The average transaction fee per Bitcoin (BTC) transaction made a whole 360-degree over around two years to settle at $1.039, a number that was last seen in June 2021. The average transaction fee saw a steady drop from an all-time high of $62.788 in April 2021 before it started dropping.
By description, the Bitcoin transaction fee is the cost to transfer any amount of bitcoin, which is also directly related and proportional to the time that it takes to authenticate and complete the transaction.
As shown by the data provided by Blockchain.com, the average Bitcoin transaction fee saw a continuous drop from the all-time high of $62.788 in April 2021 before dropping to an 8-month average of $2 in July 2021.
Before April 2021, BTC’s average transaction fees peaked in December 2017, standing at $54.638. The abrupt surge in the transaction fees at the time resembled the considerable drop in the Bitcoin network hash rate. Nevertheless, at the time of publication, the BTC network hash rate maintains its newly acquired all-time high of 248.11 EH/s.
As a result of this market combination, Bitcoin’s hugely resilient network can process secure bitcoin transactions at lower costs. Bitcoin’s price volatility has also shown greater stability as it hovers around the $35,000 to $45,000 mark throughout the year as seen in the market data acquired from TradingView.
With more jurisdictions ready to cool down on the Bitcoin ecosystem together with the timely network updates, the resultant surge in participation will further guarantee a stronger network while playing a deflationary role in the price of Bitcoin.
Quantum computing company Multiverse Computing tested simulations around the adoption of Bitcoin and Ether in Canadian markets to study their viability as a mainstream method of payment.
Our work on #cryptocurrency networks with @bankofcanada is finally out in the open!
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
While speaking to reporters, Multiverse Computing chief technology officer Sam Mugel suggested that non-financial institutions would conduct “a high uptake of crypto in the short term” when considering digital assets for payments.
