The second most widely used cryptocurrency for payments is not ETH
The second most widely used cryptocurrency for payments is not ETH

The second most widely used cryptocurrency for payments is not ETH

By Michele Porta - 8 Oct 2019

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Roger Ver, a well-known character behind Bitcoin Cash, has recently returned to Twitter to talk about BCH and the results achieved in terms of use in payments: with a brief but engraved message he pointed out that Bitcoin Cash is the second most used cryptocurrency for payments behind only Bitcoin (BTC), thus surpassing ETH.

Bitcoin Cash: higher payment volumes

In the tweet, there is a direct link to the BitInfoCharts website, where you can see how BCH is more used for payments than ETH, the second cryptocurrency by market capitalization according to CoinMarketCap.

Taking a closer look at the chart you can see how since April of this year Bitcoin Cash has surpassed Ethereum for the number of dollars moved, recording significant peaks in the early summer months.

In the last period, the situation has returned to normal and the two cryptocurrencies seem almost equal but BCH remains in the lead by little.

The main reason behind this result could be first of all due to the very low fees required by the Bitcoin Cash network to move money.

In fact, comparing the data with both BTC and ETH, the fees are hundreds or even thousands of times lower. To have a comparison, in the last 24 hours, the average fees of Bitcoin Cash were $0.0023 dollars against $0.6 dollars of Bitcoin and $0.12 dollars of Ethereum.

Moreover, the average value of a transaction for ETH is relatively low, being less than 500 dollars, while for BCH is very high, with almost 8 thousand dollars on average in the last 24 hours.

Bitcoin (BTC) stays far away

The most widely used cryptocurrency for payments is always Bitcoin (BTC) which records numbers that keep Bitcoin Cash at a clear distance and all other cryptocurrencies.

They only look at the total number of transactions, however, we see that ETH is a long way from BCH thanks to its many Dapps and Smart Contracts.

In this field, the cryptocurrency that records the highest number of transactions is undoubtedly XRP that has surpassed even the million transactions per day.

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