Athena Bitcoin adds Bitcoin Cash to its ATMs

Athena Bitcoin adds support for Bitcoin Cash to their machines
19 February 2018   244

Rising interest in Bitcoin Cash has made a big impact on cryptocurrency market and service providers alike. The rising exchange rates and more widespread support on exchange platforms contributes to the fact. And this can;t be ignored by companies involved in Bitcoin ATM business. They wouldn't want to be left on the side in such a quick-rising market. So Athena Bitcoin took a logical step and added support for Bitcoin Cash to their ATMs.

In the case of Athena Bitcoin, it's an interesting step because of many reasons. The don't plan to drop Bitcoin anytime soon, so it's just an expansion of bases, rather than a complete turnover. Also added support will be interesting to statistics, because Athena's widespread coverage in several US states will allow to see, whether or not BCH is more popular than BTC in some states.

Bitcoin Cash support will also allow for BCH to fiat conversion with two-way machines available in Athena's network. Added competition doesn't thrill Bitcoin Core community, but BCH enthusiasts are quite happy with this situation.

So far Athena Bitcoin is one of the first providers to give such opportunity to the masses, so it would be interesting to see if other ATM networks will follow the example. Decisions like that are always more than a little controversial so we'll have to wait and see if it pays off.

SegWit Transactions Are More Popular Than BCH

According to BitMEX reseach, there are more SegWit transactions in Bitcoin network than Bitcoin Cash transactions
23 March 2018   83

The volume of SegWit transactions in the bitcoin network exceeded the aggregate number of Bitcoin Cash transactions since the launch of it in August of last year. This is reported in the blog of the BitMEX exchange.

As the researchers remind, activation of the Segregated Witness protocol was carried out in the same month as the Bitcoin Cash hardfork. It was promoted by his supporters as an alternative to the solutions for scaling the bitcoin network, suggesting significant savings on transaction fees.

Since the implementation of Segregated Witness, the volume of SegWit-transactions has exceeded the aggregate number of transactions performed on the Bitcoin Cash (BCH) network by 20.1%. Also, the researchers concluded that if the appearance of BCH occurred simultaneously with the activation of SegWit, then this separation would be much larger and would be 31.5% (the gray line on the graph).

Cumulative transaction volume since the launch of Bitcoin Cash
Cumulative transaction volume since the launch of Bitcoin Cash

The graph shows that in the first days after the appearance of Bitcoin Cash, there was a rapid growth in the volume of transactions in this network. At the same time, the increase of the  SegWit transactions in the bitcoin network occurred gradually. Nevertheless, in just three months, the volume of BTC transactions with SegWit exceeded the total volume of BCH-transactions.

The graph below shows how gradually the popularity of legacy transactions in the bitcoin network is declining in favor of SegWit.

Daily transaction volume
Daily transaction volume

The chart below shows the continued growth of SegWit transactions, mainly due to the activation of support for this solution by the major players of the bitcoin industry:

Percentage of transactions that use SegWit
Percentage of transactions that use SegWit

Currently, the share of SegWit-transactions in the bitcoin network is about 30%. At the same time, the average share of such transactions in the bitcoin blockchain is about 22%.

According to the researchers, Segregated Witness significantly influences the performance of bitcoin blocking and benefits in the form of a reduction in commissions even for users who prefer to use the old transaction format. Also, according to the BitMEX team, the results of their research show that large-scale innovations should be introduced gradually and in the most secure way.