Bitcoin Network Congestion Hits 95% – Details
Bitcoin Network – Willy Woo, a cryptocurrency analyst has detected what many others in the community have overlooked. The fact notwithstanding that this year’s market downturn has shaved off approximately 70% of BTC’s value, the Bitcoin network is gaining scale.This is a snippet of what many blockchain pioneers have been trying to make known during the market downdraft, which is for developers to keep their heads down working without being distracted by the noise that’s surrounding cryptocurrency prices.
Congestion on the Bitcoin network reached 95% last week, but if you were transacting in BTC, you wouldn’t have experienced an uptick in transaction fees, which remain at approximately $0.1 even for transactions as large as $194 million. Woo tweeted a comparison of the 2017 congestion of up to 85% versus 2018 congestion of 95%.
He said:
“Meanwhile… during the bear market no less… Bitcoin’s blocks peak above 95% full without anyone noticing, the fees and confirm times remain nominal. Bitcoin of 2018 is not Bitcoin of 2017. The protocol is quietly improving.”