Why is Bitcoin trading slow (why is Bitcoin priced high)

08/07/2023 00:35 • AI Insights • 52 views

Why is Bitcoin trading slow? Why is Bitcoin trading slow? Why use blockchain networks The average number of transactions processed per second by Bitcoin is approximately 100000, while currently there are only a few thousand transactions per day. If we want to limit a block size to over 1MB, then it needs to consume over 1000KB of computing power to confirm. However, due to the limited network capacity of Bitcoin and the limited rewards dug up by miners (which is different from the longest offline time of Bitcoin). So for those who want to quickly package a round of transactions, the speed of the transaction may be difficult. However, if one day people do not make a large transaction, they will not be able to complete the transfer or transaction confirmation In order to prevent this situation from happening, Bitcoin developers have been working hard to solve this problem: improving Bitcoin performance by reducing gas fees, increasing block space, and increasing hash rates. Therefore, these improvements make Bitcoin faster than other digital currencies. Although this is not good for users, it also means that the price of Bitcoin has started to rise. In addition, with the continuous growth of the Cryptocurrency market, more and more institutional investors begin to accept Bitcoin as a payment method, and begin to invest in Bitcoin to provide liquidity for them – even some exchanges are considering adopting this technology According to BitInfoCharts, as of the time of publication, the price of Bitcoin was approximately $43000, a decrease of nearly 50% from its historical high in early 2018. At the same time, since 2017, the global total market value of Cryptocurrency has soared to 2900 billion US dollars, exceeding the level of the same period last year, reaching about 1320 million US dollars; At present, the price of Bitcoin is close to $30000, an increase of over 80% compared to its high in 2019. From the end of 2019 to the end of 2020, the market value of Bitcoin exceeded $2 billion and increased from $600 million to $1.7 billion within a year. In the last three months of 2020, the price of Bitcoin doubled and surpassed Tesla, becoming the second market to enter the mainstream asset class Why is Bitcoin priced high? Today, Bitcoin has started to rise after a very turbulent past

According to Coinmarketcap data, as of Wednesday, July 5, the price of Bitcoin was $10250, while that of Ethereum was $1760. Nevertheless, compared with other digital currencies, Bitcoin is still the most popular Cryptocurrency in the market, with a current value of more than 300 million dollars, which indicates that more people are involved. (Bitcoinist)

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Why is Bitcoin trading slow (why is Bitcoin priced high)

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