On the 21st. In April, bitcoin’s network fees reached a record high at a number of transaction fee aggregators. The average fee per bitcoin transaction is about $59.88, and the average fee is about $26.44 per transfer.
Bitcoin rates skyrocket after Khashrat collapse
The cost of sending a bitcoin (BTC) transaction has never been higher in terms of average cost. As for the median, the charts show that the medians are also approaching an all-time high (ATH), but are not quite there yet. The average commission rate hit the ATH Tuesday night (EST) at about $59.88 per transaction. The number of transactions in Blockchain.com’s mempool, which represents the total number of unconfirmed transactions in the mempool, is about 114,000 pending transactions.
A number of BTC fee aggregators, including bitinfocharts.com (pictured above), show transaction fees on April 20 and 21. 2021, which is a few cents off $60 per bitcoin transfer.
The cost of BTC has been rising faster than the price per coin, but network costs have really started to accelerate north after the hashrate crash and market carnage last weekend.
HashratBitcoin (BTC) is still down 38% from the all-time high posted six days ago, before the Hashrate fell.
At the time of publication, the total hash rate is 133.14 exahash per second (IG/s), 38% lower than the rate recorded on the 15th. April 2021 recorded a GI/s of 218 GI/s. When a significant portion of the hashrate drops, miners slow down the processing of blocks, which means that the mempool or transaction queue starts to grow.
Since the block space is only 1 MB and the developers have not solved the problem with offset and page solutions, the space runs out and a bidding war begins. Bitcoiners call it a commission market and people compete with higher transaction fees to get faster confirmation times.
The board is designed for continuous pumping…. Take it away…
Some advocates believe that the additional cost will increase the number of minors joining the network. It is also claimed that higher fees will drive people to Lightning Network (LN), which has seen bandwidth gains recently.
Backlog of Bitcoin (BTC) Transactions Pending Confirmation According to Blockchain.com.
Still, LN pales in comparison to other circuits that transport bitcoins via wrapper or bridge technology. Some Bitcoiners say to expect higher costs in the future, while others have great confidence in the alternatives.
If you weren’t prepared for these high bitcoin fees, don’t panic. Wages should be cut significantly in a few weeks after the next complexity adjustment, Matt Odell tweeted on the 19th. April. However, I expect fees to increase in general, so after this adjustment, you should really prepare for higher fees in the future.
Continued high costs are to be expected, necessary to prevent denial-of-service attacks (spam), which could jeopardize decentralization and thus resistance to censorship. Keeping costs high will make the bitcoin network more secure in the long run. The circuit board is designed for continuous operation. Give him a hug.
user complains Fewer people can afford to use bitcoin, bitcoiners believe in solutions that have not been adopted.
However, many disagreed with Odell’s statement, with one person responding: Keeping rewards high destroys decentralization, as fewer and fewer people can afford to use bitcoin. Including open/closed channels LN, VAT. Less adoption = less companies and users running on nodes. The size of the block must be increased. It’s been [four] years, and the mainstream [hardware] can handle more. Others still hope that various solutions, which have yet to gain popularity, will solve bitcoin’s scaling problems.
Is it controversial to think that RSCsmart will become bigger and more popular than [Lightning and Liquid] in the next year? Kyle Torpey asked. Copying and pasting Ethereum’s technology stack could lead to strong growth in the short term, he added. Although the number of bitcoins used in the RGC network is negligible compared to the huge amount of BTC stored in Ethereum. There are 198,407 BTC ($11 billion) involved in the ETH chain, excluding the BTC-Binance project (54,598 BEP2).
Larry Cermak of Block Crypto responded to Torpey’s tweet and said: Sovrin is the only one, as far as I know, that has had little success yet. The UI/UX is incredibly low.
Bitcoin fees held on Ethereum according to Dune Analytics.
Anyway, after the high fees of $50 per transaction in 2017, solutions like Lightning Network, Liquid and RSK have not helped to bring down the fees. Despite the debate over the escrow model, Ethereum is Bitcoin’s largest sidechain in terms of total value, and it’s not losing ground even as network costs rise. This has brought a lot of value to the Binance smart chain and other networks. In addition, the Bitcoin Cash network implements an Ethereum sidechain to reduce costs to an extremely low level.
For now, participants in the Bitcoin (BTC) network will have to live with the fee and may even accept it, Odell said. Yet it seems to be pushing users towards alternative blockchains and fueling the very thing that maximizes alt-hate.
What do you think about the high cost of bitcoins these days? Let us know what you think in the comments below.
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Altcoin Networks, Altcoins, BCH, Binance Smartchain, Bitcoin (BTC), bitcoin cash, bitcoin cash BCH, bitcoin fees, bitcoin transaction fees, BTC, BTC fees, debate, ETH, Ethereum, Fee Market, Kyle Torpey, Larry Cermak, Lightning Network, Liquid, Matt Odell, Mempool, RSK, sidechain, bitcoin packaged
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