Here's something very promising that flew down my TweetDeck yesterday morning. Bitcoin seems to be scaling pretty well as it ages as evidenced by the much lower average fee we're seeing as the price reaches levels it hasn't seen in well over a year. As you can see from the tweet above, average fees around the $13,000 level are precipitously lower in USD terms. Going from $18 to $1.30 as more people begin to be more efficient with their transactions by taking advantage of SegWit, transaction batching, and better fee estimation tools.
All of this is made possible by the effort of individuals working on the protocol and the services built above it. Developers cleaning up the codebase, adding new features that allow us to transact more efficiently, and educating businesses about ways in which they can cut costs and help the network service as many people as possible. And businesses and users implementing these practices to make their experiences better in the long run. An organic spreading of information that makes the Bitcoin network more usable, scalable and efficient.
What is incredibly beautiful about this process is that it is completely voluntary. Individuals opt-in to the creation and utilization of these features by their own volition as Bitcoin draws their attention and leverages their labor to fortify itself. A codebase that found a way to create an incentive which drives humans to make it the best codebase it can be.
There is still much work to be done and efficiencies to be gained. It's hard to imagine this trend reverting course as the financial incentive to make the protocol better only continues to grow stronger. The future is bright!
High time for my quarterly haircut.