Have you ever wondered which protocol is used more between Bitcoin SegWit and Bitcoin Cash? Well, if you have, BitMex has helped you make a comparison between both protocols and published a report about it. The first thing noted in the report is that SegWit is the leading option for now but the trading volume of Bitcoin Cash transactions is growing rapidly.
Bitcoin (BTC) Price Today – BTC / USD
Following the creation of Bitcoin’s hard fork, Bitcoin Cash, everyone believed that the dispute regarding the direction to take would end. Well, it didn’t. There is an ongoing battle for supremacy between both communities. This sovereignty is defined based on scalability and user friendliness. According to the report by BitMex, SegWit is the most frequently used option in the entire cryptocurrency space. While many people are beginning to use the Bitcoin Cash protocol, the majority of the community still prefer to use the long dominate protocol which is Bitcoin SegWit.
While the adoption of SegWit has been slow since the chain spilt, it has been steady. This is reflected on the daily transaction volume recorded by Bitcoin. The volume has been on an uptrend from the day of spilt until now. In fact, statistics show that SegWit transactions make up for up to 50% of the total transaction volume of Bitcoin transactions around the world.
The Fight For Dominance: Bitcoin SegWit Vs Bitcoin Cash
Bitcoin Cash is lacking behind as the number of SegWit and regular transactions on Bitcoin continues to grow. Bitcoin Cash makes up for about 10% of the total Bitcoin transaction volume on a daily basis. However, the August and September stress test on the Bitcoin Cash network showed a rather distorted picture. The network was tested with high transaction volume and it passed with flying colors proving that it is scalable. The result of the stress test proved that Bitcoin Cash was better off than SegWit per scalability. This is because there has been a steady but slow adoption of SegWit transactions over the years.
The SegWit transactions only picked up within the past few months of the year. Still, the only reason why Bitcoin Cash was able to match up with the SegWit transactions was because of the stress test in August and September that took it up in a single jump. Since the hard fork, about 22.1 million SegWit transactions have been carried out. On the other hand, only 18.9 million Bitcoin Cash transactions have been done within the same period.
Bitcoin Cash (BCH) Price Today – BCH / USD
The bottom line is that SegWit transactions are popular but so are Bitcoin Cash transactions. As time passes, the total trading volume of SegWit transactions is increasing steadily. While Bitcoin Cash is also growing in popularity, the volume is plagued by strong volatility and this is why it isn’t enjoying the smooth and steady growth that SegWit is enjoying. This is why SegWit is wearing the crown in the war of transactions.