Once Again Boasts Fast Speed, Cheap Transactions

pexels-photo-1036644 How it all Began

The story of the controversial decision to change the description on the website began in December 2017. Bitcoin was experiencing a spike in usage which led to high transaction fees. Many users became disenfranchised with the transaction delays that accompanied the massive charges. The bitcoin price increased during this period, going as high as almost $20,000 USD.

By December 24, developers proposed an alteration of the website description to better mirror the current network situation at the time. The change involved removing taking away the “fast” from the “fast peer-to-peer transactions” and replacing “low processing fees” with “fraud protection.” The GitHub pull request to effect these changes was merged in January 2018 to the chagrin of Cobra Bitcoin, the website co-owner.

Bitcoin Winter Over as Fees and Transaction Delays Decline

Beginning in March, bitcoin transaction fees dropped considerably and transaction delays also reduced. The average transaction fee for a 225-byte transaction decreased from between $40 and $60 to $1.90. The number of transactions has also reduced by more than half from 400,000 to 180,000

There is no consensus as to the reason for the decline in the Bitcoin network demand. Some commentators attribute this to the massive drop in bitcoin prices from late December 2017 to March 2018.

According to them, the price drop which exceeded 50 percent forced many investors to lose interest in the market. Other commentators say the adoption of Segwit and transaction batching protocols are responsible for the decrease in congestion.

With the fees and delays reduced, the admins decided to revert to the 2010 website front page descriptions.

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