One of Bitcoin's most popular thorns, Bitcoin Cash crossed the first half yesterday. It took mining rewards from 12.5 to 6.25 BCH, about $ 3,200 to $ 1,600 per ten minutes. While some expected the currency price to respond sharply to the event, prices have risen to half a cent, up more than 17% from April 5.
The mine workers in the network, however, reacted completely differently. Shortly after the network hit the 630,000 block, the blocks had a 109-minute interval. This is a typical 10-minute block time of 10 minutes before the network adjusts the mining problem. As a result, the transaction was closed on the network ground at that time.
Data shows that this was a direct result of the network's hashrate drop, resulting in lower dollars allocated for mining.
Bitcoin Cash Today's situation
Bitcoin Cash price today is $234.85 with a 24-hour trading volume of $3,923,799,319. BCH price is down -6.9% in the last 24 hours. It has a circulating supply of 18 Million coins and a max supply of 21 Million coins. Binance is the current most active market trading it. In order to explore addresses and transactions, you may use block explorers such as blockchair.com, bch.tokenview.com, and bch.btc.com. Additional information can be found at https://www.bitcoincash.org/.
What is Bitcoin Cash?
Bitcoin Cash, also known as Bcash, operates as a payment network and a cryptocurrency whose main transaction unit is the BCH token. It came into existence in August 2017 after a lengthy disagreement among members of the Bitcoin community about how it could change its core technology to speed up its transactions and reduce their spending on fees. Furthermore, both miners and developers of the BCH group expressed concern about the true potential of effectively scaling up with the growing number of Bitcoin users.
The inability to resolve these issues created bitter conflicts between the two parties: one for interfering with the main Bitcoin code, which made it easier to raise the block size limit and handle a growing number of transactions, and the other returned the things they wanted to keep. The split was tight-knit and the "reformist" team went on to create bitcoin cash, an electronic cash solution designed to solve the parenting Bitcoin platform's estimation mistakes as peer-to-peer (P2P).
What are the features of Bitcoin Cash?
Nobody controls or owns Bitcoin. Transactions cannot be modified or censored
Defeat inflationary issues that are only compounded by currency currencies, only 21 million ever
The ability to make reliable, fast, affordable transactions is one of the mainstays of Bitcoin
Now that we have the initial idea for this project, let's dig into some of the key data points of that day using the In the Block platform.
Daily address activities have gone through the roof.
On Wednesday, the same day that the halving took place, there was a huge spike in the number of active addresses on the bitcoin cash network.
A total of 161 thousand addresses were active that day, representing a 388% increase over Monday's 33,000 active addresses.
The number of new addresses entering the network has also increased by 357% in the last days, as the number that leaves the network (zero balance) is 367.76 %
Perpetual swap volume reached a high of 7 days.
A quick explanation: Permanent swaps are a type of derivative that has no expiration date.
The Bitcoin Cash perpetual exchange volume reached a seven-day high of $ 465.96 million on Wednesday, recovering on Thursday. On Wednesday, the volume of permanent exchanges increased 103% over the previous day.
The number of on-chain transactions has increased dramatically.
At Intoblock we measure the number and volume of on-chain transactions at a given time. On April 7, a total of 95.85 thousand transactions and 1.62 million BCH were transferred. This number is 7 days higher than the previous day and represents a 180% increase.
The average time between transactions was also affected
As I said earlier, the number of blocks 1,3 takes about two hours to finish, and this can be reflected in the time between on-chain transactions.
Before that happened, the average 30-day average time was 10 minutes (equal to the block time), but with the problem of half-time, that number increased to 26 minutes on April 9.
Most of the activities on Halving Day came from the West.
On Wednesday, the number of on-chain transactions increased dramatically, we were able to identify that most of the activity that day came from the East, meaning that 90.43% of on-chain transactions were up by 10:01 pm during that day. From 10:00 AM UTC. This represents a bit of a discontinuity in the West since the turnover from AllTime was 54%.
As you can see, the on-chain operations combined with other factors such as derivatives provide us with a deeper and insightful understanding of this property.
Mining activity for Bitcoin Cash was impacted after the half, other indicators tell us that Bitcoin Cash has a strong community with a strong on-chain fundamentals.
Bitcoin Cash is the bright future
Bitcoin Cash has a number of distinct teams of developers that provide software implementation. They are already innovating and upgrading Bitcoin Cash to make the world's best money. Bitcoin also prevents cash from preventing political and social attacks in the development of decentralized development protocols.
After being torn down in 2017, bitcoin cash developers have already developed Blocks to 32MB. There are many new and exciting projects using the Bitcoin Cash Network. The future is bright with Bitcoin Cash, with a strong roadmap, talented developers and a clear vision of what Bitcoin should be.
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