As per the information received from transactionfee.info the volume of transaction done each day of Bitcoin has been seen to have increased most recently. The level of the increase is so high that the last time anyone saw it this high was when the value of Bitcoin became as high as $20,000 in January 2018. It has been said by some industries that they believe this as a sign that it is time for evolution in the world of cryptocurrency and its fundamentals.
There was a Medium post that was issued by Jameson Lopp, chief technology officer of Casa, the firm which deals with Bitcoin personal key security system, where the analysis was done on how well Bitcoin performs fundamentally. He concluded by saying that there was growth as well as improvement in the system. Lopp dug in deep during the course of the investigation, into the growth in 2018 of Bitcoin through different sources and statistical measurements. Following this, he wrote, “A variety of improvements in block propagation have been implemented by Bitcoin Core over the past couple years, and as nodes are upgrading, they appear to be affecting. There’s also a new highly performant miner relay network.”
As per Lopp, if the demand for the transaction is low there is an improvement in the fee of estimation algorithms and segregated witness is adopted. Making batches of the transaction have given rise to using the space in the block more efficiently, and the scanty resource has become less contention. The design of segregated witness also known as SigWit is in such a way that there is a reduction in the processing and waiting time and also reduces the fees of doing transactions.
There was an increase in the percentage of Bitcoin transaction using SigWit input as it appeared in 2018. Where it increased from 10% to 40%, and on the other hand the size of the Bitcoin transaction had peaked to 750 bytes on an average in February. After this, they fell to 450 in the last quarter of 2018. According to Lopp, this happened because there was an increase in the adoption of SigWit.
The power of Bitcoin in the market returned to more than 50% in 2018 following the fall to 32.5%. Lopp also explained more saying that when compared to the exchange rate the reachable nodes’ number had not fallen. He said that he suspects that either the persons running these nodes are very dedicated to Bitcoin or they are making use of the nodes for the purpose of the economy.
