Bitcoin activity drops to lowest level since 2010

[larry_vw_1955]

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.

consolidating inputs doesn't really make much sense does it? you have to pay a fee to do it. given that you seem to be the type who only wants to send bitcoin when fees are low, consolidating inputs just makes you pay an extra fee. if bitcoin was more advanced, it would automatically consolidate inputs to make the blockchain more efficient but it guess no one has figured out a way to do that.

[fullhdpixel]

Probably due to the increase of fees if measured in fiat. It's more expensive in feat to send transactions on a daily basis, so people are now more than ever really thinking about the cost of fees and making transactions only when needed. This is why faucet's don't work any more, the fees alone would be too expensive. There are not as many dust transactions as the early days.

That is possible but the first thing came into my mind is that people are more into holding their Bitcoins now due to the massive increase in its value and they think they can benefit more in it than simply using their BTC's like a currency.

They still can use other payment methods if they really want to buy that item, avail a service, or something. That only happens quickly or one time only, and after that what's next next? Their BTC's are gone if this is the ones that they used and they can start regretting once they witness the price rising continuously. About the faucets, they still exist but there is a change about how payments now are being made. They are now processed in bulk, in order to save fees.

[Cookdata]

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.

This is nothing but a crap observation and analyzation of historic Bitcoin data. How do you even think of something like this and comes to a gibberish conclusion. So he want to say Bitcoin was used in the last bull run? One the biggest country that adopted Bitcoin was El Salvador and I could remember how their government aidrop Bitcoin to each citizen so they can use it as it's now a legal tender to buy things with it but what did they do with? They sold all of it.

Bitcoin stop at $70k because that was what many people believe Bitcoin achieved it all time high in the last bull run and unlike then, people are not afraid of Bitcoin market dump, they believe it so much but but some people were hurt when Tera Luna crash their UST by dumping their Bitcoin reserve on the market, that cause many lots of pain to investors, these are the precautions many most investors are trying to avoid, you don't want to be dump on because it will take another cycle to see such price again and a year in Bitcoin market might looks like 10 years on the outside world.

[Furious 7]

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.

It happens because they only detect daily active for wallets in transactions so that when not transacting then it is certain that it will not be detected. The problem is that for some cases we ourselves realize that in the end more people invest than trade while when we invest then indirectly transactions in our wallets may not always be done every day especially for the main wallet where our assets are stored.
If the reference is to trading maybe it will be a different story but I myself even do transactions to transfer to the main wallet even less frequently because it could be done 2 weeks or once a month so it is very natural that it will not be detected for daily active.

Making Ethereum your choice is not a mistake because it is your choice but for me personally I am still in bitcoin and holding regardless of whether it affects daily active or not because I don't care about that.

[Hamza2424]

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.

Hmm Well, I don't have such thoughts as well, Holding is good, if someone has enough money after taking care of living he wants to save and wants to save for the long run even with some risk, he/she should try such opportunities like Bitcoin. I dont know what kind of use case OP wants, or he's talking about Bitcoin as a payment mode, so TBH if we look at Bitcoin's network that really won't allow us to use this in the future, for now as well need to pay high sometimes.

If the whole case is about why not breaking through this range wait for a while this is not a big deal, at least in this cycle with such bullish momentum.

[Ryu_Ar1]

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.

Real world usability in terms of what? investment or trading because in the end if you refer to trading which indirectly means you have to transact every day then maybe the wallet you have will be considered active but when you say investment then when the wallet you use and the assets are just left because you are hodling without making transactions then it is certain that it will not be considered active because there are no transactions.

In fact, this makes it evident that in the end most people are much more aware that bitcoin is better to be used as a long-term investment and when doing so then why should we bother making transactions (selling and buying) every day so that the wallet we have is indirectly not considered active. On the other hand, daily inactivity does not mean the weakening of bitcoin users but they are still waiting until their goals are actually achieved in terms of investment.

[macson]

https://cointelegraph.com/news/bitcoin-activity-lowest-level-since-2010

Juan Pellicer, a senior researcher at IntoTheBlock, attributes Bitcoin’s decreasing wallet activity rate to weaker retail participation than in past cycles.

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.

how can you predict that ethereum will take over bitcoin's dominance in the market, bitcoin's dominance is still more than 50% of the market cap.  ethereum still has many shortcomings such as unstable gas fees, the amount in circulation can change and it is a centralized asset while bitcoin is not, currently most people hold the bitcoin they own so you will read that the activity that occurs in bitcoin wallets is decreasing, rest assured when the bitcoin halving takes place in the next few years, we will see activity in private Bitcoin wallets become busy again.

[larry_vw_1955]

This is nothing but a crap observation and analyzation of historic Bitcoin data. How do you even think of something like this and comes to a gibberish conclusion. So he want to say Bitcoin was used in the last bull run? One the biggest country that adopted Bitcoin was El Salvador and I could remember how their government aidrop Bitcoin to each citizen so they can use it as it's now a legal tender to buy things with it but what did they do with? They sold all of it.

really? they sold all of it. then that was kind of a failed experiment wasn't it? the usa would never do something like that though because whatever the official currency is, they need to be able to control it. so you can kiss that idea goodbye that most countries would ever do something like that. losing control of the money supply is losing control of the people.

Bitcoin stop at $70k because that was what many people believe Bitcoin achieved it all time high in the last bull run and unlike then, people are not afraid of Bitcoin market dump, they believe it so much but but some people were hurt when Tera Luna crash their UST by dumping their Bitcoin reserve on the market, that cause many lots of pain to investors, these are the precautions many most investors are trying to avoid, you don't want to be dump on because it will take another cycle to see such price again and a year in Bitcoin market might looks like 10 years on the outside world.

lets say bitcoin goes up to $250,000 and you bought it at $60,000. are you really getting rich or maybe there's better investments out there. I think there are. Multiplying your money by 4 is not bad but it's not really life changing. Not really. Plus how long is it going to take. 5 years?