MemPool forshadows BitCoin future

in bitcoin •  10 months ago

This image of the BitCoin blockchain mem pool is so interesting. It really tells quite a story. The mem pool contains current transactions on the BitCoin network waiting for confirmation by miners before they are accepted by consensus or rejected.

This graph, taken from Johoe's BitCoin MemPool Statistics, goes back to November and travels through time until the present.

You can see the huge spike in volume before Thanksgiving foreshadowing the huge surge in price, followed by a fairly high plateau up until recently, signified by the high transaction costs to move your BitCoin.

Next, an equally steep drop represents CoinBase adoption of SegWit and batching transactions which greatly reduces the amount of so called spam or small transactions that fill the pool and increase the cost to get your transaction through the network quickly.

Due to CoinBase transaction volume compared to the overall market volume, their impact on the scene is momentous! If you notice, currently transactions only cost a few dozen satoshi. They literally dropped from $3.00 to $0.03 in a week or less.

This great gain soon to be followed by the Lightning Network implementation with atomic swaps and more will rejuvenate BitCoin in a way like never before. Whenever you feel unsure of the future, just remember how quickly these changes occur and don't give up hope. The best of the best work full time on BitCoin and maybe not immediately, but soon it will be back on the rise and this time accepted by a an even larger audience. HODL!

@cryptohawk1

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