Bitcoin Transactions per 24 hours near 1 year low
Yesterday was one of the weakest days for Bitcoin transactions per day in the last year. Unlike previous lows such as August 1st, the Bitcoin Network was not constrained by reduced hash power and a growing backlog. Instead there are simply fewer transactions on the network.
This is the dilemma the Bitcoin Network faces today. Because effective capacity has only been marginally raised, there are only two ways for transaction rates to go, neither are particularly positive for users. They can either run at capacity, which is still about 3 transactions per second with rising and unpredictable fees, or people can stop using the Network, perhaps keeping their coins in custody with trusted third parties instead.
For now people seem to be choosing the latter.
Volume is up again today ) Agree with you that transaction capacity is not solved with Segwit. Hardly anyone is using it! If we get the 2x update in November it will temporarily easen things.
Hope we get lots of volume so even core devs see a need to go 2x.
is this downtrend may be due to the higher average fees or any special reason for that
I don't think we can determine cause from the available data, however basic economics would say that persistent increased fees would result in lowering demand.
It`s most valuable blog @demotruck. Thank you very much for share about Bitcoin transaction. I always update about bitcoin from you.
God bless you!
100% Upvoted/ Resteemed
Keeping them with 3rd parties? Crazy!
@demotruk yes I admit today seen weak transaction bitcoin.
however, my prediction is, tomorrow more transactions, because bitcoin prices go back in the last few hours.
thank you for this post
Hi @abudar, your current delegation will expire on 3rd October. Let me know if you would like to repeat the same rate (10,000 Steem Power for 100 Steem). If you do, you can transfer 100 Steem to me on or before that date, with this memo:
https://steemit.com/bitcoin/@demotruk/bitcoin-transactions-per-24-hours-near-1-year-low#@abudar/re-demotruk-bitcoin-transactions-per-24-hours-near-1-year-low-20170925t174111696z
@demotruk sorry i just saw your message.
yes i will continue the delegation from you
and I will send the steem before the exposure.
@demotruk may i add steem to get more than before?
Don't worry there's still several days before it expires.
Unfortunately I am at my limits and I can't offer more than 10,000 Steem Power :-(
Ok, it is alright
I will send 100 steem in a few days
thank you
Maybe the tendency of the bitcoin (up or down) is not yet clear. People just hold right now.