- Crypto-products trading platform Bitmex the level of precision of bitcoin spending certainty showed a sharp increase.
- Most transactions are done with the highest precision of one Santoshi, which attributed to contributing 60.1% of the proportion of outputs.
In a recent report posted by P2P crypto-products trading platform Bitmex the level of precision of bitcoin spending certainty showed a sharp increase. This particular research and analysis revolve around different levels of spending precision and their contribution to the overall output.
It clearly shows that most transactions are done are those with the highest precision of one Santoshi, which attributed to contributing 60.1% of the proportion of outputs. The lowest precision was marked to be of 100,000 bitcoins which contributed to 0.0% of the total proportion with only 15 transactions.
A total of 1.3 billion outputs considered to build these data collectively. This 1.3 billion outputs accounted for transactions of worth around 5.5 billion bitcoins which would account for an approximate value of 12 billion dollars based on the in-time spend value.
It further deepens to find out the total cumulative average output value size, which comes to around 4.26 bitcoins. This research also mentions how the maximum level of precision in most outputs help the privacy concerns and prevent system lags due to often two different outputs creating a lesser privacy state.
In conclusion, it mentions aspects through which bitcoin could further cement placed and possibly replace cash or old currency transactions in the long run.
The aspects which they mention bitcoin should work on include
1.Being used as a medium of exchange
2.Becoming a store of value
3.Replacing the unit of account
According to the report, these are the steps it should take to increase further its digital dominance in the cryptocurrency or even the currency market. In a more descriptive term, bitcoin should continue to grow as a mode of the transaction between entities and individuals.
It should further create an image of value and reliability in the minds of the buyer and seller. And lastly, it should be able to replace the previous units of measuring assets and services which would mark its an ultimate milestone.
These would require to increase their reach at a worldwide level even including developing countries in the process which often happen to be a very lucrative market for the investors irrespective of the challenges which come with it.
Although these aspects may or may not be in line, one can only hope for now that it keeps its an image of being the reliable mode of the transaction through its high-end privacy and security modes such as blockchain.