It’s been nearly 17 months after the contentious fork which gave birth to Bitcoin Cash. It can be safe to say that the purpose of the fork may have been defeated, rendering BCH as little more than just another altcoin.
An examination of the data on the Bitcoin Cash Blockchain shows that Bitcoin Cash has never come close to filling out the capacity, despite the impassioned arguments and big promises made about its 8MB block size.
According to the data showed by Coinmetrics, Bitcoin Cash still remains far behind Bitcoin not just in proportional terms but also in absolute terms, since both miners and consumers have overwhelmingly chosen to remain with Bitcoin.
It would look like that the Bitcoin Cash fork that took place in the middle of a polarizing argument about whether to maintain bitcoin’s 1MB block size or not has turned out to be an exercise in futility.
While the major idea behind BCH was reportedly to offer a faster and easier way of transaction to be made while using a larger block size as a solution. The market has spoken in the intervening year and a half, and what it needs to say isn’t a good news for Bitcoin Cash.
The data provided by Coinmetrics shows that Bitcoin Cash has averaged a block size of 171 KB since the August 2017 fork, which is far from filling out or even getting anywhere close to its 8MB block size.
By comparison, bitcoin has averaged about 934 KB of its 1 MB block capacity over the last month. In a simpler term, Bitcoin Cash is using just about 2.1% of its block capacity and is only averaging about 18% of Bitcoin’s block size in spite of having forked with the express intention of building bigger blocks.
In spite of any protestations to the contrary, this clearly indicates that there is major lack of interest in BCH.