If you previously refused bitcoin transactions because the fees were too high, now is the time to act: the fees have reached the lowest level in the last 12 months.
According to the Twitter account Bitcoin Core Fee, on March 25, the commission was record low. The fee for making a transaction of a certain volume was received in the next block was 1 satosh per byte. In addition, the processing of the transaction now takes less than 10 minutes.
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Bitinfocharts, in turn, argues that the average commission has reached a minimum over the past year. When bitcoin in December 2017 cost about $ 20,000, the average fee was $ 55.
One of the many reasons that can explain this decline is that large organizations use transaction bundling to reduce commissions.
Its role is played by the decision to scale Segwit, launched in the network of bitcoins in August 2017. It optimizes the size of blocks, reduces commissions and speeds up transaction processing.
Bitfinex or Bitstamp are just some of the crypto-exchange platforms that started supporting this solution. At the moment, 31% of bitcoin transactions are processed using SegWit addresses, and this share is growing.
The bitcoin community is waiting for the implementation of another scaling solution — the Lightning Network, with which bitcoin can process millions of transactions per second. Theoretically, the implementation of the Lightning Network involves commissions that are close to zero, as well as almost instantaneous transactions. In this case, the stores will massively begin to accept crypto currency as a means of payment. In the meantime, we can just enjoy low commissions in the bitcoin network.