Bitcoin Fees drop to 6-months low, marking the 97% decline from the highest level of $34. The online monitoring data confirmed that the rebound of Bitcoin price pushed down the transaction fees to the low levels.
21 February, AtoZForex – The transaction fees for Bitcoin network have dropped to the lowest level in six weeks, challenging those of Bitcoin Cash.
Bitcoin Fees Drop to 6-months low, challenging BCH
The information from monitoring resources this Wednesday confirmed that the rebound of Bitcoin price pushes down the transaction fees to the low levels. In terms of satoshis, the smallest unit of cryptocurrency, the lower value of Bitcoin Cash implies a transaction fee of 10,000 satoshi provides worse value than an equivalent of 10,000 satoshi fee in Bitcoin.
The dip in transaction fees also marks a 97% decline from the highest level. This is about $0.79 cents as of now. The highest figure for the Bitcoin transaction fees stood at $34.
Bitcoin Cash supporters have been praising the low transaction fees of BCH as one of the two key advantages of the hard fork that gave birth to the cryptocurrency. The faster transaction times of Bitcoin Cash and superior network capacity meant to make BCH a provider of currency-focused services in Bitcoin better than the cryptocurrency pioneer.
During the time when Bitcoin Cash has been brought to the public, the supporter of BCH Roger Ver has presented the benefits of the cryptocurrency. He has stated in December 2017:
“If you have two versions of Bitcoin, one is slow, expensive and unreliable (Bitcoin SegWit) and you have another version of Bitcoin which is super fast, reliable and cheap, it’s not a tough decision.”
However, the recent upgrade in Bitcoin Core version 0.16.0 has appeared as a good sign for those, who awaited the upgrade for a long time. The new Bitcoin Core client version has been released to the public commentary earlier last week. The version includes full Segregated Witness support for the first time that comes with a bunch of other upgrades.
The Bitcoin Core 0.16.0 description on Github states that it will deliver “new features, various bugfixes and performance improvements” which points out to the SegWit support. The interest for this technology has skyrocketed back in August 2017. The SegWit support allows decreased transaction processing time, which is a great advantage for the end user.
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