BTC transaction fees jump by 570% over 12 days, and new Huawei smartphone will have a digital yuan wallet

Forecast: Bitcoin adoption rate could reach 90% by 2030

Bitcoin will take 10 years to become ubiquitous, says Brian Estes, founder of investment company Off The Chain Capital.

“I think in 2029, 2030, when 90% of U.S. households and people in the United States use cryptocurrency and Bitcoin, then I think it becomes a stable part of the economy, and not just the U.S. economy, but I think the world economy,” the businessman said.

He based his position on the adoption curve, which reflects the speed of adoption of new technologies. Bitcoin adoption is now around 10%. It takes the same amount of time to go from 10% to 90% as it takes to reach 10% from 0%, Estes points out. The first transaction on the BTC network took place in January 2009.

Bitcoin transaction fees jump by 570% over 12 days

Average transaction fees on the bitcoin blockchain have increased by 573% over the past 12 days. According to BitInfoCharts, today the figure is $12.50, which is the highest value since January 2018.

At the same time, the queue of unconfirmed transactions has increased by 1800%. This happened amid an increase in the price of bitcoin from $11,200 to $13,800 and a drop in the network hash rate.

The latter is due to the end of the rainy season in the Chinese province of Sichuan, where about 10% of the total computing power of bitcoin is concentrated. Local miners are using cheap hydroelectric power, which has now risen in price, so farms are being moved to regions with more affordable tariffs.

New Huawei smartphone will have digital yuan wallet

Huawei has announced that its new Mate40 smartphone will include an integrated wallet for the Chinese digital currency.

The Mate40 will be the first smartphone to support the digital yuan, the company said. Wallet owners will be able to transfer tokens between smartphones without an internet connection or mobile network.

“HuaweiMate40# series is the first smartphone that supports digital RMB hardware wallet, hardware-level security, controllable anonymity protection, dual offline transactions, bringing a new safe and convenient payment experience,” Huawei said in a press release.

At the moment, the Chinese authorities are actively testing the state digital currency.