Bitcoin Cash Stress Test Results: 2.1 Million Transactions Cause No Surge in Fees

The Bitcoin Cash (BCH) network experienced over 2.1 million transactions on September 1 as a result of the recently launched BCH stress test, according to data from BitInfoCharts. The “stress test” is a community driven test of the BCH mainnet and its services, according to the BCH stress test website. The test aims to process “millions of minimum fee transactions” within 24 hours in order to prove the Bitcoin Cash blockchain’s capacity and scalability, as well as to provide data for developers and business running their services and decentralized applications (DApps) on the BCH network.

The stress test was conducted on September 1, ten weeks before the reportedly scheduled November upgrade, and is “hopefully” set to take place on an annual basis. As a result of the Bitcoin Cash stress test, the share of Bitcoin Cash transactions amounted to 63 percent of all crypto transactions for the past 24 hours to press time, according to BitInfoCharts. The second currency in terms of number of transactions per day is Ethereum (ETH). According to BitInfoCharts, Bitcoin Cash average transactions fees have not increased, actually seeing a small decline from $0.002 to $0.0017.

On Friday, Cointelegraph reported that Initial Coin Offering (ICO) advisory firm Satis Group forecast in a study that Bitcoin Cash will drop to as low as $268, as it attempts to “inherit brand recognition” while providing “minimal technological advantage to incumbents.” The same report has stated that Bitcoin’s price could potentially soar to $98,000 in the next five years.