sending $10,000 For just $0.01 fee - Bitcoin transaction fees hit the Lowest Price In its history
image source
As claimed by the official Bitcoin fees information service Twitter account,
Tweet Link : https://twitter.com/CoreFeeHelper/status/978412211159826432
Bitcoin has had unfairly the cheapest transaction fees among all over other devices. You can simply today make transaction for only 1 Satoshi - it is the smallest unit in Bitcoin, per byte. Your transaction can easily be confirmed after less than 10 minutes which makes it the fast transaction and the less expensive.
Lower Transactions Volume Lead to Low Transaction Fees
According to this low price record, you can even send more than 100.000$ of Bitcoin for transferring and that will cost you less than you could expected, for just 100 cents which is equal to 1 $ and rapidly less than 10 minutes - all your transactions will be done. Lower Volume means lower transaction and for that reason; that made from Bitcoin Transaction fees the cheaper transaction service than banks service is due to the lowest volume of transactions comparing to those of banks.
The impact of exchanges on transactions
iamge source
The main reason today that explain this lower price record in Bitcoin transaction fees is side activities like exchange that has increased recently and practiced by a large volume of Bitcoin Traders; which explains when exchanges has decreased the volume of transactions as it is known.
Statistics showed the Bitcoin’s price peak in December that increased till 20,000$, and the clear demand on the bitcoin Blockchain increasingly raised to their highest record – which every transaction fees is cost till 55 $.
The lower fees of transaction can be a way of scaling or optimization for Bitcoin Network to get growing or a result for improving payment adoption such online purchase or paying for delivery Pizza, etc…
Will the Low Transaction fees hold?
This is what we will discover next days.
Enjoy
That will be great if they will maintain this rate of transaction fee :)
But sadly, bitcoin still struggling to reach even the 10k mark.
wow great but dont want to sell btc at this lower price
For future viewers: price of bitcoin at the moment of posting is 8195.90USD
Disclaimer: I am just a bot trying to be helpful.
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Bitcoin is getting better by the day, I don't think the recent spike was anticipated or welcomed by anyone except the lucky people who sold above 15k. The technology is developing day by day and it's here to stay.
Litecoin has certainly got a lot of attention recently, but Bitcoin is and always will be kind in my opinion. These costs and speeds show it.
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This post has received a 31.44 % upvote from @boomerang.
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