Bitcoin Reverts to Satoshi's Original Vision with Rise of Small-Scale Transactions
CryptoQuant founder Ki Young Ju has highlighted an intriguing shift in Bitcoin's on-chain data. The trend indicates that smaller transactions are becoming more prevalent, aligning with Satoshi Nakamoto's original vision for the cryptocurrency.
Nakamoto wanted Bitcoin to be a practical, everyday money, rather than just a store of value. This idea played out well for Bitcoin, despite initial skepticism.
Ju examined transaction fees on the Bitcoin network and found that they have been cheaper than Ethereum's since 2021. The median fee on Bitcoin is currently around $0.40, while Ethereum's is about $0.68.
By focusing on transfers between $40 and $1,000, Ju identified a pattern shift towards smaller transactions. Data from 2019 to 2022 showed larger median transaction sizes, but since 2023, transfers have become smaller and more frequent.