Bitcoin commissions fall to their lowest levels in 7 years
The commissions in the Bitcoin basic network have reached their lowest level in the last 7 years, with the average cost of sending BTC of US $ 0.11.
While there are several reasons why they are so low, one of the most obvious is that fewer and fewer people use this cryptocurrency. The number of daily transactions has been drastically reduced since the beginning of 2017 and 2018 has followed this same course, with a sharp fall in rates this last month.
But not only the level of daily transactions of BTC has collapsed, along with other cryptocurrencies have fallen, which continue this course since the end of 2017. This reflects the decrease in prices that have been experienced by all cryptoactives since that period.
On December 14, almost half a million BTC transactions were recorded in a single day. In February, this figure was averaging some 200,000 transactions. On April 24 the number reached a maximum of 254,000, but from that point the transactions have not done anything but decrease, with the minimum reached of 158,000 on May 26.
On May 24, the number of BTC transactions using Segwit (Bitcoin Fork) has reached a historical high of 38%. This would have helped reduce the average Bitcoin core rates, although there are many who believe that the main reason for the drop in fees is the number of bifurcations that have been generated since the end of 2017, which have played against prices of fees through the fall in transaction volume.
In the Bitcoin Cash ecosystem, rates were at their historic minimum for 3 consecutive months. On April 2, they reached an average of US $ 0.0018 per transaction, increasing to US $ 0.0038, a more than significant increase in a single month after its historical low. Even so, the commissions in this network are 3 times cheaper than BTC Core at around US $ 0.113.
When tariffs are unusually low, astute BTC holders seize the opportunity to consolidate their unused transaction exits (UTXO). This is done by sending all the money in your wallet to a BTC address they control.
In this way, when the basic rates of bitcoins will inevitably increase again, they will be able to save money in tariffs because each transaction will contain less UTXO, making it smaller and, therefore, cheaper.
Source: news.bitcoin.com