Bitcoin transferred $11 trillion since its inception according to the recent compilation of the data that we have in our latest Bitcoin news.
The value of the network has since grown continuously with the occasional transfer of as much as $1 billion. The Bitcoin network has gone through thick and thin with transactions both growing in number and in value. Currently, the daily transactions fluctuate between $300 million and $1 billion with some of the data seeing $10 billion in transfers. The exchanges alone turn over as much as 2.9 million BTC even without switching addresses.
The activity on the Bitcoin network is usually much higher ahead of significant price moves but this time Bitcoin saw a growing transfer before the prices crash below the $7,500 level. During this time, the exchange turnover was a bit slower which was noticed before the big sell-off. The bitcoin network has also carried a lot of spam activity as we have seen in hindsight in the fall of 2017. The BTC transferred $11 billion happened in the course of nearly 11 years and all of the transactions were censorship-free and almost never tracked.
At one point, BTC transfers took hours to be included in a block and confirmed but other transactions were due to the load supplied by Veriblock during the testing stage which turned out to boost the transactions for months. At other times, the network carried few transactions with a very high economic value.
It is still highly unlikely to freeze, censor or blacklist the coins on the BTC network though, in theory, all BTC has a record of past transactions. However, the recent analysis of the network has allowed seeing connections between the wallets and potentially curb illegal activity. Despite the high number of transactions, BTC has only had a few episodes of almost total congestion with full blocks. Currently, the next block fee is $0.26 which is down from the high at $5. There are currently 9,333 active nodes in the bitcoin network meaning transactions are very difficult to censor. The BTC usage manages to keep the pace after the dramatic slowdown at the start of this year.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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