Bitcoin Cash Payments to Have Low Popularity

According to the Chainalysis team, one of the reasons of this is concentrated ownership of tokens
21 August 2018   351

Analysts from the Chainalysis conducted an analysis of the trade turnover of the largest crypto payment services and found a significant decrease in the volume of payments in the Bitcoin Cash. This is reported by Bloomberg.

There are fewer users of Bitcoin Cash, fewer holders.
 

Kim Grauer

Senior economist at Chainalysis

Since the beginning of this year, the price of Bitcoin Cash has fallen by about 75%. However, this cryptocurrency remains one of the largest. So, according to CoinMarketCap, it occupies the fourth line of the rating, and the market capitalization of BCH is $ 9 billion. The weighted average price of the coin at the time of publication is approximately $ 520.

After analyzing the turnover of the 17 largest crypto payment services, including BitPay, Coinify and GoCoin, it became clear that Bitcoin Cash (BCH) payments in this digital currency significantly decreased. If in March Bitcoin Cash turnover was $ 10.5 million, in May it decreased to $ 3.7 million.

According to Grauer, another reason for the low adoption of Bitcoin Cash in e-commerce is concentrated ownership of tokens. It is reported that more than half of the offer of this crypto currency is on 67 wallets. At the same time, only two wallets store from 10 to 100 thousand BCH.

Two Mining Pools to Gain 50% of the BCH Hashrate

Media reports that Coingeek and BMG Pool are affilated with odious Australian entrepreneur Craig Wright
18 September 2018   214

The centralization of Bitcoin Cash mining has reached a new level after only two pools - Coingeek and BMG Pool - have established control over more than 50% of the total network hash. This is reported by Trustnodes.

Bitcoin Cash Mining Pools
Bitcoin Cash Mining Pools

Earlier today, there were also reports that at some points the aggregate capacity of both pools reached 58%.

While BMG Pool directly belongs to the odious Australian entrepreneur Craig Wright, the no less scandalous Calvin Ayre, who maintains close ties with Wright, is considered the nominal owner of Coingeek.

The current situation, the media believes, does not exclude the possibility of collusion of the 51% attack on the network. In particular, in this case there is a probability of double spend of coins, which, accordingly, will force the exchange to increase the number of required transaction confirmations.

At the same time, the current situation is likely to be a demonstration of power by Craig Wright on the eve of the November upgrade of the network. As a result of disagreements between different groups of developers, it is still possible that Bitcoin Cash, which at one time split from bitcoin, will itself be split into two separate chains.

Note that the Bitcoin Cash hashrate on the whole continues to remain at a fairly low level, accounting for less than 8% of the bitcoin.