Bitcoin (BTC) on-chain transaction activity has cooled off amid the recent pause in price action. And, that is hurting the profits of Bitcoin miners. This is pointed out by a recent report.
The cryptocurrency blockchain processed 231,437 transactions on October 18, the lowest level since May 24. Based on data provided by blockchain analytics firm Glassnode.
That means the daily transaction count dropped nearly 40% from a high of 382,408 seen on July 1.
Since the network processes far fewer transactions currently, the percentage of Bitcoin miners’ earnings derived from fees also dropped. At a minimum of three months. Specifically 3.49% over the weekend.
7% of Americans have bought BTC according to a survey
Dan Tapiero, asset manager and co-founder of 10T Holdings, shared a Statista poll. Which shows that only 7% of Americans had used BTC previously. Proving that Bitcoin is still in an early stage.
According to new data from Statista, only 7% of Americans have previously used BTC. This means that current investors in BTC are still in an early growth phase.
The survey also placed Peru with 16% usability, as well as Spain with 10%, respectively. Meanwhile, Nigeria leads the poll with 32%, followed by Vietnam with 21%.
Dan Tapiero said that BTC is still in the ‘birth’ phase of a new asset class. Wrote:
“It is still too early for Bitcoin. It is still in the birth of a new global asset class ”.
In the long term, BTC has significant growth potential to evolve into an established store of value, such as gold. If so, investors anticipate that its valuation will increase exponentially in the next decade.
Coinbase to Sponsor Two Bitcoin Core Developers with a Community Fund Grant
Cryptocurrency exchange Coinbase announced that it would sponsor at least two BTC developers. They contribute directly to the Bitcoin Core code base or closely associated Bitcoin projects. Through the exchange’s new grants called Crypto Community Fund.
Coinbase said it would make the final selections. After current Bitcoin Core developers and ‘important’ members of the community list the proposals.
The advisory board for the Bitcoin projects includes developers such as Carla Kirk-Cohen, Anthony Towns, Amiti Uttarwar, Felix Weis, and Dan Boneh. Also, the exchange said that projects from any location could apply. And while his goal was to focus on one-year developer grants, he would also consider shorter projects.
Coinbase intended to expand the program to other types of crypto projects and communities. If this fund successfully helped the crypto community.
While Coinbase reported that it will support the Bitcoin Core developers, other reports indicate that part of the team continues to present their resignation letters. Following the statements of its CEO, Brian Armstrong.
One of the most recent resignations was that of Coinbase’s head of global marketing, John Russ. Who shared the news through a message posted this week on his Twitter account.