Bitcoin Cash Gains $100-Price Increase After Stress Test

On August 31, Bitcoin Cash traded for only $538. Now, each costs $638.

poppin-champagne

The Bitcoin Cash community held a stress test on September 1 and was able to process over 2.1 million transactions in just 24 hours—the first to have accomplished the feat.

But not only did the stress test prove that the Bitcoin Cash blockchain could indeed handle a lot of transactions; the aftermath increased the value of the said cryptocurrency by over $100. Moreover, the transaction cost did not increase at all. As of the time of writing, the cryptocurrency trades at $638.93, according to CoinMarketCap.

Crypto World Record

This is a world record, as no other cryptocurrency was able to record having 2 million transactions—Ripple’s XRP saw 1.7 million transactions in a day, while Ethereum recorded 1.2 million. Also, data website Fork.lol recorded over 85,000 transactions per hour, and 23 per second.

pie-chartAs a result, Bitcoin Cash took up over 63 percent of all cryptocurrency transactions on the said date, according to BitInfoCharts. One particular user commented, saying that “BCH is the Pacman of crypto,” as suggested by the pie chart.

The community held gatherings in different countries around the world, specifically in Australia, Belgium, and Japan, “popping champagne” at 8 pm UTC, according to the stress test’s schedule for the momentous day. They were able to track the transactions on websites such as Bitcoinsubway.cash and Txhighway.com.

All these were accomplished seamlessly, with Gabriel Cardona, creator of LINE’s crypto trading platform Bitbox, presenting a 21.35MB Bitcoin Cash block to conclude the stress test. Cardona also played a critical role in the event, as he co-created Scale.cash, a website which allowed participants to process multiple transactions with ease.

Not Stopping Here

The community doesn’t intend to stop here. As a matter of fact, they are planning to schedule a stress test on a yearly basis, and will attempt to smash the previous records every time. The cryptocurrency will also be undergoing an upgrade in November.

Many participants were also able to hit two objectives with their participation in the stress test, as they were able to test their Bitcoin Cash-dedicated applications and other bizarre projects. As a matter of fact, Gen, a jeepney which accepts Bitcoin Cash as payment, roared through the streets of Manila, Philippines, and started picking up passengers and receiving Bitcoin Cash as fare. Pixel Wallet, an application which allows people to send Bitcoin Cash through pictures, even gave away free cryptos during the stress test.

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