Magical reality: Bitcoin fee drops to one-tenth of Ethereum gas

Editor's Note: This article comes fromHot Wheels Community (ID: FHBT18), Author: Pepe, reproduced by Odaily with authorization.

Hot Wheels Community (ID: FHBT18)

https://txstreet.com/v/eth-btc

Hot Wheels Community (ID: FHBT18)

, Author: Pepe, reproduced by Odaily with authorization.

In my impression, the two major features of Bitcoin are slow transfer + high handling fee, so it is considered that it should develop more in the direction of value storage in the past two years, but the magical daily life of the currency circle is that who would have thought that one day Bitcoin will The fee is less than 1U, which is one-tenth of the gas fee of Ethereum. For a while, it is hard to tell which is the most "expensive" blockchain.

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Hello everyone, I’m Pepe. Yesterday I saw someone in the community saying that the handling fee for pancakes is really cheap now, and it’s less than 1u when you fill it up. I checked it and it’s true. For a more convenient comparison, just look at the above website.

His family is very interesting. He compares the blocks of different currencies to buses, and compares each transaction to passengers, so as to vividly describe the real-time status of the current chain.

I intercepted the picture above. The left side is the eth car, and the right side is the btc car. The red box in the data on both sides shows the median of all transaction fees within 5 minutes. This data changes in real time, and the difference between the two is not the same. The fixed rate is ten times. At the same time, the transfer fee is also related to the specific operation. For example, there is a big difference between the most basic transfer on Ethereum and the contract transfer. On the Bit network, there are more input and output corresponding needs. Fees are also higher.

It’s just a reflection of the current situation here. The popularity of defi has led to the “empty alley”, and the big pie may be this “alley” (I don’t know if this is the right way to describe it here, so I will understand [cover your face]).

Even though there are so many passengers waiting under the big pie car in the picture above, it seems very crowded, but this is only because there is a block of ten minutes, and the ether next door can be picked up and left without delay.

According to the data of btc.com, the unconfirmed transaction volume of Dabing today is about 3000-6000, and a block can usually process 1000-2000 transactions. It can be said that the current transactions can basically be confirmed within a few blocks.

There is another little brother, bch, who is even worse. Unconfirmed transactions are basically double digits, and every block is full:

I heard that there will be another fork in November. I don't know if it is good or bad, but from the fundamental data, comrades still need to work hard.

Today I will talk about the status of the handling fee in particular, because when there is no special additional demand (what is the extra demand, just like Ethereum now, many mining applications consume gas on it), the level of the handling fee can often be clearly defined Response to current market conditions.

The peak of last year's handling fee was on June 3 and June 27, 2019. It seems that there have been two waves this year, one on May 20 and one on August 6. If you are interested, you can compare them yourself. the price at that time.

It can be said that after 12,000 failed to gain a foothold, we are experiencing a downward shock.

The good situation is like in 2017. After a short period of desertion, the next wave of climbing will continue immediately. The bad thing is last year's script. Looking at it now, there are still more positive energy bloggers who think that they are biased towards 2017, but no matter what In which case, the current shock may continue. At least a relatively weak rebound in the past two weeks has not yet reversed the weekly trend.

In addition, I think there may be a negative trend in DeFi. In fact, whether it is food tokens or xxswap, there is a small on-chain exchange behind it, and each trading pair locks two encrypted assets. , and the miscellaneous things add up, and there are quite a few locked.

The impact of this on the overall market and us is not entirely about how many of them are scams that will run away, and how many of them are just a wave of leeks, but how much speculative accounts for so many locked encrypted assets.

You must know that there are some giant whales and project parties in the encrypted world who hold a large number of coins and do not move all the year round. If most of these mining comes from them, it will not have much impact on the cryptocurrencies in various fund pools. Big, the final form of the bubble is that all kinds of newly issued incentive tokens cannot withstand the selling pressure, which is fine.

But if there are many speculative funds in various fund pools at present, for example, I want to make the link/eth trading pair to obtain tokens, but I didn’t hold them at all, only seeing the high annualized returns. If you buy it as a mortgage, one day if you see that the income is not good, you may sell link/eth at any time. The final form of the bubble will also affect the price of these mortgaged encrypted assets, especially on various platforms. Relatively large.

I’m sorry that I haven’t been able to find a specific data explanation for this piece, but based on some observations of various communities so far, the proportion of speculation is not small. This is where I worry about the future market. The receding of the boom will affect the overall market. The market, like link, ren, etc., which were previously popular due to defi, have fallen by almost 30% in the past two weeks.

In addition, the sentiment index is still in a state of panic. As for all kinds of mining, there are almost no ones that can really detonate the market, and more are just newly opened mines to grab a bonus. For projects without background, the speed of this reversal is accelerating, and the life cycle is in shorten.

The above seems to be more negative, because we think that there is no perpetual motion machine in this world. A very small resistance will stop after a long time. This is true in the real world and the encrypted world. The key is For real needs, tokens cannot solve all problems.

epilogue

But it’s not black and white here, and we still have to talk about some good things. Whenever the bubble bursts, I hope and think that some leading projects can be retained in various chains and ecology.

One is that it has once again promoted more users to migrate to wallets, real access to chain transfers, and using blockchain applications. In the future, mine income will gradually normalize, but after this wave, there will be more users Willing to stay and be a market maker to earn handling fees.

The second is that everyone is not always troubled by the cloud of data smashing. Although I personally feel a bit conspiracy theory, the current big exchange still has a degree of trust, but if this automatic market-making dex develops and grows, no one will dare to counterfeit money to do evil in the future. Yes, because everything on the chain is real, even if there is leverage, there are more collateral assets in the endorsement, one coin is one coin, if it is fake, it will immediately form an arbitrage space between dex and cex, and lower the price of the currency Suck it on the dex, who can stand it.

epilogue

Finally, I would like to say a few more words. I still see that some friends are very anxious. The main positions are Bitcoin, especially bch/bsv, and pomelo. Although the pomelo community in defi can be regarded as keeping up with the pace, the price is still very bad. .