Massive amounts of trading has taken place over the past few days, which will pad the transaction numbers. Then again, bitcoin
reaching 343,000 daily transactions is a significant milestone for the Bitcoin network as a whole. Things have progressed in teh right direction over the past eight years; that much is certain. One explanation, is that the recent Bitcoin price surge may have contributed to this new daily transaction record.
To put this number into perspective, the average number of transactions per second is 4. With a total of 343,000 transactions recorded on January 6th, it is undeniable that the Bitcoin network continues to grow. On an hourly basis, 14,250 Bitcoin
transactions were broadcast to the network, which is a solid number. Considering how Visa processes a few thousand transactions per second, there is still a very long way to go.
Moreover, the Aroon Indicator which is used to identify the trend reversals signalled a bullish divergence after a pretty long time. After the recent positive price actions, the hopes of a strong upward trajectory thrive.
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Segregated Witness remains the prime candidate to allow for more transactions per second moving forward. If the Bitcoin ecosystem wants to set new daily transaction highs, the current limits will need to be addressed soon. However, it is up to the Bitcoin community to determine how and when these limits will be addressed.
It appears the Bitcoin network is coming close to the limits imposed by the current block size. It remains unclear if this proposal will fully activate on the network, though, as it needs majority consensus first. So far, we are still several months away from securing the necessary support to activate SegWit. With Segregated Witness , this problem can be resolved rather quickly.
The Cardano Foundation is a non-profit organization focused on core development and ecosystem growth for Cardano. Emurgo is a Japanese venture capital firm. Cardano is backed by three entities: IOHK, The Cardano Foundation, and Emurgo. IOHK is a blockchain research and development company founded by Charles Hoskinson and Jeremy Wood that is contracted to work on Cardano from 2015 through 2020.
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After all, hoarding coins will not create more network transactions, other than sending funds from one wallet to another. With a new record set for daily Bitcoin transactions , it is proof that people start to use Bitcoin for more than just an investment vehicle. Even though many are still skeptical of Bitcoin as a currency, it is evident the ecosystem continues to grow.
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Throughout 2016, there have been a few incidents of network congestion , forcing Bitcoin users to up their transaction fees. This does not mean higher transaction fees are a positive trend, though. Although some people thought this would hinder the increase of Bitcoin transactions on the network, that has not been the case. It is also worth noting the higher transaction fees are not diminishing the growth of the Bitcoin network.
Bitcoin price received a strong influx of buying volume which uplifted the price by nearly 4% to 5% since the beginning of the fresh weekly trade. However, the upswing is being challenged by the bears at the moment but the bulls seem to be self-assured of securing the levels above the immediate resistance soon.