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Bitcoin had a big 2018
In the eyes of many consumers, especially those who have no interest in the cryptocurrency industry, Bitcoin (BTC) has had a terrible year. Since it set its record high at $ 20,000, the main digital asset has fallen to low ratings, as did its brothers altcoin. In fact, the BTC has fallen so far as to lose 84.5% of its maximum value only a few weeks ago.
However, many, including Armin Van Bitcoin and other leading cryptography experts, have argued that the world's first blockchain outperformed its declining rating. Jameson Lopp, the Chief Technology Officer at Casa and an important Bitcoiner, has published a post on the issue, compiling pertinent data on the fundamental performance of the aforementioned encryption. The following are the key points of the data, along with the analysis and related stories.
- BTC proclaimed Dead 90 Times in 2018: As compiled by 99Bitcoins, BTC has been proclaimed dead over 90 times. This interesting figure is down compared to the historical high of 2017 of 125, but is still drastically from the 28 obituaries published in 2016. A notable obituary was issued by Erik Finman, the world's first bitcoin public millionaire in the world, who stated to MarketWatch that he believes the BTC will perish after one or two other bull runs.
- / r / bitcoin Subtrategit saw a growth of 61% for all & # 39;: Reddit's internal Bitcoin community grew 380,000 units in 2018, which equates to a 61% growth for the whole of 2018. Although it is down 200% compared to 2017, 61% is still impressive, especially considering the fact that BTC has plummeted by 70% during the same period. The forum has exceeded one million subscribers at the beginning of December.
- The dominant position on the BTC market now stands at 52%, after falling to 32.5%: Throughout 2018, the dominant position on the BTC market has returned to exceed 50% after the increases in 2017.
- SegWit Adoption Rose from 10% to 40%: SegWit, considered a short-term downsizing solution that reduces transaction size, saw a significant amount of adoption in 2018. Now, 40% of all Bitcoin transactions use the protocol, from 10% to the beginning of 2017.
- The capacity of the Lightning network went from zero to 500 BTC: Throughout 2018, the Lightning Network, a second-level scaling solution that facilitates low-cost, near-instant, scalable and secure transactions, has been activated. The resizing solution was then inflated to contain 500 BTC at maximum capacity. Just recently, the crypto-friendly pseudonym artist CryptoGraffiti has sold a micro-painting of a Black Swan made of US dollars, probably a blow to the centralized financial system and to the potential of Bitcoin, on the Lightning network for $ 0.000000037 – or 0.000000001 BTC.
- Hashrate doubled during 2018: Despite rumors that Bitcoin is ready to enter a "death spiral" because of the miners' capitular, the network hashred only doubled in 2018, from 19 to 38 exahashes per second. Now it would take 270 days for an attacker with 100% of the current hashes to rewrite the entire blockchain.
- $ 410 billion was traded in BTC during the & # 39; 18Reportedly over $ 410 billion of BTCs have been traded on the network over the last year. This amounts to around $ 13,000 per second. Wow!
- Bitcoin trading volumes have declined, but some nations have seen an explosion: Although trade volumes have shrunk at all levels, in countries such as Colombia, India, Peru and Venezuela, volumes have shifted parabolically to LocalBitcoins. This statistic was recently reported by Andreas Antonopoulos, who claimed that cryptocurrencies and the BTC are a great way to protect capital in currency crises, as in the case of the Venezuelan Bolivar.
- The number of ATM machines compatible with Bitcoin has doubled: The number of Bitcoin ATM machines (BATM) doubled to 4,000 in 2018, giving consumers another means to cash in and collect the cryptosphere. The growth of ~ 100% in the BATMs of 2018 "continues a three-year trend of 100% growth year on year", as Lopp argues. And while a recent survey on Twitter revealed that less than 20% of people have used this form of crypt infrastructure, many have praised the BATM as a way to catalyze global adoption, making this statistic bullish unparalleled.
Great successes to Jameson Lopp, who compiled the statistics contained in the article above. Read his average post here:
View the story on Medium.com
Title Image Courtesy of Hektor Ehring Jeppesen via Flickr and Bitcongress
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