Bitcoin regulation is an ever-evolving topic, especially in the United States where national legislation is impacted by individual states.
Bitcoin Cash has conducted a stress test which showed surprising results in the transaction volumes and fees.
The stress test, driven by the Bitcoin Cash community, aims to provide data evidence to merchants and businesses worldwide that the Bitcoin Cash network can handle massive amounts of daily transactions. The test found that the massively increased transaction volume did not result in higher fees, but reduced them slightly.
The Biggest Community Driven Stress Test Of Any Blockchain
So far $BCH has processed 1,265,876 transactions in the past 24 hrs
— Bitcoin Cash (@BITCOlNCASH) September 1, 2018
According to the stress test website:
“The data collected will be of great use to developers and businesses providing services on the BCH network, it also gives them a chance to stress test their services.”
The stress test organisers also invited users to join in, saying that all are “welcome to participate in the stress test, with the cost spread across the community the cost per user is tiny” and explained that another purpose of the test is for “people to stress test apps, wallets, and services, so everyone can get useful data they can use to move forward.”
According to the test, the processing of more than 5 million transactions will be able to prove the capacity of Bitcoin Cash’s website which will provide “a positive signal for merchants, businesses, and investors”, about the Bitcoin hard fork’s abilities.
The results from the test showed fees did not rise as transaction volumes topped 2.1 million on the token’s network. According to data from BitInfoCharts, fees dipped slightly from $0.002 USD to $0.0017 USD.
The test comes ten weeks before a scheduled network upgrade in November and the community have stated that they hope this will become an annual event.
Although the price has dipped by a marginal 1.03% in day-on-day trading, in the past week, Bitcoin Cash has surged by 17.76% and the coin is now trading at $630.068 USD.