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The high rate of Bitcoin transactions was one of the main reasons why cryptocurrency enthusiasts started to drift. According to the data of bitcoinfees.infoBitcoin fans can finally enjoy transaction fees with a very low transaction cost.
Image source: Bitcoinfees.info
According to the graph above, transaction costs increased dramatically in December 2017. For example, on December 22, 985 satoshi / bytes were recorded for the next block. The rates for the next block are described as the commission for the execution of a transaction on the next block, which is estimated at 10 minutes. A satoshi is defined as the smallest Bitcoin unit, equivalent to 0.00000001 BTC.
The average commissions in December 2017 reached 226,000 satoshi. In contrast to that of January 1st of this year, average commissions amounted to 660 satoshi, which is only $ 0.02.
Take of Blockmanity
The commissions for bitcoins depend on the demand of the network, and therefore shows that the need for Bitcoin has fallen tremendously. It could also mean that the expansion of Lightning Network is helping to reduce the number of transactions made on onchain. 1ML specifies that a total of 557 BTC is on the Lightning network with over 5,150 nodes and over 18,500 payment channels.
It should also be noted that technologies such as Segregated Witness, also known as SegWit, introduced in August 2017, have helped to process more transactions on the Bitcoin network.
With low transaction values, people could find Bitcoin suitable again for smaller payments thus moving from Altcoin like Litecoin and Nano which are ideal for microtransactions due to their lower commissions.
It will be interesting to see if Bitcoin remains as a store of value or progresses along with being a daily payment mechanism due to its low transaction costs recently.
Read also:
Russia could invest billions in Bitcoins to mitigate the U.S. sanctions.
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