Bitcoin, Crypto currency, Blockchain

Bitcoin average block size of transactions per day reached a high for the year – Coin Hero

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Bitcoin average block size of transactions per day reached a high for the year

Home News bitcoin average block size of transactions per day reached a high for the year

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Marcus Misiak –
16.02.2019

The Bitcoin block size within the Bitcoin Community one of the most controversial of the variables, if it’s about how the Blockchain can scale. So the Blocksize debate led in 2017 to the Bitcoin Cash Hard Fork and in 2018 for the Bitcoin SV Hard Fork. As the data of Blockchain.com show, has reached the Bitcoin network is now a new record for daily average block size.

Bitcoin currently trades at 3.630 USD, which corresponds to a slight increase of 0.11% in the last 24 hours, after it the 11. February has reached a Week high of 3.692 USD. In the meantime, two indicators, the Blocksize and the number of BTC transactions could show that Bitcoin may have reached a long-term low point.

According to the most recent data from Blockchain.com the Bitcoin network has on 12. February a daily average block size of 1,305 MB of high reaches, an all-time high.

The blocks of a Blockchain to function as a digital data register in which all transactions are stored. The blocks are organized in a linear sequence, since new transactions by miners is edited and in the blocks to be merged. The greater the number of blocks in the Blockkchain is, the harder it is to Changes in the Blockchain, which leads to the irreversibility of the Blockchain of Bitcoin. In the Bitcoin network, the generation of a block about every 10 minutes.

According to the data of Blockchain.com the Rate of the average block size has increased since the turn of the year, gradually, after falling in December 2018 to about 0.80 MB. One cause of this is the wide acceptance of Segregated Witness (SegWit) was certainly, whereby the transactions within a block require less storage space. Currently, about 42 percent of all Bitcoin transactions make use of the concept of Segwit.

In September 2017 of the crypto-currency stock exchange BitMEX published study showed that the implementation of SegWit has effectively helped to increase the block size. According to the report, the introduction of SegWit grew up in the same pace and coincided with a strong reduction in the transaction fees.

After the Upgrade to SegWit in August 2017, if also much slower than many had hoped for, begins to leave the old 1MB to verb block size limit slowly.

The increasing block size indicates a higher transaction volume for Bitcoin. Although the average block size is decreased until yesterday to 1,101 MB, recorded Blockchain.com accordingly, a rise in the number of confirmed Bitcoin transactions in 354.483 on Thursday. The increasing volume of transactions could be a positive indicator, reflecting a re-seteigendes interest in Bitcoin.

Featured Image: Oliver Le Moal | Shutterstock

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