$103,222.00
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0.21%Reading
The number of daily transactions on Bitcoin’s blockchain has dropped sharply to the levels of March 2019. At first glance, this might seem bad for Bitcoin, since it sounds like fewer people are making Bitcoin transactions—which could imply falling usage.
But that’s not the case, argues Nic Carter, founder of crypto data provider CoinMetrics. He said there’s an underlying reason for this drop and the end result is good for Bitcoin.
In a series of tweets, Carter noted that there was a “definite uptick in batching last week or so.” He saw that Bitcoin transactions are getting bigger on average—while the number of transactions has dropped. This, Carter suggests, is an indicator of more batching.
This coincided with Coinbase launching its new batching initiative.
Bitcoin transaction batching is the process of unifying several Bitcoin transfers into one—more complex—transaction, instead of a single BTC movement taking up a block all to itself. Such “packaging” reduces the load that Coinbase puts on the Bitcoin blockchain by more than 50%.
Another way to confirm this – transactions are getting bigger on average (in terms of bytes). A hallmark of batching. To soon to call this a definite trend but something to watch. https://t.co/i7aujn53DE pic.twitter.com/l3OMhknCrU
— nic carter (@nic__carter) March 19, 2020
Over the last week, the price of Bitcoin was halved. According to research from Multicoin Capital, network congestion made the market crash harder than it would have done otherwise.
Two back-to-back crashes cut Bitcoin's price in half last week. The driving force for the drop was the collapsing economy as a result of the coronavirus pandemic. But, crypto investment firm Multicapital explains what amplified the price crash. Fundamentally, the firm points the finger at cryptocurrency's flimsy market structure. Had it remained intact, say the researchers, Bitcoin would not have submitted so readily. How will Bitcoin's price crash affect the halving? "The Bitcoin and Ethereum...
As Kyle Samani, managing partner of Multicoin Capital, explained, when the price dropped, there was a sudden increase in Bitcoin transactions. But the network was unable to process them, leading to delays and higher fees. This made it harder to move Bitcoin between exchanges, creating silos where the price of Bitcoin dropped excessively, such as Bitcoin futures exchange BitMEX.
Traditionally, a Bitcoin (BTC) halving—when the supply of Bitcoin issued as mining rewards is cut in half—has been seen as a very bullish development for the cryptocurrency. The event, which happens only once every four years, is generally preceded, or followed by, a rise in the price. But 2020’s halving, due in 50 days, is a very different beast. The economic fallout caused by the coronavirus crisis has caught Bitcoin on the hop. Its price plunged 50%, from $9,000 to $4,500 last week, throwing...
So, with Coinbase batching its transactions, this frees up more space on the Bitcoin network. If another price drop were to happen—say another pandemic strikes—then the market would be more resilient.
This is part of the reason why everyone urged Coinbase to do this, two years ago.
Decentralized communication protocol WalletConnect is embarking on the next phase of its growth with Smart Sessions, a new standard that will “redefine” wallet UX for the AI-powered future of the internet. In a new blog post, WalletConnect Foundation founder Pedro Gomes outlined his vision for a “seamless, intelligent onchain world” powered by AI agents communicating through Smart Sessions. “Smart Sessions aren't just a UX upgrade,” Gomes wrote, explaining that they “fundamentally reshape the ec...
Ethereum co-founder Vitalik Buterin wants to make it easier for average users to run Ethereum nodes by changing how they sync with the network, using regular consumer hardware. On Ethereum, a node can be built on any computer able to run its software and connect with others to share and verify data across the network. Working together, they validate transactions and maintain Ethereum's security. Having a full node is valuable as it means a user can maintain a local server that could run Ethereum...
When Netflix quietly announced plans to remove “Bandersnatch”—the groundbreaking interactive episode from Black Mirror—futurist and journalist Katie Schultz launched a campaign to preserve what she calls a pivotal moment in streaming history. Outraged at what she saw as the quiet erasure of a significant chapter in streaming innovation, Schultz launched a Change.org petition to preserve Bandersnatch—and within days, it gathered more than 6,500 signatures from show supporters. “This isn't just ab...
