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Bitcoin (BTC) may have pricing difficulties, but many badysts say that, from a fundamental point of view, cryptocurrency is more powerful than ever. And even if the headlines have focused on the imminent involvement of institutions, be it by Bakkt, Fidelity, ErisX or otherwise, little attention has been drawn to Bitcoin network statistics.
Interestingly, though, the last set of fundamentals is where the meat is, so to speak.
Bitcoin mining ecosystem
Thrillmex, a leading cryptocomputer merchant who is also visiting Rampage, recently approached Twitter to publish a detailed badysis of Bitcoin's relevant network statistics and what they say.
The badyst noted that, according to data from Blockchain.com, the total turnover of miners, determined by the dollar cost per transaction Bitcoin (currently $ 18), reached its lowest level in two years . In addition, the share of transaction costs derived from mining revenues reached its lowest level in five years, Thrillmex even calling this table "brutal".
Bitcoin miners' incomes reached their lowest level in two years.
It also means that the resumption of transactions on the network becomes more and more economical.
Does anyone remember ridiculous fees and long delays in making transactions at the end of 2017?
wire
/ 1 pic.twitter.com/XzKhex5kHq
– ? (@Thrillmex) February 17, 2019
Despite this, the average daily number of transactions on Bitcoin is approaching the record highs of December 2017, when BTC entered a phase of "complete parable". The number of Bitcoin wallets made on Blockchain.com has also increased to 33 million verified users.
Hashrate, the most important statistic, except the number of transactions, has also experienced spectacular growth. Since it reached 31 million terahashs per second in December, this figure has begun to rise steadily to 47 million terahashes. Thrillmex claimed that this indicated that "the former miners are holding out because a new power of hash is coming to the market".
The dichotomy between the drop in miners' incomes and the almost constant growth of hashrate has led Thrillmex to deduce that money is still siphoned into this space. And as such, he determined that the underlying blockchain of Bitcoin is probably stronger than ever, despite the tumult that BTC has undergone. In a more anecdotal perspective, Thrillmex explained that, minors having "the most skin in the game", no one wants to see Bitcoin succeed more than they do. As a result, these entities will do everything in their power to maintain their profitability.
But Thrillmex made sure to remain cautiously optimistic. In ending his lead, the badyst noted that capital continues to affect this space for infrastructure construction, but "without a corresponding user base." He added, however, that this only reinforced the fact that Bitcoin poses a great risk, but a considerable potential "asymmetric risk / return profile", says Anthony Pompliano of Morgan Creek Digital.
Related Reading: Crypto Investor urges consumers to accumulate bitcoins before halving, an expected rally?
But, Filb Filb begged to differ. The badyst noted that the use of the total value of transaction costs in this context is moot, since 99% of a miner's revenue comes from bulk rewards rather than from the transaction market. . Be that as it may, the fact remains that the trading potential of the Bitcoin network is on the rise, even though BTC continues to trade in a narrow range below $ 4,000.
Do not worry, the fundamentals are here
Thrillmex's recent comments come after Dan Held, a former product manager at Blockchain.com, has noticed that in terms of bullish catalysts, Bitcoin is "as strong as ever".
Held, founder of Interchange, drew attention to the fact that, despite the so – called "crypto winter," Bitcoin continues to generate more than $ 1 billion worth of transactions each day at face value. . The industry's long-time promoter added that the development of Bitcoin-centric protocols for scalability, confidentiality and programmability, such as Lightning Network, Taproot and Rootstock, should spark the enthusiasm of investors.
With regard to businesses, Held also noted that Bitcoin had received approval from the Intercontinental Exchange in the form of Bakkt, Fidelity Investments, among a range of other Wall Street pillars.
Finally, he said that the fact that the government's debts continually set record highs day after day should result in investors in Bitcoins being on the moon. For a certain context, MarketWatch recently announced that US public debt exceeded $ 22 trillion. In response to this growing statistic, the Peterson Foundation, a US-based financial services group focused on changing the country's economic problems, said the fiscal situation is "not only unsustainable but accelerating."
Although it is not an explicitly optimistic catalyst for decentralized digital money, some experts have argued that Bitcoin is an easy way out of the existing financial ecosystem.
Travis Kling, director of investments at Ikigai, recently explained that Bitcoin was a perfect protection against "the irresponsibility of fiscal and monetary policies". "How to write the script" for the adoption of cryptocurrencies, especially those that are not related to the world of inheritance.
Featured image of Shutterstock
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