BTC Transaction Fees Normal Again

After the December fever, when, due to the rising value of bitcoin and network congestion, fees for successful transaction reached 30 dollars, the situation slowed down with the cooling of the market. Commissions move around the dollar again, whereby the basic function returns to bitcoin, that's, a cheap and quick transfer of money.

kaleidoscope source

Commissions have reached a six-month low, falling below the dollar. Their height has been falling for a month and will soon stabilize around the level we were looking at at the beginning of last year, that's between 10 and 50 cents. There are several reasons for that.

This was mostly due to the fall in the value of bitcoin, which makes fewer transactions. In that time people want to buy BTC as soon as possible or move them to another place, but now the patience has returned.

image source

Another very important factor is the adjustment of users. While Segregated Witness (SegWit) has not yet established itself and it's used by less than a few percent of users, and we're still waiting for Lightning network, people have started to use other cryptocurrencies for exchanges between stock exchanges. Ethereum, Litecoin, Bitcoin cash and others have lower commissions and shorter transaction times.

kaleidoscope source

The decision of some dealers who stopped receiving bitcoin helped a bit to moderate conditions, for example, Valve on Steam. People have also realized that it's possible to send in a single transaction several payments to
different wallets, which no one else was interested in before because they didn't have to.

All of this has contributed to the fact that bitcoin transfers are quicker and, above all, cheaper. But, if December is to recur, commissions can quickly grow again. The value of bitcoin has fallen to $ 6,000 from 20,000 dollars, but now it's around $ 11,000.

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