When the Bitcoin Cash (BCH) network split from the Bitcoin (BTC) network, their primary proposition was to create a network that would allow users to exchange value, instead of storing it as Bitcoin allowed.
When Bitcoin Satoshi Vision (SV) network split from the Bitcoin Cash (BCH) network in November 2018, it was for a similar purpose with the new network claiming to offer faster transaction times by implementing smaller block sizes.
However, new evidence shows that both networks (BCH and BSV) would still have a long way to go if it will ever come close to competing with the Bitcoin network as an exchange of value channel.
To be clear, the faster transaction times and lower fees promised by the Bitcoin forks is of economic value to users but still hasn’t been enough to convince the majority to start using them.
According to data published on Monday by crypto analytics firm, Coinmetrics, Bitcoin, more than convincingly, beats its forks when it comes to network usage as an exchange of value.
Statistically, while BSV’s 2019 daily adjusted transfer value peaked at $144.2M in June and BCH reached its 2019 peak of $325.5M on June 27, 2019, none of these figures comes close to the Bitcoin network.
The BTC network as per the report hit a $3.58B daily adjusted transfer value on June 20th, 2019.
The network housing the world’s first dominant cryptocurrency also comes top when it comes to the number of active addresses.
While BTC has fluctuated between 600,000 and 1,000,000 daily unique active addresses for most of 2019, BCH and BSV have remained below 100,000 and 50,000, respectively as per the Coinmetrics research.
Meanwhile, the latest revelation comes amid increase activity on Bitcoin’s faster transaction and low fees off-chain solution, the Lightning Network.
Coinfomania reported in April that the Bitcoin Lightning Network breached the 1050BTC mark although that figure has slightly dropped to 903.59 BTC ($8.6 M) at the time of writing.
