Never a bad time to send and receive BTC, but now it is especially good. The Commission is the lowest in 18 months — the average transaction is now worth below the dollar. This is in sharp contrast with the last quarter of last year, when the Commission has reached a peak of $34. Is the main reason why since then it is decreasing: when the bitcoin became too expensive to send, people simply stopped using it as currency.
The Commission falls
Varies not only market the USD/bitcoin Commission too. Due to various factors, the load on the network and making Segwit to Hasrat, the Commission may increase and fall. In 2017, she greatly grew. This led to the fact that in December, had to pay unreal amounts.
Since then, she thankfully declined, reaching 21 Feb 18 month low, but considering that during this period, the daily volume of transactions has halved — this is not surprising. You can now perform a standard transaction for just 15 cents. Bitinfocharts calculated that the average fee is 52 cents, with Bitcoin cash a little more than 1 cent.
However, this reduction in transaction fees feel not all users of bitcoin. Any output from the exchange will still be subject to standard Commission. For example, Binance and Kucoin charge 0.001 BTC or $10.60 at current prices. In a recent tweet by the CEO of the Binance, Chanpen Zhao (Changpeng Zhao) said that exchanges can increase the base rate for services rendered. But can they justify increasing the fee above $10? A controversial issue.
Why low Commission?
Perhaps the high Commission helped to spread the meme “means capital preservation,” which was popular last year on the specify a subreddit r/bitcoin. When cryptocurrency is too expensive to send small amounts no choice but to “hodl”.
The increased Commission was the trigger for a number of companies that have ceased to accept bitcoin, including company Stripe, engaged in electronic payments, and, ironically, it stopped taking at the North American bitcoin conference.
Also in December, it ceased to make Steam, citing “a high Commission and volatility”. Many were disappointed by the high Commission in the bitcoin network, but this quandary has turned out something good.
The users and stock exchanges tried to make transactions more efficient, including by grouping them together and taking Segwit. Excessive, the Commission also contributed to a more rapid trials network Lightning, although its adoption is still too low to affect the current Commission.
The evidence suggests that the largest engine in lowering the fee was not technical but sociological: December 17, was sent to nearly half a million transactions, and now that number is less than 200,000 per day.
Since the Commission is now the lowest in the last 18 months, it will be interesting to see resume if companies such as Valve that support cryptocurrency or prefer to wait until some stability. A number of companies previously talked about alternative cryptocurrencies, and Stripe mentioned litecoin, stellar and bitcoin cash.
The real test of bitcoin strength will begin when people will start using crypto-currencies as means of exchange and units will again begin to overflow.