One of the most popular cryptocurrency analyst on Twitter, Willy Woo, on his Twitter wall last week Friday tried to illustrate the recent development seen in the bitcoin market this year. He argued that the network activity has been increasing on a daily basis even though the price is still low for quite some period of time now. Many people however do not agree with Willy, so they had to share their own thoughts on the topic.
Willy Woo reportedly posted a chart on his Twitter wall last week Friday that the network has reached 95% of its capacity that same week, although no much changes have been sighted in the transaction fees required to successfully make a payment on the network.
As of Monday morning, average transaction fees on the Bitcoin network stood at around USD 0.36, per data from blockchain analytics company.
Meanwhile… during the bear market no less… Bitcoin's blocks peak above 95% full without anyone noticing, the fees and confirm times remain nominal. Bitcoin of 2018 is not Bitcoin of 2017. The protocol is quietly improving. pic.twitter.com/ZgtpBnQFbJ
— Willy Woo (@woonomic) October 20, 2018
The chart presented by Willy on Twitter tried to explain that transaction fees on the Blockchain network today is much more cheaper and normal when compared to last years transactional charges, even though there are higher levels of network congestion compared to last year.
Another notable figure on Twitter, by name, Alan Silbert, The M.D at INX Limited presented his own view on the topic on Twitter.
Except for that SegWit makes that 1MB limit obsolete now. Hitting over 2.2MB in practice due to weighting.
— Alan Silbert ⚡️ (@alansilbert) October 20, 2018
Many Other people also came out to voice out their thoughts on the matter, they are just too many to be mentioned.
To me this looks like readying protocol for the next bull run – to demonstrate the fees/time troubles have been overcome. Actually, bull runs look like testing periods in the Bitcoin scaling developments.
— Crypto MR ⚡️ (@CryptoMR23) October 20, 2018
It may be wrong for us to choose who is right and who is not in a situation like this. But, fact still holds it that traditional payment system like Visa and MasterCard is still faster than digital payment system in terms of the number of transactions per second (TPS) it can handle.
With current capacity, the Bitcoin network is able to process about 7 TPS. That compares to Visa’s payments network, which is able to handle more than 24,000 TPS.
In conclusion, we can just say that this technology is still at its early phase, just like when the internet first popped up, back then when it wasn’t scalable. But with time, we are sure of much more mass adoption from different parts of the world thereby taking us to the next bull phase.