The average transaction fee for Bitcoin (BTC transactions) went through a 360-degree process over almost two years, to settle at $1.039. This number was last recorded in June 2020.
The BTC transaction fees are the cost of transferring any amount of BTC. They are also proportional to how long it takes to validate and complete the transaction.
Blockchain.com data shows that the average BTC transaction fees fell steadily from $62.788 in April 2021 to $2 in July 2021.
Average BTC transaction fees in U.S. Dollars Source: blockchain.com
Bitcoin’s average transaction fee peaked at $54.638 in December 2017, just before April 2021. The dramatic drop in Bitcoin’s hash rate was reflected in the sudden rise in transaction fees. At the time of writing, however, the Bitcoin network’s hash rate is still at its all-time high at 248.11 EH/s.
Highest ever average transaction fees for BTC. Source: blockchain.com
The combination of these factors means that Bitcoin’s resilient network is able to process secure BTC transactions at lower prices. BTC’s volatility in price has been more stable than expected, with it fluctuating between $35,000 and $45,000 throughout the year. This is based on data from TradingView and Cointelegraph Markets Pro.
BTC market price chart 2022 Source: TradingView
The resultant increase of participation in Bitcoin will ensure a stronger network and play a deflationary function in Bitcoin’s price.
Related: Quantum Computing firm simulates the adoption of crypto payments
Multiverse Computing, a quantum computing company, ran simulations about the adoption of Ether (ETH), and Bitcoin (BTC) in Canadian markets to test their viability as a mainstream method of payment.
The results of our #cryptocurrency network work with @bankofcanada are finally available! Huge congratulations to the team for their phenomenal work on this project#quantum for the #economy https://t.co/FrH678gKRm pic.twitter.com/8i84oZmKb8
— Sam Mugel (@SamMugel) April 14, 2022
Multiverse Computing chief technology officer Sam Mugel spoke to Cointelegraph and suggested that financial institutions might be able to “highly uptake crypto in the short-term” when it comes to digital assets for payment.
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