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Reports Suggest More Than 50% of Bitcoin Cash Transaction Are From A Single Address

In the past month, more than half of the bitcoin cash (BCH) transactions processed has been from a single address, as per a tweet by @IamNomad on May 5.

 

The Bitcoin Cash Block Explorer further elaborated that the said mystery account has made more than 587,000 transactions since it has been operational on April 8 of this year. Many transactions are for fractional amounts of BCH done with regularity, with three to four new transactions emerging per second.

Overall, the address has received $22,763.06 (80.981 BCH) at press time and has sent $21,546 (76.654 BCH), leaving it with a balance of $1,216.36 (4.327 BCH). During the period of the account’s creation to press time, the whole bitcoin cash blockchain has processed 1.17 million transactions, about half coming from the aforementioned wallet.

The transaction frequency purportedly suggests that someone is attempting to drive up the number of transactions in order to make the network look a lot busier than it actually is, as one commentator responded:

A Reddit user introduced another theory that the minuscule transactions are being performed as a test, potentially for a game, with developers taking advantage of BCH’s low fees. Notably, Bitcoin cash has been one of the top five performing cryptocurrencies of the past week, as per Cointelegraph analysis.

On May 15, a hard fork of the altcoin is scheduled, wherein a scaling and privacy code change being enforced to improve its privacy and scalability.

Read more:Ether Hits New All-Time-High With Transaction Volume On DApps

Image source – Stock Photo Secret

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