It's never a bad time to send and receive Bitcoin, but now the translations are even cheaper. The tariffs are at their lowest level in 18 months, while the average cost of the transaction is now below the dollar. This contrasts sharply with the last quarter of last year, when the growth of fees peaked at $ 34. Is the main reason why the charges are reduced since then: with Bitcoins, which are too expensive to send, people just stopped using it as currency.
Bitcoin fees
It is not just the market USD / BTC, which ranges: Bitcoin market is paying for the suit. Due to various factors: the use of the network before the Segwit and hashrate, fees may rise significantly and dramatically fall. During 2017 this trajectory was largely upward, which led to the fact that the December charges become unworkable. Since then, the fee for the transaction with humor decreased, reaching a 18-month low of February 21, but considering that the daily volume of transactions fell by half over the same period, it is not surprising. Now the standard transaction with the six blocks can be skipped just 15 cents. Bitinfocharts calculates an average fee of 52 cents against slightly more than 1 cent per Bitcoin cache.
However, this reduction of transaction fees will not be felt by all users of Bitcoin. Anyone who goes to the stock exchange, will continue to receive the standard fee. For example, Binance Kucoin and establish a flat rate 0,001 BTC or about 10.60 US dollars at current prices. As noted in a recent tweet CEO Binance Chanpen Zhao, at stock exchanges have the ability to charge for the base rate for the service they provide. Can they justify charging more than $ 10, but it is a matter for discussion.
Why low taxes?
High transaction fees may have helped push the "storage goods", which was popularized in the bitcoin last year. Cryptocurrency sealed, which was too expensive to send in small amounts, there was little choice but to wait for the BTC will appreciate the value. Rising fees have been one of the triggers for a number of companies that have ceased to accept bitcoin, including Stripe, and, ironically, the North American conference bitcoins. Steam also stopped accepting bitcoin in December, citing "high fees and volatility." The disappointment came because the fee was very high for users bitcoins network.
Members and exchange tried to find ways to make transactions more efficient, as amended, including joint transaction and adoption Segwit. Minor charges also contributed to a more rapid tests Lightning network, although its adoption is still too low to affect the current fees Bitcoin. Evidence shows that the biggest driver in reducing the board was not technical but sociological: December 17 sent nearly half a million transactions Bitcoin. This figure is now less than 200 000 per day.
With the current fees when they became the lowest in 18 months, it will be interesting to know whether to resume retailers such as Valve, support kriptokonversy or will wait a certain stability. A number of companies have previously said about alternative cryptocurrency, and Stripe mentions litecoin, Stellar and Bitcoin Cash.
Bitcoin real test will come when people will resume cryptocurrency use as a medium of exchange, and the units will be filled again.
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