| submitted by /u/ma-am
Recently curated some data from CoinMetrics wrt the overall number of transactions on the protocol, the average fees, and other relevant details.
You can find the full link to the research study here: https://blog.zerononcense.com/2018/10/bitcoin-chain-analysis-data-science-pt-1-increasing-of-users-are-gravitating-toward-actual-use-of-bitcoin-vs-trading/
From what I've seen so far (have only compiled the first part of my research study), there has been an 80% increase in the total TX usage on the Bitcoin protocol from May to October, which is very bullish, in my opinion.
This has been a steady rate of increase as well and not something that spiked out of nowhere. This, in my opinion, seems to indicate that more and more people are actually using Bitcoin for its intended purpose rather than simply trading around exchanges 24/7.
I don't to really delve too deeply into the price here because I know that this Reddit is not for that, but I figured that this would be of distinct interest for those that are wondering about the status of Bitcoin.
I'd appreciate it if you all took the opportunity to check out the research that I curated on my blog and lend me some feedback. Feel free to show friends, others and share it wherever you please.
Other information you can find in there:
The average fees have reduced exponentially on the protocol. Even the few network spikes in fees are nowhere near where they used to be in late 2017. That shows that, at least at this point, the protocol has improved in terms of the fees that it charges for its throughput. Although this is something that I imagine may be hurting miners even more.
The actual protocol use is decoupled from exchange volume. Thus, exchange volume cannot simply be looked at as the only indicator of Bitcoin sentiment.
The idea that Bitcoin is 'dead' or 'dying' is very unsubstantiated and may even be close to being debunked with this current chain analysis.
Again, I'm anxious to read any and all feedback on this!
Thank you in advance for taking the time to read through, whether your response is negative or positive.
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There is only one Bitcoin and that is BTC. Bitcoin is the most secure and decentralized cryptocurrency, it’s the perfect store of value and with Lightning Network you can make micro payments too. Do the world really need Bitcoin Cash? I think the Bitcoin Cash project will fail. I am not rude ( calling it Bcash ) I’m just realistic. Have a nice day people. This is all my own opinion.