Major red flag surfaces for Bitcoin Cash as virtual asset records extremely low hash rate

  • 06 July 2019, Saturday, 13:00

Bitcoin has been the most talked-about virtual asset and digital currency over its lifetime, despite significant changes to it over the years. The most crucial of these changes were the Bitcoin Cash and Bitcoin SV hard forks, when a group of developers broke away from the parent blockchain to increase the block size.

The hardfork split the community into two as crypto-enthusiasts took different sides in the debate.

While Bitcoin’s popularity grew over time after receiving valuable support from mainstream personalities, Bitcoin Cash and Bitcoin SV have struggled to garner the kind of backing that BTC has secured.

In the community, Roger Ver, ardent Bitcoin Cash proponent, has always looked for an opportunity to criticize Bitcoin. However, recent statistics shed light on an entirely different scenario.

From the above chart, we can observe that Bitcoin Cash has the least recorded transactions over the last 24 hours, falling behind Bitcoin SV as well in the process. Bitcoin dominated the stats as expected, with 378.264k transactions.

However, the statistics which garnered the most attention is the fact that BCH had a hash rate which was lower than 3 percent of Bitcoin’s present hash rate. That is incredibly low for a major network, with Twitter user, @WhalePanda, claiming that it was possible to run a 51 percent attack on the BCH network by amateurs, who only possessed “pen and paper.”

Other statistics also listed out that Bitcoin had the most active addresses in the process with 693,557. Bitcoin Cash rallied far behind with 28,638 and Bitcoin SV had 17,667.

Recently, it was argued that Bitcoin Cash’s falling volatility could be used by investors as a hedge against Bitcoin for assured investments. However, by the look of things, BCH’s current hash rate levels might drive these investors away. Bitcoin Cash with its current hashrate is highly susceptible to 51 percent attacks, which would suggestively ingrain a sense of reluctance among potential traders.

Source: ambcrypto.com