The transparency of the Bitcoin Blockchain is both a curse and a blessing. On the one hand, the structure of the blockchain allows all payments to be traced, which allows for certain conclusions about the originators and could violate anonymity. On the other hand, transparency is also Bitcoin’s great value proposition: none of the network participants can gain an information advantage. After all, all data is publicly available.
And so it is worthwhile from time to time to take a look at current numbers and data, which provide information about the current status in the Bitcoin network.
Number of daily transactions is approaching all-time high
As a glance at transactionfee.info reveals, in the history of digital gold, there was only a single month in which the Bitcoin network processed more transactions than it currently does. In December 2017, network participants exchanged over 406,180 BTC transactions on average. With almost 380,000 transactions, today’s value is already approaching the all-time high – and at significantly lower prices.
This was first pointed out by @ArminVanBitcoin on Twitter .
Decreasing transaction fees
During the heyday of the parabolic development of the Bitcoin course in 2017, many complained about rising transaction fees. In fact, the average fees at the end of 2017 were around 690 satoshi per byte of data sent. The mempool was so bulging at the time that some $ 30 or more had to be put on the table until the miners took pity on taking the transaction into the blockchain.
These days, the transaction fees per byte in the median only about 30 Satoshi – and the same network load.
One reason for this could be scaling updates like SegWit or the Lightning Network. Lightning, for example, streamlines on-chain transactions as a second-layer solution, thus reducing the amount of data congestion on the base layer.
All in all, the BTC network looks cheery. The implementation of scaling solutions is accordingly slow in decentralized networks. But as the data shows, the effects are sustainable.