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

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2018-02-22
Transaction commission in the Bitcoin network reached a six-month low

The median value of transaction commissions in the Bitcoin network reached a six-month low and was $ 0.79.
The value of commissions in the Bitcoin network reached a maximum of $ 34 in December 2017, which is 43 times higher than the current value. Then, high transaction costs in operations with digital gold led to a crisis in the network: many companies refused to accept cryptocurrency, in particular, the Steam game service and the payment provider Stripe. The situation was complicated by the high volatility of the BTC.

Nevertheless, the problem of a high commission “decided itself”. Some users refused to use the Bitcoin network, reducing the load, and some began to use ways to optimize operations, for example, by combining various payments into a single transaction.

In addition, the situation was affected by the cooling of the market. At the end of 2017, BTC users were ready to pay high commissions for the opportunity to buy or sell a cryptocurrency at a speculative price. However, in early 2018, the rate fell almost threefold, to $ 6,000. This, probably, somewhat reduced the excessive rate  in the market and served as one of the factors reducing the average value of transaction commissions.

CRYPTOCURRENCIES
  • bitcoinBitcoin$5,166.69
  • ethereumEthereum$167.79
  • rippleXRP$0.329108
  • tetherTether$1.00
  • eosEOS$5.57
  • stellarStellar$0.118369
  • litecoinLitecoin$83.59
  • cardanoCardano$0.084533
  • tronTRON$0.026853
  • moneroMonero$66.33
  • iotaIOTA$0.311756
  • nemNEM$0.068311
  • dashDash$123.78
  • neoNEO$11.28
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