Transaction fees in the Bitcoin network reached a six-month low

Transaction fees in the Bitcoin network reached a six-month low

Bitcoin is one of the most volatile cryptocurrencies. It is called a crypto currency number one, “Batey” or the king of crypto-currencies… And for good reason. Recently, transaction fees in the Bitcoin network was lower than in the competing network of Bitcoin Cash. Which casts doubt on the very idea of the emergence of this cryptocurrency.

With increasing number of users in the Bitcoin network, increased fees and time of the transaction. For the conduct of small transactions had to pay incredibly high commissions, which of course renders meaningless all transactions with small amounts.

Numerous media outlets, including us, talked about how the different companies stop prinimat bitcoin for payment iza of the high fees. But now, thanks to several factors, the cost of transactions in the Bitcoin network is less than the network of Bitcoin Cash.

Actually used decreased by 97% from its peak, when every transaction had to pay about 34 dollars. At the time of this writing, the Commission of the Bitcoin network is only 0,79 cents (according bitcoinfees.info).

Of course, the number of transactions have decreased, but the main reason is not that, but the fact that increasingly gaining popularity changing the Protocol of the Bitcoin network called SegWit.

SegWit was implemented long ago, but until recently it was used not by all market players. Two days ago, the largest cryptocurrency exchange in the U.S. Coinbase said that next week they are all their customers being transferred to the wallets support Segregated Witness. The second major platform, which announced its support for SegWit is a cryptocurrency exchange Bitfinex.

And yesterday it became known that the new version of the wallet bitcoin Bitcoin Core also will support SegWit.

All of this can lead to a further fall in the price per transaction in the Bitcoin network.

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