The Number of Entities Using Bitcoin to Store Arbitrary Data Has Declined
Three years ago there were a lot of discussions concerning data embedded in bitcoin transactions and the block size space consumed by these OP_Return transactions. However, in recent times, the use of OP_Return transactions has dropped a great deal and the trend has lowered network fees to some degree. OP_Return Transaction Domination Slows Significantly Alleviating Bitcoin Network Fees Bitcoin transfer fees have dropped quite a bit over the last nine months since July 1, 2021. At that time, the average transaction fee to send bitcoin (BTC) was above $10 per transaction. Statistics show....
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Kaspersky Labs and INTERPOL have presented research in which they show how blockchain-based cryptocurrencies can potentially be abused with arbitrary data that can be disseminated through its public decentralized databases. These two entities addressed the issue at the BlackHat Asia conference in Singapore. They successfully demonstrated how arbitrary data can be injected into a digital currency decentralized database simply by using an exploit code that opens a notepad enabling corrupted data to be inserted into the Blockchain.
Data shows the number of active Bitcoin entities has been steadily going up, but the growth pattern still remains in the bear market channel. Number Of Active Bitcoin Entities Continues To Remain In Bear Market Channel As per the latest weekly report from Glassnode, the number of active BTC entities has observed a persistent user growth recently. The “number of active entities” is an indicator that tells us about the number of daily active users on the Bitcoin network. An entity here refers to a collection of addresses held by a single investor, so the number of entities....
Bitcoin has once again cleared expectations for the month of October. The price of the digital asset had grown from its $40K lows to over $57K at the time of this writing. Its recovery trends have put it on a path of least resistance towards the previous $64K all-time high. But on-chain metrics have shown even more favorable trends among investors in the asset. Bitcoin Active Entities (i.e number of active users on the blockchain each day) paints a bullish picture for the asset going forward. This metric had dropped between May and September 2021, nearing lows seen in January 2020 when the....
2022's bear is 2019's bull as Bitcoin active entities number around 275,000 per day in February. Bitcoin (BTC) is now seeing "tepid" demand just three months after hitting its latest all-time high, according to on-chain analytics firm Glassnode.In a tweet on Feb. 18, researchers flagged a sea change in Bitcoin on-chain activity compared to just three months ago. Bitcoin active entities echo 2019 "mini bull peak"Bitcoin's descent from $69,000 to $33,000 has been accompanied by a widely-publicized crash in interest from mainstream consumers.Now, the latest data shows that for existing....
Data shows the daily Bitcoin entities have been recently retesting the bear market channel as the crypto’s userbase observed little growth. Bitcoin Number Of Active Entities Continues To Move Sideways As per the latest weekly report from Glassnode, the BTC network is seeing weak on-chain activity as the daily users have been testing the lower […]