Cryptocurrency

Bitcoin transactions on the deep

The changes are felt in all of our lives by the Coronavirus to be, for many, is slowly becoming a habit. Also in the financial markets seems to be back (only once) some rest stop. In the case of Bitcoin, there is no reason to get used to something New, because the network is working, just as before the crisis. Apart from the price crash in the current Situation, of course, is inevitable, will continue to be performed every 10 minutes a Block to the Blockchain and the transactions uncensored led. This resistance against the current Situation is still correct, but now, it appears that some of the parameters in Bitcoin are also affected by the crisis, such as the number of transactions. What does this mean for BTC?

Bitcoin transactions on the deep state

Many Crypto and Bitcoin Fans pay attention, for the most part only on the BTC price, which is understandable. A long-term perspective, is the observation of the fundamental parameters, however, much more important, because they allow a positive development in the first place.The other way around, the example of the Bullruns in 2017 shows that price increases can only hold, if it will also be underpinned by fundamental parameters. One of these parameters is the number of transactions sent through the Bitcoin network.Unfortunately, this fundamental appears to be of value in Bitcoin now from Coronavirus infected, because the value has fallen to 100,000 transactions per day. Were sent, on average, in front of the corona, crisis, daily, almost 350,000 transactions, there are now only 250,000 transactions. This is a reduction of almost 29%.Trading on our brokers comparison-winning eToro. You are looking for a reliable and intuitive Broker to trade crypto-currencies, CFDs, shares, Forex, commodities and more? Then let yourself be in our eToro Test in 2019 all of the features explain, what possibilities are given to you here and where is here the Before – and disadvantages are . eToro Test 2019 read now.The Crypto-expert Mati Greenspan writes on Twitter that it is the lowest values since December 2018, as Bitcoin and co. were still in the depths of Crypto-Winter.

Good or bad for BTC?

At first glance, this News seems to be bad for Bitcoin. In principle, this is also true, however, the collapse of the daily transactions is a value that does not change the functioning of the network and therefore no direct threat to BTC is.Payment giants from the traditional financial sector, such as Visa have already announce that they will notice a fall in Transaction. The main round, both in the case of Visa, as well as in the case of Bitcoin, probably due to the fact that people consume at the Moment, less and simply less transactions are concluded.As unwelcome as the development of the daily transactions is at first sight also, so it is also clear that this value will recover with time. On the other hand, shall make it clear that Bitcoin is already being used but (the part) for the payment of products and services. Because trading on the stock exchanges continue to take place. Only the consumption of consumers has plummeted in the Wake of the corona of a crisis.This fact, in turn, is very gratifying because it underscores that Bitcoin has alone by the usage as a payment network, a value. This argument should not convince critics, although not perfect, shows, but, nevertheless, in what direction it is in the case of BTC in the future can go. And this direction is still clearly bullish.If you’re convinced after a own Research also of BTC and co. and think that you can provide many people a more value, or simply a good to Trade are, we have here a tip for you. This is because the use the right broker or the right Exchange is extremely important, especially as a beginner.

Would you like to place you in Bitcoin to market in time?

On the award-winning and award-winning platform from eToro you can do this! In particular, for beginners, the platform provides one of the best User experiences in the world. In addition, you can not only rising but also falling share prices!Just try it out and get in, instead of just reading!62 % of private CFD accounts lose money. No EU investor protection.How do you see the development of the fundamentals of Bitcoin?Come on in to our Telegram Chat and talk with the experts and the Community!
Subscribe to our News channel to not miss any News.
(Image source: Shutterstock)The versions in this article, no trade recommendations or investment advice.

About the author

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

Cryptocurrency Market