Bitcoins have already changed how we see money now since they were launched ten years back. Now, that they complete almost ten years, new records have been set in the world of cryptocurrency, which none of us expected to see.
The strength that bitcoins now hold is maximizing day by day,and their transaction count has increased manifold with the amount that is being transacted and it’s a hash rate. All these factors and the new records set by bitcoins in their consideration have made 2019 the year of bitcoins in true sense.
Breaking records since the beginning
Let’s discuss these three aspects in detail, to know what too place where and how it will affect the future as well.
Number of transactions
The growth of transactions has been slow since the launch of bitcoins,but as people came to know more and more about their existence, the currency slowly grew. With more miners coming into the business and more traders becoming popular, the transaction count also increased, as mentioned in coin base review.
As per the data collected from various sources, the month of May in 2019 was the busiest ever in the ten years of bitcoins existence. The number reached close to 11 million that took place in 2017 and exceeded it by 1 million as well.
The reason simply is that more people are showing their trust in the digital currency and are willing to experiment a little. These transactions will grow more and more with time.
Amount of transactions
Even one bitcoin being transferred from one account to another is considered to be a transaction, but the volume has been enormous in the year 2019. It is not only the number that has increased,but it is also the value that each of those transactions carries that has become huge as it ever was.
The amount even came close to four billion in the month of July,which was the maximum amount in the year. Other values have also been close 3 billion in value, while none of them being in an amount less than millions. The trust that people have over digital currency has increased with more value being transacted through bitcoins.
Hash rate is a term used to indicate the computing power being put into processing the transactions of bitcoins. Despite all odds that are not in favour of bitcoins, like price reduction and fewer profits from transactions, the dedication has not decreased at all.
Miners are still willing to put in the hard work into bitcoins to mine them and eventually commit to the process. In 2019, this was on its highest ever, hence the breaking record of hash rate of bitcoins.
The new bear market?
Expected to become a bearish market, bitcoins have been able to shut many people up who expected so. The results are nowhere close to it becoming a bearish market where investor trust in the market is low. More and more traders are adding themselves to the chain,and new miners are investing in computing to solve blockchain. The market of digital currency is bound to grow in the near future and one can expect more record-breaking as well.