The Transaction Volume of Bitcoin is now at a 2 year Low. The lowest number of confirmed transactions got to its lowest ebb on the 26th of February, 2018 according to the data obtained from blockchain.info. With a confirmed number of transaction of just 180,000 on that very day, that would be the lowest in 2 years of the daily numbers of confirmed bitcoin transactions. About a week later on the 4th of March, 2018 the number of transaction bounced back from its low by adding additional 15,000 number of transactions making the total number of transactions that day to be 195,000.
The falling number of confirmed transactions on the bitcoin network has consistently brought down the processing fee of bitcoin transaction, a situation which was a great cause for alarm among bitcoin enthusiasts in recent time especially when the price of 1 bitcoin hit almost $20,000 late last year.
However, it has to be stated here that the fall in the volume of transaction is not in any way due to a low demand but rather due to the fact that Segregated Witness (SegWit) by the bitcoin core is taking a large chunk of the market up to about 30%. See it here
Although a falling bitcoin transaction output may represent a reduction in the total number of people buying and selling bitcoin, the reduction in volume of bitcoin in recent time may be explained the more with what is known as Batching.
What is Batching? This occurs when individual bitcoin transactions are merged together into larger transactions and so even though it may appear that there is a reduction in single individual transaction, the corresponding result is that of a larger group of transactions formed from these smaller individual transactions.
Many mainstream media like Bloomberg have confused a low bitcoin volume transaction as an end to the 'Cryptocraze' but this cannot be further from the truth especially for those who truly understand what is happening in the Crypto space. Batching may be a sign of a good omen after all for Bitcoin and even other cryptocurrencies in the long run.
Do you think the mainstream media is allowing for a balanced view and writing of Bitcoin and other cryptocurrencies? Let me know your thoughts about this in the comment below
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