The average Bitcoin (BTC) network transaction fee took a radical turn in almost two years to settle at $1,039, a figure last recorded in June 2020.
The BTC transaction fee is the cost of transferring any amount, which is also directly proportional to the time it takes to validate and complete the transaction.
As data provided by Blockchain.com demonstrates, the average BTC transaction fee saw a steady decline from an all-time high of $62.79 in April 2021 before dipping to an eight-month average of $2 in July 2021.
Prior to April 2021, average Bitcoin transaction fees peaked in December 2017, standing at $54.64. The sudden increase in transaction fees at the time reflected the significant drop in the network’s hash rate. However, at the time of writing, the hash rate of the Bitcoin network maintains its historical maximum of 248.11 EH/s again.
As a result of the above combination, the Bitcoin network can process secure transactions at a lower cost. BTC price volatility has also shown increased stability, hovering between the $35,000 and $45,000 mark so far this year, as seen below according to data from Cointelegraph Markets Pro and TradingView.
With more jurisdictions willing to facilitate the Bitcoin ecosystem along with timely network updates, the resulting increase in participation will ensure a stronger network while also playing a deflationary role in the price of Bitcoin.
Quantum computing company Multiverse Computing ran simulations around the adoption of BTC and Ether (ETH) in Canadian markets to study its viability as a mainstream payment method.
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
Speaking to Cointelegraph, Multiverse Computing CTO Sam Mugel suggested that non-financial institutions could see “large short-term crypto adoption” when considering digital assets for payments.
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