2019-1-6 03:44 |
Bitcoin (BTC) transaction fees continue to fall in the network. This shows hat the popular cryptocurrency is resilient and it is able to scale over time.
At the beginning of 2018 and the end of 2017, Bitcoin transactions were very expensive to be processed. After 2018, when several implementations were released to the market, network fees continue to fall.
At that time, the median transaction fee in the network reached $34. At that time, the number of transactions per day was close to 300,000. On January 1, 2019, the transactions fees went down to $0.025 with 234,000 transactions per day.
If a person or company wants to send a Bitcoin transaction, it will have to pay this fee for the work that miners do to confirm the transaction. According to the Twitter user Kevin Rooke, Bitcoin transaction fees hit their lowest level in around three years.
He mentioned that in October 2015, the median Bitcoin transaction fee was $0.02 with a lower number of transactions.
Bitcoin tx fees just hit their lowest level in over 3 years!
Jan 1, 2019:
Median Bitcoin tx fee = $0.02
Total transactions = 234,576
Oct 13, 2015:
Median Bitcoin tx fee = $0.02
Total transactions = 134,741 pic.twitter.com/HjNUO4ktnj
— Kevin Rooke (@kerooke) January 4, 2019
Several crypto networks work in a similar way as Bitcoin where users have to pay for miners to process these transactions.
Bitcoin has always received critics for the large transaction fees it has to pay when processing transactions compared to other networks. This is why there were many proposals to help the network scale. One of them was to make a hard fork and increase block sizes, allowing more transactions to be included on each block and reduce network congestion.
As there was no consensus among the community, there was a hard fork in August 2017, when Bitcoin Cash (BCH) split from the original Bitcoin chain.
Bitcoin continued in the market with an intention to scale its network using an off-chain solution called Lightning Network (LN). The LN has been growing during 2018 and it reached new records. This LN will be used to process microtransactions and small payments and the main network will be used for larger transactions.
At the same time, Segregated Witness (SegWt), an implementation that reduces transaction sizes allowed the network to process more transactions without having to increase block size. During 2018, the number of companies that implemented SegWit grew as well.
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