Bitcoin activity approaching all time high levels!
We are close to the lows in terms of price, but the activity levels are near the highs.
Looking at a chart of bitcoin daily confirmed transactions, we can see that the numbers are now approaching levels not seen since December of 2017.
Those numbers were the highest bitcoin daily confirmed transactions ever.
Check it out:
(Source: https://www.blockchain.com/en/charts/n-transactions?timespan=all)
This is interesting because the last time the daily transactions were near these levels, bitcoin was trading for close to $20k!
Right now, we are close to 80% off those highs, yet transactions are getting back to those highs, what gives?
That is likely real adoption due to fees coming way down.
Now that fees are much more reasonable due to SegWit adoption, people are starting to actually use bitcoin again.
One of the unfortunate side affects when bitcoin ran to $20k was severe network congestion and skyrocketing fees.
At one point fees were in the $40-$60 range.
Right now, with transactions approaching all time high levels, fees are near 3 year lows!
The average transaction fee currently is roughly $.40.
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html
Which is 99% lower than the peak of 2017!
That is great news going forward for both adoption of bitcoin as well as for investments coming back into bitcoin.
Onwards and upwards!
Stay informed my friends.
-Doc
👍💰👍
Hopefully.
With that type of volume, I wonder what will be the stats from the big exchanges on new accounts and general wallets? We also have the Samsung S10 potentially deploying a bitcoin wallet soon on the new phone in the coming weeks as well! This is much better than a Wall Street ETF in my opinion!
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It is much more of the fundamentals being built up as opposed to a one off moon shot. Though I think a bitcoin ETF will help bring in a ton of institutional money. We need one.
its coming together very very nicely thanks for the post bud
cheers
Yep, things are certainly coming together.
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Cool, thanks.
but we see a bigger drop now - (following dump?)
Yep, if you zoom in you can see that we are not at the recent highs, however the overall trend is way up and 'near' the levels we only saw back at the 2017 highs.
Biggest problem I see with Bitcoin is the time between blocks... It's way too large a lot of times... That means blocks grow huge and processing them take a lot of I/O power (both disk and network I/O)... Network congestion is caused by that huge amount of traffic travelling between nodes. Bitcoin needs to do something to limit block difficulty so smaller nodes can also mine blocks, not just large mining farms.
Limit block difficulty or decrease time between blocks?
I think decreasing (target) time between blocks directly affects block difficulty and vice versa... As far as I know, miner luck will also affect time between blocks. I've seen with some coins really low and really high miner luck numbers that screw up any existing difficulty calculation formulas.
Hard fork needed for that though... not something the bitcoin core development team is keen on...
I know... That's why there is so many Bitcoin forks already...
Though the core group rarely adopts the new chain...
That's pretty much because almost no big players trust the people behind the new chain/fork... If Satoshi Nakamoto would resurface and endorse a new fork, then something might happen, but that is more unlikely than winning grand prize in lottery four times in a row...
Haha that is a very good point. Actually both of them were good points!