Probably due to hardfork spilt, enthusiasts of Bitcoin and Bitcoin Cash have always tried to battle dominancy between the two cryptographic projects.
Even though Bitcoin remains the parent tree from which Bitcoin Cash was hard forked in August 2017 with the aim of increasing block size, the latter still tries to claim superiority over the former.
Bitcoin dominates the crypto market with over 62% share of the ecosystem. Over the years, Bitcoin has been able to grab enough adoption beyond any other virtual currency, among other credence bagged by the digital currency.
Yet, enthusiasts of Bitcoin Cash like Roger Ver failed to see these as distinct differences between the two projects.
However, a new statistic revealed on twitter has been able to show the dichotomy between the two projects.
According to the data in the above chart, Bitcoin Cash’s hash rate is quite frail when compared to that of Bitcoin. BCH’s hash rate per the chart, was lower than 3 percent of Bitcoin’s hash rate on July 5.
While Bitcoin recorded a hash rate of 69.666E, BCH had 2.0424% hash rate.
Therefore, BCH network hash rate can be easily dominated by hackers, making it easy to execute 51% attack on the network.
Since low hash rate makes a network susceptible to 51% attack and BCH’s hash rate is incredibly low, twitter user @WhalePanda asserted that an amateur can easily run a 51% attack on the network with just a pen and paper.
$BCH now has less than 3% of Bitcoin hashrate. We’re almost at that point where someone with pen & paper can 51% attack it,” WhalePanda stated.
Also, Bitcoin Cash recorded a very low transaction volume within 24 hours on July 5. While Bitcoin dominated the chart with a massive transaction volume of 378.264k, BCH presented a merger transaction volume of 32.0K.
Bitcoin again championed as the leading crypto asset with 713.66K active addresses as Bitcoin Cash recorded less than 29K active addresses.
The low hash rate of BCH rose as a topic of discuss in the crypto community, making observers opine that the cryptocurrency may not have enough security to shield itself away from 51% attack.