- Bitcoin daily transactions increasing over 50 percent for the past six months
- Meanwhile, Bitcoin average fee is taking a dip just like its price
Look at the Right Charts
Bitcoin price might not be showing any upward signs while being down about 1.31 percent in the past 24-hours while trading at $3,650. However, other factors are showing a bullish picture that means you have been looking at the wrong charts.
Bitcoin 1-year price chart, Source: Coinmarketcap
According to the data provided by Bitinfocharts, the Bitcoin transactions chart that provides insight into the number of transactions that occurred each day has been on a rise. From July onwards, that is about 6 months back, Bitcoin transactions have actually been increasing by over 50 percent.
Bitcoin transactions chart, Source: bitinfocharts
On 10th January 2019 Bitcoin processed over 327,182 transactions and on 14th January 2019, it has been about 326,536. The last time, Bitcoin processed these much transactions has been on 17 January 2018 at 315,604.
Bitcoin transactions historical chart, Source: bitinfocharts
However, a point worth noting here is that earlier this month a Forbes report claimed that a new project named VeriBlock which is based on the concept of proof-of-proof (PoP) is generating OP_RETURN transactions “account for roughly 20% of all of the transactions made on the Bitcoin network every day.” If this is true, the daily transactions will be lower than what is currently projected on the chart.
However, another point in consideration here is the scaling solution called batching that bundles numbers of transactions together to put less strain on the blockchain and creates lower fees. This means the actual amount of bitcoin transactions could be higher than the amount currently recorded on the blockchain.
While Bitcoin transactions are rising, the average bitcoin transaction fees is decreasing.
Bitcoin Avg. Transaction Fee Chart, Source: Source: bitinfocharts
On January 1st and January 5th, $0.179 has been the recorded fees. The Median Bitcoin tx fee on January 1st has been $0.02 which was the lowest level in 3 years, last recorded on October, 13 with considerably less amount of transactions.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.