Dogecoin (DOGE), the dog-themed cryptocurrency whose founder claims he created it as a joke, has recently processed transactions outnumbering those of bitcoin cash (BCH) by more than three-to-one.
According to data from bitinfocharts, the number of DOGE transactions has for the last three months nearly always exceeded BCH - with the ratio peaking on June the 18th with 42,727 DOGE transactions to BCH’s 13,355.
Advocates of bitcoin cash (BCH) - a hard-fork of bitcoin (BTC) - present the coin as the more usable, real-world application of bitcoin creator Satoshi Nakomoto’s vision. Due it its larger blocksize and lower transaction fees, BCH fans are keen to contrast the cryptocurrency with bitcoin - viewing the latter more as a store of value than as a usable currency.
Although Dogecoin’s market cap is dwarfed by that of Bitcoin Cash - the world’s fourth largest cryptocurrency - the fact that BCH is actually being used far less than the relatively small cryptocurrency will undoubtedly be seen by BCH critics as a major challenge to their narrative.
What is interesting is that this isn’t the only finding to question the bitcoin cash argument - as a recent study from Chainalysis has shown that BCH is actually used far less for transactions than its rival bitcoin (BTC).
With 90% of BCH held for investment - as opposed to roughly 50% of BTC - and the study showing that BTC is actually becoming more liquid while BCH less so - the argument from the BCH camp that BTC is more of a store of value seems less tenable given the coin’s current usage.
What these findings suggest therefore, is that if BCH is not actually being used that much by those that hold the currency - then its claimed superiority is for now largely theoretical.