The transaction fees behind Bitcoin (BTC) are the focus of the latest digital currency news, mostly because they hadn’t been this way in more than three years. According to BitInfoCharts, the current median transaction fee on the flagship cryptocurrency network is just $0.029.
As Kevin Rooke, who is a famous crypto community researcher, pointed out, the Bitcoin network hadn’t had fees this low since October 2015 when it was trading at $270.
Bitcoin tx fees just hit their lowest level in over 3 years!
Jan 1, 2019:
Median Bitcoin tx fee = $0.02
Total transactions = 234,576Oct 13, 2015:
Median Bitcoin tx fee = $0.02
Total transactions = 134,741 pic.twitter.com/HjNUO4ktnj— Kevin Rooke (@kerooke) January 4, 2019
In a reply to his own tweet, he also pointed out that this doesn’t mean that the network is processing fewer transactions than the one it had three years ago. In fact, it has been processing 75% more transaction but doing all more efficiently.
This is all a big part of Bitcoin’s plan to scale. As the current data shows, the BTC network has been processing between 200,000 and 250,000 transactions per day. Still, companies and technological developments like Segregated Witness (SegWit) and the Lighting Network (LN) have both played a crucial role in scaling the BTC network.
One of the recent discoveries by developers was the Lighting Network BTC wallet that is said to be extremely to scale – and as such definitely helps the low transaction fees despite the big volume of Bitcoin transactions (450,000+ per day in December 2017).
At the end of the day, the significant price drop likely saw a lot of investors turn away from the industry.
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