Bitcoin News Today – September 7

  • Bitcoin is still accused of having scalability issues
  • Bitcoin Cash follower believe BCH is more scalable than BTC
  • Lightning Network Capacity of Bitcoin Up by 738% While Bitcoin Cash Transaction Count Drops 93%

Bitcoin News Today – The world’s largest digital currency by market cap has been making the headlines more often recently. For quite some time now, scalability is one issue that has been used against Bitcoin (BTC). Bitcoin (BTC) is the most dominant cryptocurrency, with a dominance of more than 70 percent at the time of writing. Nevertheless, the digital currency community has continued to raise issues about the deficiency in the network when it comes to transaction speed.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,175.33
-1.96%

However, Bitcoin (BTC) has not been quiet. Last year, the developers on the Bitcoin network launched the Lightning Network. The Lightning Network is a second layer settlement protocol on top of Bitcoin that allows for faster transactions. The Lightning Network also provided a solution to the scalability issue of Bitcoin (BTC). Over the past 18 months, the network has maintained decent, steady growth. However, there is still a debate on whether it is the prime solution for the scalability issues of Bitcoin.

Is Bitcoin Cash (BCH) the Prime Solution to All Scalability Problems on the Network?

Bitcoin Cash News Today – Bitcoin Cash (BCH) enthusiasts believe that BCH is the prime answer to all the network’s scalability issues. Bitcoin Cash (BCH) is a digital currency forked from the blockchain of Bitcoin. Bitcoin Cash offers faster transactions at low transaction costs. To get a picture of comparative growth, Messari.io recently compared the metrics of the Lightning Network and the BCH network.

Lightning Network Capacity of Bitcoin Up by 738% While Bitcoin Cash Transaction Count Drops 93%

The result of the comparison showed that the transaction count on the Bitcoin Cash network has dropped by 93% in the last 12 months. The returns dominated in BTC, traded volume, as well as the active addresses, plunged heavily; with a double-digit reduction in percentage.

The results showed that the Lightning Network of Bitcoin had positive growth in Average channels per node. It has also surged by 23% since September last year. The capacity of the BTC network recorded a staggering growth of 738% in the last 12 months. According to 1ml.com, over the past twenty-four hours, the number of channels is up by 16.8%. Whereas, the nodes with active channels surged by 30% over the past day, projecting a number of 5,956.

The research of Messari.io also revealed that a perfect comparison between the Lightning Network of Bitcoin and BCH was not possible. According to the research, they can only draw a general contrast by observing independent metrics, which measure the activity of their respective protocols.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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