Bitcoin’s transaction volume is on its way to new levels, now touching rates unseen since the period following Bitcoin price’s all-time high at the end of 2017.
According to Jameson Lopp, chief technology officer at Bitcoin personal key security system firm Casa, “the system is improving and growing”. Data from transactionfee.info verifies that the Bitcoin is now reaching the highest volume levels since January 2018. Lopp has just published his own analysis of Bitcoin’s recent performance in which he writes:
“A variety of improvements in block propagation have been implemented by Bitcoin Core over the past couple years and as nodes are upgrading, they appear to be having an effect. There’s also a new highly performant miner relay network.”
Lopp sees the combination of lower transaction demand, coupled with improved fee algorithms, along with adoption of segregated witness (SegWit), and transaction batching, resulting in far more efficient use of block space. In 2018, the percentage of BTC transactions spending SegWit inputs increased from 10% to 40% according to Lopp, who added that “the average BTC transaction size found its peak at 750 bytes in February before falling to 450 in the fourth quarter of 2018”.
Casa’s tech officer points out that this year, the market dominance of BTC returned to over 50%, after falling to 32.5%, concluding:
“The number of reachable nodes didn’t fall much in comparison to the exchange rate — my suspicion is that people who run these nodes are highly dedicated to Bitcoin and/or using them for economic purposes, thus they are unlikely to turn off the node due to exchange rate volatility.”
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