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:
Bitcoin is mooning! Find out what’s causing this increase in price
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!
