Bitcoin Preferred As Exchange of Value Network Over BCH and BSV

Wilfred Michael 

Wilfred Michael

News reporter

29 July 2019,
17:39
Bitcoin Preferred As Exchange of Value Network Over BCH and BSV

Developers on both the Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV) network often present their viability as an exchange of value channel, as a reason while they will either overtake or compete with the mother network, Bitcoin (BTC).

‘Mother’ is appropriate in this context since both networks are a fork of the Bitcoin (BTC) network, and also come into play in light of evidence that BSV and BCH are still way behind the BTC network when it comes to serving as an exchange of value channel.

Crypto analytics firm, Coinmetrics on July 29 published data confirming the Bitcoin network’s superiority as a means of exchange.

Citing data collected between January and June 2019, Coinmetrics revealed that BSV’s daily adjusted transfer recently value peaked at $144.2M on June 26th, 2019, while BCH reached its 2019 peak of $325.5M on June 27th, 2019.

Those figures, however, are no way near Bitcoin’s $3.58B daily adjusted transfer value achieved on June 20th, 2019.

The ‘mother’ network also tops the chart in two other significant categories, namely, active addresses and transaction count.

Although the number of unique active BTC addresses has fluctuated between 600,000 and 1,000,000 for most of 2019, BCH and BSV have remained below 100,000 and 50,000, respectively, Coinmetrics confirmed.

Also, while the 30-day average transaction count on the Bitcoin network stands at appr. 354,000, the BCH network boasts only 54,400 while the BSV which evidence shows is primarily used for blockchain data storage rather than the financial transfer of value has an 81,400 transaction count.

These statistics, no doubt reinforces the fact that Bitcoin, although now used as a store of value like Gold, is still a preferred means of value exchange for the broader community of crypto users. 

Whether that status will ever change is a question only time can answer, although it looks almost certain at the moment that neither of the fork networks is ready to claim that honor.

 

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