Number of transactions declining in last 2 months.

[nurilham]

The decline of Bitcoin transactions may be caused by the bad trend in crypto market lately. People who are holding Bitcoin, prefer holding it to selling it at a cheap price. While people who want to buy Bitcoin, are waiting for a sign for the market recovery. Unfortunately, there are too many bad issues, so they don't want to buy and decide to wait for. This situation makes a lower interest to sell-buy Bitcoin in the market.

[dunfida]

The decline of Bitcoin transactions may be caused by the bad trend in crypto market lately. People who are holding Bitcoin, prefer holding it to selling it at a cheap price. While people who want to buy Bitcoin, are waiting for a sign for the market recovery. Unfortunately, there are too many bad issues, so they don't want to buy and decide to wait for. This situation makes a lower interest to sell-buy Bitcoin in the market.

A lot of fuds circulating around is a proof that people are holding their bitcoin to avoid more losses if they continue to sell and it's actually helping to avoid stacking more transactions and look how fast it is to send and receive bitcoin with the uncongested blocks? Elon Musk is one of the example that lead the market to make fuds that would eventually dump the bitcoin price but people aren't fan of people who manipulate the market and is taking advantage to those small traders that's why they were against to Elon tweets but there are some people who still follow him but we can't do anything about that it's their choice.

[STT]

a lot of those that were willing to trade their coins got completely destroyed by the correction

This is just natural revolution, they have lost nothing till they sell so the question is why were they forced to sell and if its by their own hand then we cant really blame crypto for their losses but themselves.  Usually its about leverage and trading multiples of what they have the ability to own in that time, if I see a frothy market I know these people are always going to get caught out because its just so tempting to act this way but no money is free there is a risk and cost to their actions.
   Long term we have a net bias upwards and positive gains from utility and the help that BTC can give to people across the world to enable commerce that might not otherwise occur and save people especially in countries without any stable currency.   I can remember Zimbabwe blowing up its currency before BTC was around, people were devastated the ordinary poor and workers which is most of us.  Without a stable way to exchange value it reduces all business and harm occurs so they had to resort to grams of gold which is really not practical to carry out and the prices to do this were horrible, something like 1 gram of gold for a bundle of bread.  BTC is not just a play thing, it can help people and I hope it continues to improve this far more then I care about the absolute price moves, alot of transactions are speculative based but actual business settled matters most.

[khaled0111]

I can think of few reasons that may explain this decline in number of transaction:
- Recent sudden price drop: those who bought bitcoin during the bull run will have to wait till the price start increasing again.
- Current price stability: due to price stability, traders switch to other more volatile altcoins.
- Lightning Network: the number of Lightning nodes has doubled during the last year alone. It rose from ~5000 nodes to more than 10.000 nodes.
- Internal exchange transfers: due to the network high fees, most users make their transactions off-chain through exchanges.
- WBTC and alike.

At least this is a good opportunity for bitcoiners to enjoy low transactions fees and fast confirmations.

[STT]

^^ The last point is important I think in that a proper market has to have an advantage to the lower prices as well as the higher prices.   People gaining or losing on their trades does not matter so much as the underlying gain by actual regular users so it cant be stated enough that lower fees and the lower pricing to BTC even could raise genuine interest from longer term user base and that is why Bitcoin does not collapse as so many have predicted so often.    Same deal could be applied to almost anything, especially commodities in that somebody has to have a use for that product and ideally they are gaining when the price is dropping so in that market there is a buyer and a seller and somebody is always winning hence we continue and longer term Bitcoin prospects remain on track imo.

[adaseb]

I remember back in 2014 when the mempool was near empty, you never had to check what fee to use. The default fee everybody used back then was 10000 sats. Which at $200 a coin was like 2 pennies. I would basically do daily withdraws from my exchange, sometimes for small amounts less than $100.

Would send it back and forth pretty much, never had to worry about fees. Now 7 years later I rarely do any Bitcoin transactions. If I want to move across exchanges I use alts like LTC. Before I used to use ETH but those fees are also high from time to time.

And I am pretty sure many other people do the same, hence the reduced transaction volumes goes down. $20 a fee might be cheap sometimes but when you think of it, look how much stuff you can buy yourself for $20. And the fees add up. It’s not normal paying $200 a month just to do a few crypto transactions.

[Silberman]

The decline of Bitcoin transactions may be caused by the bad trend in crypto market lately. People who are holding Bitcoin, prefer holding it to selling it at a cheap price. While people who want to buy Bitcoin, are waiting for a sign for the market recovery. Unfortunately, there are too many bad issues, so they don't want to buy and decide to wait for. This situation makes a lower interest to sell-buy Bitcoin in the market.

Instead of being worried about the things we do not control people need to take advantage of the situation with the mempool which is almost empty, this is the opportunity to make all of those transactions that you wanted to make but you were unable to because of the huge fees you had to pay, after all for months the mempool was busy as hell and people were complaining about it and now that it is empty people are complaining about it once again and not doing anything to take advantage of it.