One BCH Address is Behind 50 Percent of Total Transactions

Tuesday, 07/05/2019 | 07:22 GMT by Arnab Shome
  • The owner and purpose of the address are still unknown.
One BCH Address is Behind 50 Percent of Total Transactions
FM

A single Bitcoin Cash address has been responsible for half of the transactions made on the digital coin's Blockchain over the past month.

Created on April 8, the address has processes 609,704 transactions as of press time, while the entire Bitcoin Cash network has only processed around 1.2 million transactions in the same period.

Despite the high frequency, most of the transactions involved a fraction of BCH token. The address has received 81.334 BCH worth $23,764 while it sent little more than 77 tokens worth around $22,500, making a balance of $1240 on the wallet.

The forked coin

Bitcoin Cash came into existence in mid-2017, after a chain split of Bitcoin’s blockchain. The coin was created after a dispute in the original digital currency’s core promoters over the increment of its block size to accommodate more transaction data in a single block, increasing the scalability of its network.

Over the years, Bitcoin Cash was praised and criticized by different sections of the community and its key promoter Roger Ver is pushing hard to increase its adoption in the real world.

Bitcoin Cash is currently the fourth largest digital coin in the market with a total capitalization of $5.2 billion. It is trading at around $294 a piece, as seen on CoinMarketCap.com, down from its peak of $4,355, which was achieved in December 2017.

Make it look busy

The forked coin’s transactions spiked since last month, and now with the revelation of the mystery address, it is clear what is driving this massive surge.

However, it is still not clear who is operating the address and its real purpose. According to a theory, the transactions numbers were spiked to make the network look busy, while many optimists are predicting that it is being done to test the performance of the network.

A single Bitcoin Cash address has been responsible for half of the transactions made on the digital coin's Blockchain over the past month.

Created on April 8, the address has processes 609,704 transactions as of press time, while the entire Bitcoin Cash network has only processed around 1.2 million transactions in the same period.

Despite the high frequency, most of the transactions involved a fraction of BCH token. The address has received 81.334 BCH worth $23,764 while it sent little more than 77 tokens worth around $22,500, making a balance of $1240 on the wallet.

The forked coin

Bitcoin Cash came into existence in mid-2017, after a chain split of Bitcoin’s blockchain. The coin was created after a dispute in the original digital currency’s core promoters over the increment of its block size to accommodate more transaction data in a single block, increasing the scalability of its network.

Over the years, Bitcoin Cash was praised and criticized by different sections of the community and its key promoter Roger Ver is pushing hard to increase its adoption in the real world.

Bitcoin Cash is currently the fourth largest digital coin in the market with a total capitalization of $5.2 billion. It is trading at around $294 a piece, as seen on CoinMarketCap.com, down from its peak of $4,355, which was achieved in December 2017.

Make it look busy

The forked coin’s transactions spiked since last month, and now with the revelation of the mystery address, it is clear what is driving this massive surge.

However, it is still not clear who is operating the address and its real purpose. According to a theory, the transactions numbers were spiked to make the network look busy, while many optimists are predicting that it is being done to test the performance of the network.

About the Author: Arnab Shome
Arnab Shome
  • 6425 Articles
  • 85 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6425 Articles
  • 85 Followers

More from the Author

CryptoCurrency

!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}