Bitcoin will be okay. There is no Bitcoin Death Spiral.

A couple of weeks ago, I wrote an article about the congestion in the Bitcoin Network. 

A week later, the mempool and the unconfirmed transactions that piled up over days just seemingly cleared up in an instant. 

Bitcoin's mempool clears up almost instantly

Hash went to Bitcoin

The trend of miners favouring Bitcoin Cash and leaving Bitcoin seems to have stopped. Almost in an instant, the mempool got cleared up. I still do not understand what may have caused it but the bottom line is, I no longer think that the Bitcoin Cash Death Spiral caused by Bitcoin Cash attracting more miners and users, will happen so quickly, if at all. Unless another dramatic event, like the price of Bitcoin Cash surging spectacularly like it did a couple of weeks ago happens again, the chance of Bitcoin Death Spiral taking place is now low to non-existent in the short term. 
 

Category