Sunday, February 5, 2023

Bitcoin Cash Holds off Spam Attack in Show of Strength

Bitcoin Cash Holds off Spam Attack in Show of Strength

Bitcoin Cash seemed to be on a mission to prove its doubters wrong today, as it survived a “flood attack” — that led to over 80,000 transactions cleared in just four blocks.

Also read: ShapeShift Acquires Keepkey, Enables Direct Trading on Wallets

Bitcoin Cash Flexes Its Muscles

On 16th August, the Bitcoin Cash network seemingly fell victim to a spam attack as transactions flooded the cryptocurrency’s mempool. In fact, at one point, the rate at which transactions were entering the mempool was clocked at almost 27 transactions per second.

News of this spam attack quickly spread, which led to some bickering/worrying on the part of BCH supporters.

However not long after the news spread, an 8MB block was mined that put a huge dent in the accumulating pile of unconfirmed transactions.

This block was found by the mining pool BitClub Network, which cleared 37,814 BCH transactions. Additionally, a 4MB block was discovered and mined that also contributed to the quick dissipation of the mempool build-up.

Contrast this to BTC’s current situation as transactions have been accumulating in its mempool for a while now. At press time, Bitcoin has over 60,000 unconfirmed transactions pending with an average block size of 0.95MB.

More Good News as Swiss Private Bank Accepts BCH

In addition to this, Falcon Private Bank — a private bank based in Zurich, Switzerland — has announced that it will be accepting Bitcoin Cash into its asset management offering.

The announcement comes only a month after the bank announced its first Bitcoin investment product. Now, after this most recent announcement, customers will be able to trade, store, and purchase BCH, Ethereum, and Litecoin as well.

Furthermore, a wealthy homeowner in Coral Gables, FL recently put his $6.4 million USD estate up for sale — and is giving buyers the option to purchase it with either Bitcoin or Bitcoin Cash.

It’s only been 16 days since the 1st August hard fork that led to the emergence of Bitcoin Cash. All the while, the currency has been trying to distinguish itself from the main Bitcoin chain.

Today’s events could go a long way in doing just that, and supporters of the currency certainly think it will, but only time will tell.

For now, all they can do is speculate and hope — while dishing out the occasional jab at BTC.

What do you think of how the BCH’s network handled the spam transactions? Let us hear your comments below.

Images via Falcon Private Bank, Bitcoin Cash

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