) successfully conducted a hard fork, or software upgrade, that introduced several highly-anticipated changes. Although there were no fireworks or celebrations afterward, the hard fork went according to plan, and shows how the BCH development community is preparing for large adoption of the cryptocurrency.
The hard fork introduced a block size of 32 megabytes (MB), up from the previous 8MB. This significant increase means that more transactions can occur at once and gives the network the capability to transact more than what is currently seen by PayPal. While some opined that the expansion was overkill (BCH blocks are still processed at sizes less than 1MB with just a spattering of 2, 4 or 8MB), the BCH developers rightfully understood that there was no need to wait until the size became an issue before undergoing the upgrade.
BCH transactions amount to roughly 20-25,000 per day. This is not an overly significant amount, but during the past nine months, the number of transactions has grown significantly. Since BCH was forked off Bitcoin (BTC) in August of last year, the network has seen an increase in activity of 186%. It currently sees only 5-10,000 less daily transactions than seen on the Litecoin network, which has been around for seven years.
BCH has already begun to attract a larger following in the retail and eCommerce markets, due primarily to the lower transaction fees and speed it has offered. Now that the network has been optimized even further, there is little doubt that it will continue to gain momentum and could even move rapidly into the top three digital currencies in the world.