The invention of both Segwit and bitcoin cash were efforts to solve the scaling problem with bitcoin. However, both coins followed different paths, Segwit, on the one hand, was seeking to reduce transaction size, while bitcoin cash on the other, aimed at increasing the block size. According to a new report comparing the transaction volume of both coins, it is evident that the race between BCH and Segwit tightens as the days goes by.
The scaling of blockchain is both ideological and technical. Some reasons caused the branching of bitcoin centre in August to make bitcoin money, but at the core, the capacity of transactions increased. While Segwit aimed at compressing the amount of data in every transaction, hence freeing block up the distance, bitcoin cash increased the size of each block to a maximum of 8 megabytes.
Bitcoin cash Forked from Bitcoin core in August of last year which resulted in the most successful Bitcoin fork giving the failure of most Bitcoin forks have witnessed. Additionally, the transaction volume of both coins have been reasonably similar, in that, after BCH was launched, 6.1 million Segwit transactions have taken place so far, this translates to 20.1% more than the total number of BCH transactions according to Bitmex. These figures are very close; albeit some Segwit supporters may argue that BCH transactions had a month’s head start and that the fees are lower, so the comparison is inappropriate.
In August 2017, BCH presented a solution to BTCs scalability challenges. In fact, BCH presented itself as the real solution, as Roger Ver later claimed. As such, there is a possibility that BCHs trading volume could surpass that of bitcoin, as the adoption of cryptocurrencies increases. Nonetheless, following the widespread rumours regarding insider trading, whether or not BCH will overtake BTC remains to be seen.
As the race between BCH and Segwit tightens, do you think BCH could overtake bitcoin in the future?
Let’s know your thoughts in the comment section below