Commission BTC has reached a seven-year low

The amount of fee in the Bitcoin network reached a low for the last seven years, the average cost of sending BTC currently is about 11 cents.

Although there are several reasons that contribute to the reduction of commissions, one of them is obvious: the number of Internet users fell. Since last year, the number of daily transactions dropped sharply and continued to decline in the last month.

It is no secret that the number of intranet transactions of bitcoin, along with other blockchains, declined significantly from the end of 2017. This was due to the decline in the prices of bitcoin and other digital assets over the last 5 months. 14 Dec nearly half a million BTC transactions were registered in one day. By February, the figure amounted to an average of 200,000 transactions per day, and on 24 April the number reached 254 000. However, since then, there has been a downward movement according to the number of transactions reached a low of 158 000 units on 26 may.

In early April, the median value of the amount of Commission per transaction BTC dropped to 10 Satoshi per byte, and by the end of the month rose to almost 40 Satoshi. As of 26 may, it was again below 10 Satoshi per byte. The median value of the size of the Commission is considered a more useful metric than the estimate of the average size of the Commission because, as explained «median performance, tend to be much more informative for such information as the Commission or transaction cost, as they are typically extremely distorted».

On 24 may, the number of transactions BTC using Segwit reached a record level of 38%. This contributed to the decline of the middle values the size of the commissions, though many believe that the role Segwit here is overrated, and that the decline in commissions has contributed to batch upload transactions.

The Bitcoin network fee for Cash transactions reached a three-month low April 2 – the median value was $0.0018. Now the average amount of Commission per transaction is $ 0.0038, — much higher than almost two months ago, but still three times lower than the value of transactions in the network of BTC.

When the Commission becomes unusually low, penetrating BTC holders use the opportunity to consolidate their unspent outputs (UTXO). This is done by sending all the «dust» (dust) to an address of your wallet. Thus, when the Commission again will inevitably increase, these users will be able to save them, because each transaction will contain less UTXO that reduces the size and therefore cost.

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