Are So Many People Fleeing From Bitcoin?
Analyzing the Bitcoin mempool over the last three months, there is one anomaly showing in the chart. You probably won't believe how close this feels seems 2017's network congestion.
Ever since 2018, and in 2019 too, it's been no issue to send Bitcoin transactions using only 1 sat/b (Satoshi per Byte) because the Bitcoin mempool cleared every day either multiple times or at least one time.
Last week we reached a peak of transactions, which caused the mempool to pile up to 90MB.
The thing that is different from the last periods this year: the mempool has cleared at least once every day before.
This time the mempool did not clear for three days in a row.
What the chart also makes clear, that there are a lot more people transacting Bitcoin every day. The three-month chart shows times where we have a lot more peak, and a lot more groundlevel "noise" transactions.
The main question we should ask is: Do people quit Bitcoin or do they enter?
I personally haven't looked at more metrics, other than the mempool alone.
What I have to mention though, for credibility reasons, the three-day congestion was mainly caused by a slew of low-fee 1 sat/b transactions. Throughout the period we had roughly 5000 1 sat/b transactions.
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