February 13, 2018 1:42 pm 0
Request for bitcoin transactions has considerably fallen since the beginning of the year to a low of 149,000 transactions, just around 25% of the all-time high at 490,000.
The network’s congestion has now pretty much cleared, albeit there are still some 8,000 transactions waiting to stir, far lower than the highs of 300,000.
Fees have fallen too from their highs of around $70, but they still stand at a relatively high $Two vanaf transaction, far more than eth’s fees of two cents or so.
Bitcoin’s current transaction levels.
Bitcoin has not bot operating at the current level of request since November 2015, a significant druppel ter just week.
During the same period price has fallen by almost just spil much percentage wise, but considering bitcoin’s price ter 2015, it might also be the case fewer businesses or projects are now using BTC, suggesting latest transaction request has bot more due to price speculation.
Albeit another reason might be a more efficient use of the blockchain, with some exchanges attempting to group transactions through batching.
And it isn’t just bitcoin that has seen a lower level of transaction request. Ethereum has too, albeit te a far less pronounced manner.
Ethereum current transaction levels.
Ethereum transacting request is at where it wasgoed just this December, falling from the high of 1.Trio million to now at around 800,000.
Price has fallen too at the same time, but less than bitcoin, down from $1,400 to $850 compared to btc’s fall from $20,000 to $8,500.
Ethereum, therefore, has not halved te price, while bitcoin is down some 60% and wasgoed down 75% at its lowest latest price of $Five,500.
Ethereum’s transaction request has not halved either, while bitcoin’s is down by around the same percentage point spil the price, so suggesting a clear correlation inbetween price and transaction request ter line with Metcalfe’s law of network effects.
More importantly, even however bitcoin’s transaction levels are now to where they were te 2015, fees for bitcoin transactions are far higher, standing at pennies or less te 2015 and now at $Two.
While ethereum, despite treating some 5x-7x the transaction level of bitcoin, still retains fees at cents, even while its blocksize is around the same 1MB vanaf ten minutes spil bitcoin, suggesting superior coding capability.
This cyclical fall te on-chain transactions request does raise questions about the “fee market” ter bitcoin, which requires a onveranderlijk backlog and a strenuously congested network to operate.
That’s because the 2nd settlement layer is meant to pay for one transaction what millions of on-chain transactions would pay. But, ter the absence of mighty congestion, there would be no request for such high fees.
Whether this settlement layer can work, therefore, remains very much an open question, with the Lightning Network still te development, lacking a GUI wallet.
When it will actually release remains to be seen, but once it does, wij can all eventually determine whether any of this fresh settlement system makes much sense.