Bitcoin reached a major milestone...one that confirms Bitcoin’s overwhelming popularity in the cryptocurrency space. All of Bitcoin’s fundamentals have been improving, from daily confirmed transactions to hash rates. And these improvements mean that despite short-term volatility, Bitcoin is considered to be stable enough for the long run.
What is this milestone? $1 billion in transaction fees paid on the blockchain. Transaction fees are a vital part of the Bitcoin system that incentivizes miners to keep running nodes and, thus, play a role in securing the entire network. And typically, these fees are only a few cents, so a cumulative billion translates into a lot of transactions.
What other fundamentals have improved? A key indicator, the Bitcoin hash rate, hit an all-time high recently. This all-time high means that miners – who have substantial capital outlays into equipment and power – are expecting Bitcoin prices to rise in the future. And daily confirmed transactions, another fundamental, has, on average, been only 20,000 to 40,000 transactions off all-time peaks during the last bull run in 2017.
What about other cryptos? Unlike Bitcoin, the alt coins have had a rough time as of late, with their falling prices correlating to falling fundamentals, unlike Bitcoin. Even Bitcoin forks like Bitcoin Cash have