Tone Vays - "If bitcoin cash had as many tx's as bitcoin does right now, their fees would actually be bigger. "
6:48:23 tone claims that the amount of tx's bitcoin cash has on chain right is the equivalent to the amount of tx's btc had in 2011 and if bch had the same amount of tx's as btc the fees would be even higher.
BTC tx's peaked in 2011 at around 12k per day, with an average of around 3k per day. BCH txs this year so far peaked at around 150k txs per day, with an average of around 45K per day. (source)
The average fees/tx for BTC in 2011 are roughly the same fees on BCH right now(source), though peaking at 10cent in 2011 for BTC where as peaked at 6 cent so far in 2019 for BCH.
Now his claim that research has shown if BCH had the same amount of transactions as BTC the fees on BCH would actually be even higher than they are on BTC:
At the beginning of september 2018 the BCH community began a 4/5 day long stress test, sending and confirming millions of transactions. On the busiest day BCH confirmed over 2.1 million txs and on that same day BTC confirmed 213k txs. https://i.imgur.com/gBtcjUX.png
The avg fee for BCH on the busiest day was $0.0017, where as the average fee for BTC transaction on that day was $0.64. https://i.imgur.com/8NnJzm7.png
So BCH had 10x more transactions, and fees were 376x cheaper than on BTC. Truly amazing, if only Tone knew he might even switch over.
What did we learn from all of this? Tone vays is still full of shit and will say anything he can to make himself sound right.
Why did i make this post? In case there are any newbies out there who think tone vays has any clue what hes talking about.
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source https://www.reddit.com/r/btc/comments/bst1dt/tone_vays_if_bitcoin_cash_had_as_many_txs_as/
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