There is a trend in the Bitcoin (BTC) community that a lot of people have overlooked over the past months. While it is being overlooked by many, Willy Woo has paid close attention to it. Willy Woo is one of the most popular digital currency analysts in the crypto space. Bitcoin (BTC) has lost about 70 percent of its value to the bears this year.
While many tend to focus on the declines, they failed to observe that the Bitcoin (BTC) network is gaining scale quietly. This shows that developers have been doing serious work in the background, amidst the noise and distraction about the value of the digital currency.
Bitcoin (BTC) Transaction Fees Remain Unchanged after Congestion Rises to 95%
Last week, congestion on the network of Bitcoin (BTC) rose to 95 percent. However, this didn’t affect transaction fees on the network. Traders that carried out Bitcoin (BTC) transactions all through that period never experienced an increase in transaction fees. During that period, an investor moved Bitcoin (BTC) worth $194 million with a transaction fee of $0.1.
The highest congestion level experienced in 2017 was 85 percent. The highest congestion, so far this year, is 95 percent. Willy Woo compared both of them and discovered that despite the high level of congestion experienced this year, the transaction fees have not changed.
Willy Woo also pointed out that the confirmation time of transactions still remains the same despite the peak congestion. He said the Bitcoin (BTC) of 2018 is not the Bitcoin (BTC) of 2017. Adding that the protocol of Bitcoin (BTC) is gradually improving.
Bitcoin (BTC) Blockchain Still Need to Scale-Up
A 1MB block can process about 2,000 transactions, according to the Blockchain Council. However, the average number of transactions for every block is less than that. SegWit has helped to broaden the capacity for blocks because it has four million unit block weight ceiling.
The blockchain of Bitcoin (BTC) is only capable of processing about seven transactions per second. This is indeed very far from the tens of thousands of transactions that VISA is capable of processing in one second.
“We are in the dial-up days,” says Katie Haun. Haun said architecture has not yet been created to scale-up programmable money. In about 2 years, the block reward of Bitcoin (BTC) is expected to reduce by 50 percent, from 12.5 BTC to 6.25 BTC. This will place more emphasis on fees generated by the process of mining.
Haun said Bitcoin (BTC) is easily divisible, it is difficult to counterfeit, and it does not require maintenance. He said the digital currency is just like gold and it is a good store of value. Haun said as the scalability of the digital currency continues to increase, it will draw closer to the vision of its creator – Satoshi.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) is currently worth $6,500 after a decrease of less than one percent over the past twenty-four hours. The digital currency currently has a market cap of $112.71 billion and its trading volume over the past twenty-four hours is $3.39 billion.