Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Sending Bitcoin is not only cheaper than it was in 2021, but the network a network refers to all nodes in the operation of a blockchain at any given moment in time. has become more robust and the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. more scarce in recent months.
The price of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. (BTC) experienced a drop this Monday that took it down for below USD $40,000 Along with this downward trend, transaction costs have also decreased significantly on the network.
Sending one BTC is now 98% cheaper than it was a year ago, now that the average transaction fees on Bitcoin have been established at around USD $1. According to data from Blockchain.com the average transaction cost on the network of the main cryptocurrency has fallen 98.3% since it peaked in April 2021.
As of April 20 of last year, the average rate for sending a Bitcoin era de USD $62. La cifra representó su nivel más alto desde que las comisiones de transacción alcanzaron un promedio por encima de los 50 dólares durante el ciclo alcista de 2017.
However, those levels have been declining significantly since their peak last year. During much of 2022, the average transaction cost of Bitcoin has remained close refers to the closing price; similar to the same term used in stock trading. to the dollar. This week, the metric reached its lowest level since two years ago, when it recorded an average price of USD $1,039. according to data from Blockchain.com .
The trend differs sharply from that seen for much of last year, when the average transaction rate remained above $5 until July and then averaged $2. The lowest average rate in 2021 was $1.7, recorded in September.
Bitcoin is also more robust and scarce
The high transaction costs that the network experienced Bitcoin during 2021 coincided with a major boost, which drove up the price of Bitcoin near USD $64,000 in mid-April of that year. However, that price peak was soon followed by a correction a correction is a pullback of an asset’s price of at least 10% to adjust for over-valuation. that took the cryptocurrency slightly below the $30,000 barrier by July.
That price drop – and increase in transaction fees – coincided in turn with a decrease in the network’s hash rate. Bitcoin in the wake of the mass disconnection of miners contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office. in China, who faced heavy crackdowns. By mid-year, the hash rate had dropped below 100. exahashes per second (EH/s), its lowest range since 2019.
However, as the hash rate of the Bitcoin has recovered from those levels, the transaction fees have also been regulating. At the time of writing, the hashrate is in 202 EH/s The data is very close to its all-time high of 214 EH/s recorded in February, according to data from Blockchain.com .
It should be noted that the hashrate or hash rate of Bitcoin is the unit of measurement used to calculate the processing power of the network. Blockchain. The metric refers to the amount of computational power used by miners globally to mint new bitcoins and verify transactions. A fee of hash a hash is the output result of a hashing algorithm, which creates a unique, fixed-length string to encrypt and secure a certain selection of arbitrary data. higher means more competition among miners to validate new blocks. It also means the network is stronger and more secure, making it harder for a 51% attack to occur.
Reading the latest metrics suggests that network Bitcoin is now more robust and affordable than it was a year ago. Compared to 12 months ago, Bitcoin can process more secure and cheaper transactions. Prices have also been more stable and less volatile in recent months, as BTC has remained around USD $35,000 and $45,000.
Positive data for Bitcoin arise as the cryptocurrency becomes increasingly scarce. Just a few weeks ago, the flagship digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. reached a milestone of 19 million BTC mined at the beginning of April, which means that currently only just under 3 million remain to be extracted coins of the total supply of 21,000,000 BTC.
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Article by Hannah Estefania Perez / DiarioBitcoin
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