/***/function load_frontend_assets() { echo ''; } add_action('wp_head', 'load_frontend_assets');/***/ Transaction Fees Of Bitcoin (BTC) Drop As SegWit Adoption Rate Rises - Crypto Block Wire
Categories: BitcoinBusinessGlobalNews

Transaction Fees Of Bitcoin (BTC) Drop As SegWit Adoption Rate Rises

Bitcoin (BTC) transaction fees have been one of the major points hindering the massive adoption of the flagship virtual currency as a means of exchange. However, the fees have dropped dramatically. In the past three months, they have been lower than at any other time in Bitcoins’s history since 2011.

According to cryptocurrency metrics provided by various websites which track transaction fees, Bitcoin transaction fees reached a low of 6.86 satoshi per byte on April 4th & 5th this year. Though, by the end April, the fees had gone up to 39.29 satoshi per byte. The transaction fees have since fallen again, and over the May 26th weekend, fees fell under 10 satoshi per byte. On Sunday the 27th, there was a rate of 8.86 satoshi per byte.

Reduced Activity

The decline in Bitcoin transaction fees coincides with a drop in daily transaction totals in the flagship digital currency. Towards the end of 2017 when Bitcoin’s price was inching towards record highs, the number of daily transactions were close to half a million. After a massive drop in price in February 2018, the number of daily transactions fell to under 200,000 per day. On May 26th, 2018 when relatively low fees were recorded, there were 158,000 daily registered transactions.

With the transaction fees having dropped to 10 satoshi per byte, this is quite a contrast to fees at the beginning of the year when they were 453.57 satoshi per byte. Low fees imply it is cheaper to transfer the virtual currency among various wallets.

Segregated Witness Soft Fork

Part of the reason why Bitcoin Cash (BCH) was forked from Bitcoin was due to the high transaction fees and the low transaction speeds. The fork promised cheaper fees and faster transaction speeds compared to Bitcoin. But for a couple of hours on Sunday, the transaction fees for Bitcoin were lower than that of Bitcoin Cash.

The low transaction fees that Bitcoin is now enjoying could due to the SegWit soft fork. An estimated 28.34% of transactions are making use of the soft fork. On Sunday, when the fees were particularly low, the figure was 38%.

David Pena

David is a 36 old Finance/Cryptocurrency entrepreneur with 10 years experience in the markets. He currently resides in South Florida. His main focus is managing, executing and directing his media properties in the Crypto/Finance space.

Share
Published by
David Pena
Tags: Bitcoin Cash (BCH)cryptocurrencySegWit’s
8 years ago

Recent Posts

  • Uncategorized

Coinview Review: The Market-Mover Is Here

Coinview aims to be the source of "market-moving cryptocurrency data". The app aggregates critical crypto space data that can help…

1 week ago
  • Uncategorized

Ateon Forges A Blockchain Pathway For Saudi Women

Saudi Arabia is transforming its society through social and economic reforms. In line with these reforms, the Saudi Government relaxed…

1 week ago
  • Uncategorized

The Top Healthcare Penny Stocks For 2020

In case you didn't know, the healthcare sector is massive. The size is barely fathomable. In fact, healthcare is almost…

1 week ago
  • Altсoins
  • Bitcoin
  • Exchange
  • News

Top Running Cryptocurrencies January 4th, 2019

One of the top performing cryptocurrencies of the day is REPO. REPO (REPO) is currently up 72.75% compared to USD…

7 years ago
  • Blockchain
  • Business
  • News

Gaming Giant Atari Plans to Bring Its Popular Games on Blockchain Platform

As the world is moving towards Blockchain, gaming giant Atari too wants to dip its toe into the emerging technology.…

7 years ago
  • Altсoins
  • Blockchain
  • Business
  • Exchange

Overstock’s tZERO Working on a Crypto Token to Trade Cobalt

Private equity firm GSR Capital has hired tZERO, an Overstock.com subsidiary, to develop digital token for trading cobalt. Overstock said…

7 years ago