Only 10% Bitcoin Cash Used On Crypto ‘Currency’

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Photo from Oscar TecH

A recent research from Chainalysis found that a total of 90% of the Bitcoin Cash holdings are used as investments.

The released findings released together with larger insights on the 2017-2018 Bitcoin money supply found out that it contrasts greatly with Bitcoin by having a split between investments and transactions on a 50/50 basis.

“It appears that there are far fewer transactional users of bitcoin cash than in bitcoin,” Chainalysis said.

The report also stated that 1.5 million bitcoin cash is held for speculation and transactions compared to 7.3 million bitcoin… the ratio of transactional to investment coins in bitcoin is 1:1, while the ratio for bitcoin cash is 1:10.

Seeing itself as an alternative to Bitcoin with cheaper and faster transaction capacity, the Bitcoin Cash appeared to controversial to most altcoin users as they prefer not to transact using it as stated in the new research.

50/50 split on bitcoin

The sudden contradiction created a spur on social media as it created generated a debate through various sides which included a tweet from BitMEX.

But BitMEX was said to be pertaining to an announcement made by Bitcoin Cash meet up upon seeing chief proponent Roger Ver of providing a description of the event as only for those that “think that cryptocurrencies should actually be used as currencies.”.

In addition, Chainalysis noted that the used amount of Bitcoin Cash on transaction had been declined when it came off the Bitcoin network as being “from 15% in November 2017 to 7% in April 2018”, whereas the amount of Bitcoin held by promoters had indeed increased.

“This is likely due to exchanges starting to list bitcoin cash, allowing individuals to sell off their bitcoin cash. This bitcoin cash has ended up being held by investors, rather than by people using bitcoin cash for speculation or transactions,” the research stated.

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