The Bitcoin network has a new tool to visualize transaction activity, Trxstreet.com. Lately, the tool has shown the challenges of both Bitcoin (BTC) and Bitcoin Cash (BCH) - one getting overloaded, while the other running large blocks with transactions way below capacity.
The Bitcoin network suddenly saw its hashing power slide by about 10%, and at the same difficulty, this translates into a longer relative block time. With a planned block time of 10 minutes, the actual time extended to as much as 18 minutes at one point, forming a “line” of transactions waiting for the block to be mined. At the same time, block explorers show a lower block time, and the visual tool may be inexact.
The Bitcoin network still has only about 2,500 unconfirmed transactions, not an outlandish number - but this still translates into slightly higher fees compared to Bitcoin Cash, where the network is running well below capacity, hence the low fees of just 9 cents per transaction, on average.
The Bitcoin network works through less transactions compared to the peak levels in December and early January. However, this does not mean usage has declined - some transactions are batched, so the Bitcoin network in fact handles more separate payments, bundled to make up less transactions.
https://twitter.com/woonomic/status/1017424424826540032
The Bitcoin network is still the main avenue of transactions, while the Lightning Network is still developing, and only allowing very small transactions, of less than 100 BTC per day.
The debate is still out on whether Bitcoin needs to work on becoming a highly scalable network, or whether its intrinsic value would make the waiting worth it. There is the view that Bitcoin’s value is not defined by its transaction capacity, unlike some altcoins that aim for speed and scalability.
Today, the BTC market price recovered and stabilized from the weekend crash reaching $6,483.12 on 9:45 UTC. The WEX exchange premium saw prices rise to $7,909 today. BCH market price increased to $750.16 at the time of writing. Bitcoin’s share of trades increased to above 30% once again, and trading volumes recovered above $4.3 billion in the last 24 hours.
This article appeared first on Cryptovest
