September 27, 2022

Bitcoin transaction fees fall below $1

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Analyst services have noted that transaction fees on the Bitcoin (BTC) network have fallen below the $1 mark as the market value of the flagship cryptocurrency and mining difficulty decrease. Experts assured: fees for transfers in the Bitcoin blockchain were at such a low level for the first time in more than 2 years. The specialists emphasized that this could strengthen the potential of the virtual coin to be used as a viable payment unit.

Experts noted that the Bitcoin ecosystem has offered unfairly high commissions to network users at different times, especially at historical asset price peaks. This greatly influenced the popularity of the flagship digital currency and caused strong resentment among users.

Many analysts assured that this state of affairs prevents the mass adoption of cryptocurrency. However, thanks to upgrades including Lightning Network and Taproot, the average transaction fee has dropped to $0.825 as of August 22, 2022. The last time a similar result was recorded on June 13, 2020.

Nevertheless, social media users noted that, most likely, mining difficulty will increase again in the near future. This is because miners are gaining access to cheaper equipment that began to appear on the market after a stagnation due to a shortage of chips. The second reason will be the merger of Ethereum networks, due to which many miners of this cryptocurrency will come to the Bitcoin network.

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