SEE THE CHARTS! Segwit progressing slow but already helping ease congestion in the Bitcoin network
Good day Steemians!
Today I want to share with the crypto community some charts I've been following to track the progress of Segwit on the Bitcoin Network:
This chart tracks the percentage of Segwit transactions. As you can see the the number of Segwit transactions is increasing, though very slowly, its moving average is still at less than 1%:
However, the good news is that Bitcoin's Mempool size (AKA queue of unconfirmed transactions) is dropping:
Bitcoin fees remain elevated but are beginning to drop. This is ultimately the huge stone in the shoes of Bitcoin's adoption. High fees discourage worldwide adoption, especially in poor countries for day to day transactions. We will keep monitoring this one:
The number of daily Bitcoin transactions remains high, despite the drop in the mempool size:
Conclusion:
Though progress has been slow, Segwit is already starting to alleviate congestion on the Bitcoin Network. The daily number of transactions remains elevated but unconfirmed ones on the mempool are dropping. True impact will only be measured when the percentage of Segwit transactions increases to over 30% to %50 on the network.
As Segwit adoption increases the stage is set for the Lightning Network to be implemented with its promise of instant, low fee transactions that can scale to the Visa levels. In the meantime, we can all rejoice on this little piece of good news and continue to monitor the Bitcoin network for progress :)
I leave you with two questions:
- How long do you think it will take for the Lightning Network is implemented?
- Have you used Segwit transactions already?
Happy crypto investing!
CHECK OUT MY PREVIOUS POSTS:
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Tell me what you think about this post in the comments below. This is not professional investment advise. I'm not your financial advisor. Only invest money you can afford to lose!
Great job
Nice Topic . Thanks for share that
Bitcoin top
Great post. Thanks for sharing..
Still a little too slow for me so i'm sitting on the sidelines just watching for the next few weeks.
Great news, thank you for sharing!
I think SegWit will find mainstream adoption (>30%) within the next month or two, when some major exchanges or wallets start offering SegWit-transactions. Most of them are still hesitant and will wait to see how good the new unproven technology works and how secure it is.
SegWit is definitely the right step to bring Bitcoin to the masses and to skyrocket it's price.
Hi! It's such a pleasure reading your post @cryptoeagle. We should always monitor what's going on with the crypto world. Thanks for update us about it :)
Hope you can visit my posts too @tiffanyrej
Hello Tiffany,
That was a rapid rise from 25 to 46! Welcome to Steemit. Love your gun pic BTW, you should make a post about it. regards from cryptoeagle
Hmm slow progress is good, than random fluctuations :)
I would like to see it move faster but I guess you are right, Bitcoin is so big that slow, consistent progress is better than wild swings. Thanks for commenting!
It's amazing.
It's good to see that things are starting to improve. I haven't participated in a segwit transaction yet but I will soon. I hope the lightning network will be added before 2020 but we all know progress is slow with bitcoin.