Is Bitcoin Cash Turning To A ‘Ghost Town’?

It’s the birthday month for Bitcoin Cash but we can’t really celebrate it as we should. Reports show that the commercial use of Bitcoin cash has dropped by 85%.

Bitcoin Cash was created as a fork of Bitcoin and some people still believe that this is the ‘’true Bitcoin’’. The early adopter of Bitcoin Roger Ver is among the believers that although he has adopted Bitcoin, he still believes that BCH is the true one. However, these statements don’t really hold up in reality especially in the current market situation.

Ver claimed that Bitcoin Cash can be used in actual commerce to pay for things or to buy certain goods and services. Other experts and analysts reviewed all the payments done with BCH through several of the most used exchanges. What the reports show is that Bitcoin Cash payments went down to $3.7 million in May this year from a recent high of $10.5 million just in March. Bitcoin payments, on the other hand, show a total of $60 million in May which is also a drop from $412 in September.

The reasons for the low adoption of Bitcoin Cash can be, for example, BCH ownership by a small number of people and you can see that because more than 50% of Bitcoin Cash is controlled by about 60 wallets and not stored on any exchanges. Two of those wallets have from 10.000 to 100.000 Bitcoin Cash. This clearly shows why no one else is buying Bitcoin Cash and currently BCH is a ghost town.
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Bitcoin Cash is not as dominant on the market as well and it did take a large hit in terms of the market cap where it has lost nearly 90% of its market cap. Also, further bad news such as consensus vulnerability in the BCH code led to more damage to the BCH blockchain.