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Author Topic: Growing interest in BTC, Bitcoin transaction fees up over 500%  (Read 149 times)

Pegasus

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The explosion in BTC trading has caused transaction fees for the cryptocurrency to skyrocket. The latest blockchain data shows that Bitcoin transaction fees have increased over 500 percent since the start of the year, with many lower-fee transactions taking hours before being finalized.

Bitcoin Transaction Fees on the Rise

In the crypto industry, transaction speeds can make or break a project. The speed and throughput of a blockchain have a large impact on the transaction fees on these networks, and in many cases its success. Bitcoin is the exception.

In light of the recent buying frenzy, trading fees have skyrocketed. On Jan. 1st, a bitcoin transaction cost $0.18. Today, each transaction costs over $1.3. Even when accounting for the price change in Bitcoin, in absolute terms the cost to have a transaction added to the blockchain (within 6 blocks) has increased from 3 satoshis per byte to 80 satoshis per byte, a 26-fold increase (with an average transaction consuming 270 or more bytes of data, for reference).

Source: BitInfoCharts
The sudden increase has once again sparked debate as to whether these large fees run counterintuitive to bitcoin’s purpose as a ‘currency,’ as opposed to an alternative asset. However, in the short-run, these high fees seem unlikely to put a damper on bitcoin’s upwards price movement.

Traders see rising fees as a mixed signal. Spikes in the price of adding transactions to the blockchain are said to sometimes follow a market crash. Yet, higher fees also serve as an indicator for growing interest in bitcoin. As with most things around the cryptocurrency, it’s hard to know with certainty whether factors such as transaction fees will impact its price in the short-term.

Simply put, fees go up as more Bitcoin is moved across the network. And so far, the sharp rise in transaction fees doesn’t seem to have stopped bitcoin from breaking above $5,000.

Source

JocelynKim

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Re: Growing interest in BTC, Bitcoin transaction fees up over 500%
« Reply #1 on: June 18, 2019, 03:16:14 PM »
Well, that is pretty informative! I was thinking of converting my BCH to BTC, now will have to wait for it then, I guess.

Ghanda

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Re: Growing interest in BTC, Bitcoin transaction fees up over 500%
« Reply #2 on: June 23, 2019, 01:40:29 AM »
That's very long and usefull thread, thanks a lot , I believe many people and  investors will help by read this thread.

jenica

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Re: Growing interest in BTC, Bitcoin transaction fees up over 500%
« Reply #3 on: June 23, 2019, 04:06:34 PM »
Right now I am still aiming to collect a lot of XRP and ETH, which I think the price can still be achieved to buy. And hold it longer

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Redix

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Re: Growing interest in BTC, Bitcoin transaction fees up over 500%
« Reply #4 on: June 23, 2019, 11:37:41 PM »
Transaction fees of Bitcoin always become one of the hot talks so far, it is always at a high rate. Moreover when we know that currently, BTC keeps rising. Probably, this is also parts of the increase rates and big involvement in BTC. But, to up over 500%, it's really wow.

dancoiner

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Re: Growing interest in BTC, Bitcoin transaction fees up over 500%
« Reply #5 on: June 24, 2019, 03:22:58 PM »
Ok, then I need to buy more BTC

tsakf

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Re: Growing interest in BTC, Bitcoin transaction fees up over 500%
« Reply #6 on: June 25, 2019, 12:48:38 PM »
I don't like this. Still, lightning network, is not very popular to keep transaction fees low. I prefer other coins for transactions of small value.
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