In 2017, bitcoin not only updated the historical maximum, exceeding the $ 8000 mark last week, but also set a new record in terms of the total volume of daily transactions. Since the beginning of the year, this indicator has grown more than tenfold, exceeding $ 2 billion, writes The Forbes.
At the same time, despite the fact that the number of transactions made since the beginning of the year remains almost unchanged, it was the increased price of bitcoin that allowed to reach these parameters.
Estimated USD transaction value per day on the Bitcoin network
For most of January 2017, the daily volume of transactions in financial terms was about $ 200 million, and the first major breakthrough happened only in May - by the end of the last month of spring, the figure of $ 700 million was not considered something unusual.
Then a small decline followed, and a new upsurge came in front of Bitcoin Cash hardfork, which took place on August 1. Also in August, the Segregated Witness protocol was activated, and earlier this month the average volume of daily transactions grew to $ 1 billion. And, despite the fact that by the end of September this parameter fell again, this time to $ 600 million, at the end of October the aggregate amount of daily transactions was already $ 1.5 billion.
Absolute record for the aggregate volume of daily transactions was put on November 16, when this parameter was $ 2,803,405,660.
At the same time, as noted, despite such growth, the number of actual transactions in the bitcoin network has remained stable all the time. Moreover, the peak index of the average number of transactions in the seven-day period was in May. In November, the number of transactions is almost the same as recorded in February.
Transactions confirmed on the Bitcoin network per day
As you know, earlier this year bitcoin actually reached the maximum limit on the block size and, accordingly, the number of transactions. With the activation of SegWit, this indicator has slightly increased, but to date, using this protocol, only about 10% of all transactions occur. When Peak SegWit will be used, network bandwidth is expected to double.
At the same time, we can talk about a significant increase in off-chain transactions. For example, not long ago the founder of Xapo service Wentses Casares said that in connection with the increased commissions in the network, the company handles more than 1 million off-transaction transactions daily.
Nothing to do with trading or order. We are doing more than a million off-chain transactions a day because the on-chain fees are too expensive.
— Wences Casares (@wences) 10 ноября 2017 г.
The failure of SegWit2x can mean that the bitcoin network will increasingly act as a "digital gold" and a means of preserving values. At the same time, it is likely that additional payment layers will appear, as, for example, the expected sidekey from RSK in December.