Bitcoin transactions volume at a 10 month high, transactions fees at 2 year low
2018 was a turbulent year for Bitcoin and other cryptocurrencies. From being in $20,000 plus range in the first week of 2018 to trading around $3,800 at the end. But 2019, is going to be a big year for Bitcoin. For starters, if all goes well Baktt will launch in Q1 2019. Another thing 2019 will bring is the reduction of transaction fee for Bitcoin due to off chain solutions.
During the last days of 2018, Cryptoslate made a cool discovery: Bitcoin transactions are at a 10 month high currently while the transactions fee is at 2 year low. Two reasons for a shift in the volume is due to scaling improvements and modest price of Bitcoin.
Bitcoin has seen tremendous growth in regions where there is an unstable currency. Venezuela is a prime example of the same, where Bitcoin has found a day to day to use. Other countries where Bitcoin is soaring includes Cambodia, Belarus, Minsk, Turkey, Zimbawae.
Censorship by PayPal and Patreon has caused many content creators and influencers to start accepting Bitcoins, further increasing the adoption. And technological advancements such as Blockstream’s Bitcoin satellites are further bringing Bitcoins to places where internet connection is unreliable.
All in all, where 2017 showed us the real price potential of Bitcoin, 2018 showed us the potential use cases of Bitcoin, 2019 is going to be the year of adoption of Bitcoin in the day to day life. It has already starting to take place.
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