Bitcoin Cash: active addresses are less than those of Dogecoin
Bitcoin Cash: active addresses are less than those of Dogecoin

Bitcoin Cash: active addresses are less than those of Dogecoin

By Marco Cavicchioli - 29 Apr 2019

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According to data published by BitInfoCharts, Bitcoin Cash has a number of active addresses equal to only about one-third of those of Dogecoin.

In fact, in the last 24 hours for example, the active addresses on Bitcoin (BTC) have been over half a million, while those on Ethereum (ETH) have been more than 300,000.

Bitcoin Cash (BCH), on the other hand, stops at about 25,000, although it is growing compared the 15,000 at the beginning of the year.

But what is more surprising is that, in this ranking, the fifth cryptocurrency in the world for market capitalisation is also surpassed by Litecoin (LTC), which has about twice as many active addresses, and by Dogecoin (DOGE), which has almost three times as many active addresses as BCH.

Dogecoin is a cryptocurrency born as a joke, without actually having any great ambition, whereas Bitcoin Cash was born almost two years ago as an alternative to Bitcoin with the blatant goal of replacing it.

The fact that, to date, the number of addresses active on BTC is still at least 20 times higher than that of BCH makes it clear that, by now, the intent to replace Bitcoin seems to have faded.

In addition, the average value of transactions is a meagre 0.00004 BCH, which is less than one-hundredth of a dollar, a sharp drop from the 150 dollars of a year ago.

For example, the current average value of Bitcoin transactions is 0.017 BTC, or just under $90, compared to $500 a year ago. Therefore, BCH is now used primarily for microtransactions, since the average fee is around 0.000003 BCH (0.00072 USD).

Another reason that suggests a very limited use of this cryptocurrency is the fact that on average less than 2% of the total 8 MB size of the blocks is used, to the point that the average size is significantly smaller than the fateful 1MB size that led to the BTC fork.

If we add to this a very low hashrate of 2.073 Ehash/s, compared to the 48.485 of BTC, we realise that, for now, the attempt to replace Bitcoin can be said to have failed.

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded and the Facebook group" Bitcoin Italia (open and without scam) ".

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