One great sign that something is massively adopted is lower and lower fees. Over the past few days, that is happening with Bitcoin – where the transaction fees have dropped to around $1 for the median-size payments.
Even though the leading cryptocurrency has remained high at more than 120 million bytes, the $1 fees equal around 55 satoshis per byte for median-size transactions. After the bitcoin transactions increased to $40 for median-size transactions last month, this news comes as answer to the prayers of many – especially for the non-Segregated Witness (SegWit) wallet platforms and exchanges.
According to rumors, SegWit can decrease the transaction fees by 35% further if networks such as Coinbase and Blockchain integrate the module. The transaction fees in that case could fall even below .
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As of recently, Coinbase which is one of the most valuable crypto companies in the sector, was heavily criticized for struggling to implement the SegWit and transaction batching. Some analysts even went as far and said that Coinbase is contributing to the congestion of the Bitcoin network. However, the Coinbase CEO Brian Armstrong denied this, saying that the company will soon adopt the SegWit and the transaction fees will be lower.
Presently, it still remains unclear if the $1 fees on the Bitcoin network are sustainable for median-size payments – and if they are to be accepted. What’s true is that adopting both SegWit and Lighting will certainly take some time for businesses who see it as a possibility.
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