Wednesday , May 12 2021

Better blocks and cheap commissions: what changed in Bitcoin? | CriptoNevs



According to data from transactionfee.charts, currently almost 44% transactions executed in the network are done with SegVit. This figure is extremely significant, given that last year it was barely exceeding 10%. In addition, this technical improvement has a negative reception from several actors in the community, especially miners, and in the end it has caused the heavy bifurcation from which Bitcoin Cash was born.

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The historical chart of the adoption of SegVita in Bitcoin. Source: transactionfee.info

Another aspect that needs to be emphasized when we compare the characteristics of the current Bitcoin network to those shown in January this year is the average block size, which now stands at 1.22 MB, according to block data. com. This implies that the current blocks are 30% higher than the mines blasted at the beginning of 2018.

On the other hand, according to data from bitinfo.chartsa, Bitcoin network has confirmed a total of 292 thousand transactions in the past 24 hours, which is in contrast to more than 490 thousand that were at the highest point in December of 2017. Mempool also drastically reduced its size, from a maximum of 140MB in January to one of 20MB in the last 30 days.

These data are also directly related to the costs of network fees, because, when there is a larger volume of transactions, commissions are increased. According to blockchain.com, the blocks currently have 2,169 transactions, making them almost 25% below 2,723 on average in December.

Another tool that has affected the bitcoin reduction is to use batch or more payments. This type of operation groups multiple transactions on the same exit, so, even though payments are made to the destination addresses specified by the user, the space that these operations occupy itself is reduced to one output that performs multiple payments in different directions. This way, Reduces the block space that individually consumes the records of each transaction.

None of these technical elements had significant impacts in December and January, when the demand and interest of the speculative market were, and firstly, the characteristics of the protocol at that time led to a very high commission.

At present, every battle has a price of $ 5,570, according to CoinMarketCap, after it suspended $ 6,000 in support of its stability. BTC's prices ranged between $ 6,500 and $ 6,200 for nearly a month.

Featured image: Aleksei Novikov / stock.adobe.com


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