Bitcoin activity drops to lowest level since 2010

[Emmanuelex]

Well, I don't know about that 🤔. Bitcoin still stays more popular, majority of people going into the cryptocurrency space for the first time all get to know about Bitcoin before knowing any alternatives in the market. So that alone should prove that there is likely more activities on the Bitcoin block chain than any other cryptocurrency, plus considering the fact that new addresses keeps updating every time we make a transaction in wallets.

[stompix]

Don't take seriously what you read on Cointelegraph. Cointelegraph is a propaganda service for promoting scam shitcoins. They are scammers.

Activity on the Bitcoin network is at an all-time high, the mempool is full, all blocks are full, and there are 250,000 transactions pending.
Check it yourself
https://mempool.space/

Better check it yourself:



It's either ordinals or runes or consolidation, these 250 000 pending transactions are almost all of them just made out this, the article talks about daily usage, who do you think will leave its tx sitting in the mempool for weeks when he has just paid for something? It's about time we drop the copium and adapt to the new reality, those tech savvy enough have moved to the LN, and there are a few left that's till cling to chain tx now and then and the rest of a hundred million of bitcoin holders store their coin on CEX waiting for the bull run.

If finally the rune hype dies down and we get over the shitload of consolidations we have left we might even see empty blocks, that's the actual demand. We're running at 92% actual blocks compared to normals, we still have run spam and the fees are dropping to 7sat/vb, that's pretty much telling about the actual demand.

But, whatever, Bitcoin is a tool if the majority decides to hold and treat it as an investment just that, their coins their decisions.

that's why i'm starting to think that ethereum will eventually overtake bitcoin in usefulness

Is this usefulness in the room right now?

[Zigabel]

Saying erh will get to a point where it will be more useful than BTC is something I wouldn't want to debate with you at this point but I know that there's never a point where Bitcoin is going to be so useless that it will not continue to increase in value, the fact that it has an investment potential, is enough fo people to keep using it as a store of value which means that it's definitely going to continue to grow in value and been very valuable with or without comparisons to ETH.

[GbitG]

Why are we even comparing Ethereum with Bitcoin? Bitcoin is different and was created for a different purpose and Ethereum for another, and the reason why there are more developments and everything in Ethereum is that there are dapps built on top of it and those dapps need to be upgraded otherwise they will move to another chain since there is a lot of competition in the market these days.

We don't want Bitcoin to be like Ethereum where the network would be full of micro transactions coming from decentralized applications built on top of it, we have seen what ordinals did with Bitcoin and that is enough. Bitcoin is good as it is and we don't want or need as much activity in it as there is in other chains.

[serjent05]

Bitcoin is good as it is and we don't want or need as much activity in it as there is in other chains.

Bitcoin still needs to develop, if Bitcoin stays as it is, it will be left out.  Eventually, the effect of being first mover to Bitcoin will diminish.  With people being exposed to different cryptocurrencies and the convenience and advantage a higher technology brings, the time will come when Bitcoin will be a thing of the past if Bitcoin development stagnates.  

We have seen the history of currency/money, if one failed to evolve and adapt according to the need of the masses, it will eventually get phased out or overtaken by the more reliable one.  So I believe the technology of Bitcoin needs to evolve according to the demands of the current situation.


I do not think ETH will replace Bitcoin today or in the near future.  It is still too early for ETH to take over due to the security issues and glitches on its strong feature, the dapps.  When it comes to financial matters, it is the security that is majorly taken into account and nothing beats Bitcoin on that.

Aside from that, I also don't think that Bitcoin activity has dropped to the lowest because mempool does still have hundreds of thousands of unconfirmed transactions, and the activity inside exchanges is not given into account not saying that there are a lot more exchanges for Bitcoin today than way back 10 years ago.

When it comes to real-use case, saying this:

that's why bitcoin struggles once it gets to about $70,000 because no one is really using it for any real world use cases, they are just hodling. hoping to sell it for more than they bought it.

is a very wrong assumption and can be reputed by just one person using Bitcoin as payment for a purchase transaction. Another thing holding Bitcoin to use as a store of value is also one of the real use cases of Bitcoin.  So @mk4 is not wrong to say that holding is a real use case of Bitcoin.  Not saying there are also lots of people who keep on investing on Bitcoin, and I believe investment is also one of those that can be considered as real use cases.  

[Casdinyard]

Do I take this negatively? No.

You can look at it like that and say that bitcoin is dying cause now people don't want to sell or buy it, but here's the thing. This is the greatest testament to the fact that the holders of this coin finally gained a couple IQs and realized that it's way better holding their money instead of panic selling or panic buying, especially when there's no pressure to do either or both anyway. Nowadays people get the hint that you can earn more if you could just wait for a hot minute and not sell your shit. To me that's a good thing, everyone's growing smarter, making bitcoin a less crazy place.

You can take news like these negatively and start hating on bitcoin like it didn't make you money in the years past, we need to shake a few jeets every now and again after all, but if you're seeing through all the propaganda and the lack of research that this writer is mostly an offender of, then you know the answer, you know that the best thing to do right now is to hold and not let these mfers get into you cause the moment you start selling your shit, these clowns will come in and take your place.

[larry_vw_1955]

The real world usecase for bitcoin is to make P2P transactions for purchases/buying and selling products/services etc...

bitcoin has failed so far in that respect in my opinion. i think anyone that is reasonable would have to agree. most major retailers to say nothing of smaller ones do not accept bitcoin. and never will in my opinion. (so load up your coinbase debit card with bitcoin, boys, so you can use bitcoin "undercover" through some type of mastercard or visa intermediary that's going to be as good as it gets)...

also, bitcoin is not useful when it has to be converted back and forth to and from fiat.  

Bitcoin still needs to develop, if Bitcoin stays as it is, it will be left out.

unfortunately that may be the case. i don't know what the solution to it is but i believe it may be the case!

[GreatArkansas]

(...)
that's why bitcoin struggles once it gets to about $70,000 because no one is really using it for any real world use cases, they are just hodling. hoping to sell it for more than they bought it.

that's why i'm starting to think that ethereum will eventually overtake bitcoin in usefulness in the real world since ethereum seems to be upgrading their network and really pushing the envelope. not that i'm a huge fan of ethereum but the writing is on the wall about that. eth has more development efforts going into it than bitcoin for sure.

I really don't think so. Bitcoin is just doing fine for me and it will not depend on the activity right now.
There are a lot of use cases for Bitcoin and from what I can see there are still very few innovations or technologies that Bitcoin has right now that's why.
Just think about Gold also during its early days before.

[larry_vw_1955]

There are a lot of use cases for Bitcoin

name a few that you personally use other than "investing/hodling". that seems to be the dominant use case. but as i said, i don't consider that a use case in and of itself unless there is a reason behind it like serving as a hedge against inflation although as i also pointed out, i'm not convinced that bitcoin is an inflation hedge. because if it went to 0, then people would lose all their money.

Just think about Gold also during its early days before.

if i wanted a true inflation hedge, thats what i would be doing is buying precious metals. bitcoin is not an inflation hedge. gold is. bitcoin can go to 0. gold can't.

also we need to keep in mind that the higher bitcoin goes in price, the less attractive it is from an investment point of view. for making returns.

[mk4]

At the moment it doesn't seem so, and according to BitGoba both what the OP says and the article on which it is based are false. But if more and more people were buying to hold forever, as Michael Saylor does, it is not at all clear to me that it would be good for bitcoin if the currency did not circulate. And even more so if we take into account that miners have to live off something, and that the block reward is getting lower and lower. If it happens like in the stock market, that many people buy for the long term, but many others keep trading every day, I don't see a problem. But the difference is that bitcoin has a limit that stocks don't have.

Mate, at some point these people — including Michael Saylor himself, would need to sell or use some of the BTC to be able to capitalize on the price increase.

Do you really think that people will just hold all the BTC and all their offspring's offspring will just hold the BTC as well? Without selling or using at least some? That's totally unrealistic.

[kuriboh]

Well, I don't know about that 🤔. Bitcoin still stays more popular, majority of people going into the cryptocurrency space for the first time all get to know about Bitcoin before knowing any alternatives in the market. So that alone should prove that there is likely more activities on the Bitcoin block chain than any other cryptocurrency, plus considering the fact that new addresses keeps updating every time we make a transaction in wallets.

Bitcoin's position has been at its lowest since 2010 but is not at that low now. I have been familiar with Bitcoin since 2013. I knew about it in 2013 and started using it lightly. Its rise was first there and went to such a position that it was a terrible situation. But those who were patient are now in a much better position with this Bitcoin ride.

I think Bitcoin's position is going to get better day by day. It was less than before when we saw its decline in 2022–23. Bitcoin's position is perfect; its price is expected to cross $100,000 within this year. Bitcoin's position has fallen to its lowest level since 2010. This is nothing like the ups and downs that have led Bitcoin to the fore. Wait patiently; Bitcoin's position will be much better in the future.

[yazher]

It doesn't change the fact that bitcoin investment is more secure and more advantageous when it comes to holding it for the long term. Compared to the last years with bitcoins, we have already reached some major success in terms of popularity because as we can see today, bitcoin advertisements are all over the world and only a few people don't know about it.

With the adaptations of big companies and other industries, including countries that are becoming bitcoin havens for investors that want to spend their bitcoins like El Salvador.

Also, we have more local exchanges now than before that's why it drops because the fewer people using P2P transactions, the fewer the number is seen in the graph. in reality, there are many more now but they use exchanges for their convenience and it won't show in the statistics.

[DaveF]

Looks like clickbait to me. I see more BTC TX going though for people that I do the IT back end of their stores more then ever.
I don't know the amounts unless I look and I don't unless there is an issue but I do know the # of sales using BTC is up.

-Dave

[uneng]

that's why i'm starting to think that ethereum will eventually overtake bitcoin in usefulness in the real world since ethereum seems to be upgrading their network and really pushing the envelope. not that i'm a huge fan of ethereum but the writing is on the wall about that. eth has more development efforts going into it than bitcoin for sure.

How is Ethereum more useful than Bitcoin? In what aspects? The only usefulness of ETH I see is the fact another crypto developers need its network to create and launch their own tokens for speculative purposes. And since those tokens aren't reliable on most cases, it doesn't make sense to adopt them thinking on long term goals, as they may fail and die at anytime.

That is where Bitcoin enters as the best alternative among every cryptocurrencies. It's reliable on long term and doesn't rely on altcoins' projects to survive and maintain its top position in crypto market. I think ETH can't overtake BTC, because in the end of the day, it's just another altcoin which depends on Bitcoin success to have its price raisen.

[Oshio-man]

Don't allow their network upgrade to convince you, that Ethereum will over take bitcoin in the market because bitcoin team will not fold their hands and watch the Ethereum holders to earn more income than bitcoin holders, hope you are not paying more attention to those social media information because people use to get fake information that will make them to miss their luck in the future.

[larry_vw_1955]

Don't allow their network upgrade to convince you, that Ethereum will over take bitcoin in the market because bitcoin team will not fold their hands and watch the Ethereum holders to earn more income than bitcoin holders, hope you are not paying more attention to those social media information because people use to get fake information that will make them to miss their luck in the future.

Where is the bitcoin development team's roadmap? At least I can find ethereum's: https://www.ledger.com/academy/what-is-the-ethereum-roadmap-next-upgrades

I'm not sure bitcoin really has a roadmap. That's one of the problems. Ethereum is going to overtake bitcoin because of that in my opinion. Because it feels like bitcoin developers are content to just sit around and admire what they've done. What are they working on though? Where are we headed?  Are we keeping up? It doesn't feel like it compared to what I read about ethereum. I'm not an ethereum fanboy though but you do have to admire how they are really pushing the envelope and not just sitting on their laurels. Bitcoin better be careful because if ethereum ever reduces its fees to tiny amounts like a penny, bitcoin is going to be in trouble.

How is Ethereum more useful than Bitcoin? In what aspects?

Well, I trust Ethereum. As far as being able to transfer digital money. If they ever get their fees back down to where they were on 2017/18 aka a penny then Ethereum will be better than bitcoin because bitcoin has always had an issue with transaction fees. And they have never been a penny.
 

The only usefulness of ETH I see is the fact another crypto developers need its network to create and launch their own tokens for speculative purposes. And since those tokens aren't reliable on most cases, it doesn't make sense to adopt them thinking on long term goals, as they may fail and die at anytime.

Keep in mind that Vitalik - the creator of ethereum - started out here on bitcointalk as a bitcoiner. The dude is brilliant when it comes to technical things. Satoshi was smart but not like Vitalik. Vitalik is on a whole different level. Satoshi put in a few years, Vitalik has put in probably more than a decade. So Vitalik is everything Satoshi was not. Satoshi could have stuck around. Nothing bad has happened to Vitalik has it?

The thing is if something did happen to Vitalik ethereum would be just fine.

If you think that Vitalik sits around thinking about how he can make it easier for people to create meme scam coins then you got it wrong. He's built an infrastructure. That's it.

[FanEagle]

I would guess that retail investors would get into it if we do get a lot more hype, and they were here when we moved from 20k to 60k+ levels as well so it is not like they are nowhere to be found, just not interested in this stable one, they want big increases to be hyped about it, they want the bull run.

Of course this is just based on if this study is true or not, because we are hearing this new firm, never heard of them before in my life (why would I) and that means we are talking about something that is getting a little bit more complicated if we just assume it wrong as well. So all in all, if it is right then we just need to wait, if it is wrong then there is nothing that we need to discuss about anyway, hence it is a simple subject.

[mindrust]

People don’t use bitcoin to make small purchases anymore that’s not a secret. However, bitcoin prices have nothing to do with the wallet activity stats. Supply and demand is all that matters. Bitcoin has limited supply a s the hodlers are not selling… that drives the prices upwards.

Take a look at litecoin on the other hand. I heard it has more wallet activity than bitcoin lately but its price isn’t going anywhere. It is because there are no good litecoin holders and there isn’t enough demand. It is a dump-fest all the time. Hopefully that will change soon.

[snapee11]

People don’t use bitcoin to make small purchases anymore that’s not a secret. However, bitcoin prices have nothing to do with the wallet activity stats. Supply and demand is all that matters. Bitcoin has limited supply a s the hodlers are not selling… that drives the prices upwards.

Take a look at litecoin on the other hand. I heard it has more wallet activity than bitcoin lately but its price isn’t going anywhere. It is because there are no good litecoin holders and there isn’t enough demand. It is a dump-fest all the time. Hopefully that will change soon.

I agree with this explanation of yours Sir, though Bitcoin seem so quiet in its activities these days, its still no effect of its value and will still rule the Cryptocurrencies in almost all of it. Most holders arent surprise and move by this inactivity.

[Jawhead999]

I guess people love it? if Bitcoin activity keep hitting ATH, can you imagine how high the fees is? so you would create a thread if Bitcoin is failed since the retailers can't own Bitcoin. It's good to see the current Bitcoin are around 8-10sat/vbyte, the lowest is 7 sat/vbyte at the present which is nothing bad for people who want to consolidate inputs.