It has been 17 months since the fork that added Bitcoin Cash to the ever growing list of cryptocurrencies. Evaluating the data, it is safe to say that the project did not meet it’s goals and became another altcoin in today’s market. The 8 MB block size was revolutionary, however not nearly enough to make people switch over from bitcoin.
The data shows that in all terms, Bitcoin Cash is far behind on bitcoin. The market has made it’s choice and it’s not favorable. Outside a few large spikes, the adaptation rate has been low. Bitcoin Cash wanted to provide a faster and easier way to complete transactions and offered a larger block size as the solution to the problem. Nearly one and a half year later, the market made it clear it wasn’t what it was looking for.
Since the fork in August of 2017, Bitcoin Cash used an average block size of 171 KB. Bitcoin, on the other hand, used about 934 KB – in other words Bitcoin Cash is just another altcoin. It uses 2.1% of the block size and is only 18% of the block size of Bitcoin – even though it has eight times the capacity of Bitcoin.
Just like other Bitcoin forks – e.g. Bitcoin Gold – Bitcoin Cash didn’t have enough attention to become a real challenger to it’s brother Bitcoin. Even as an investment, it doesn’t hold as well as Bitcoin: the average market size is 3.6% of Bitcoin.