Unstable Bitcoin Cash Data Signals Tampering with Volume

Unstable Bitcoin Cash Data Signals Tampering with Volume
Unstable Bitcoin Cash Data Signals Tampering with Volume
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One individual address is causing a lot of fracas in the crypto world. This single address triggered more than 674,000 transactions on the Bitcoin Cash blockchain. Opened just a few weeks ago, this address is one of the few of its type responsible for an overwhelming number of the payment transactions on one of the world’s biggest cryptocurrency blockchain networks.

Random Error or Organized Hit?

The gist going around is that the address is orchestrated by the owners of Craft.cash known for their support for two big names: Bitcoin SV and Bitcoin Cash. All the payments that it processes are inherently useless, amounting to just about 200 Bitcoin Cash satoshis. One will appreciate how really useless this is when one realizes that one dollar in Bitcoin Cas is the equivalent of 350,000 BCH satoshis. This will surely be interesting to those who want to buy bitcoin cash.

This matter was highlighted on Twitter by a user who raised an alarm that transactions that were sent out from the address account were responsible for half of all the transactions on the Bitcoin Cash blockchain network. But it must be pointed out that this address is not the only one that has been identified to be sending useless transactions non-stop.

Some Bitcoin Cash advocates think that these transactions are created by a game from Craft.cash that operates on a similar basis as Minecraft. An observation has been made that when Bitcoin Cash is used, any address that is targeted or ends up receiving the transaction will have another transaction in the amount of 0.00001111 BCH following it up. These transactions come from more than one address and a minimum of one of them is blockchain advertising. This is because it was seen that included in the transaction message that included an advert for gambling business.

Bitcoin Cash Blockchain Malware or Sheer Scam?

The thing is that humans do not have problems with free cash. But the issue here that is causing all the controversy is that these addresses deliberately spark useless transactions so that the Bitcoin Cash network will be perceived to be actually busier than it really is. It is not stressful to come up with a script that will check the blockchain for recent payments and forward to the recipients the extra cash. On one hand, people are not really screaming about it because the sum sent over is the same with the normal transaction fee on the Bitcoin Cash network and it takes the role of the transaction fee rebate. In comparison, the sum is not up to that with the supposed Craft.cash transactions.

The idea of making use of blockchain to advertise businesses on a bitcoin trading platform is in itself not a bad thing. Just that services that want to be taken seriously will not be sending crappy amounts to people. That said, the model is one that can work. In a case where the user gets the funds and see the message, it will send a signal. Normally, to check a message on Coinbase, the user has to check the blockchain itself via an explorer.

About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.