Bitcoin Transaction Fees Hit a Record Low Level

Bitcoin transaction fees have fallen to their lowest mark for a year, as Bitcoin Core Fee, a major information source on the cryptocurrency market, posted on its Twitter. The current transaction fee is 1 satoshi per byte to get into the next block.

On March 26, the price for conducting a bitcoin trade has experienced a record low. That means that a transaction could be carried out in less than 10 minutes at the lowest possible price. For instance, to send $10,000 USD via Edge Wallet, which allows you to set custom fees, will cost only 1 satoshi or just $0.01.

Next block fee: 1.0 sat/byte
Hour fee: 1.0 sat/byte
Day fee: 1.0 sat/byte
Half-week fee: 1.0 sat/byte
Week fee: 1.0 sat/byte
...

— Bitcoin Core Fee (@CoreFeeHelper) 26 March 2018

Meanwhile, the average commission for the virtual coin trade today, according to bitinfocharts.com, is $1.23. During the period of peak prices in December last year, the fee reached a maximum of $55.

There are many reasons for such a change in bitcoin fees, including the increasing practice of transaction batching by large-volume entities such as exchanges. This has also resulted in a decrease of total transaction volume.

Besides, the positive effect may have been caused by the implementation of Segregated Witness (Segwit) by some cryptocurrency exchanges, like Coinbase and Bitstamp. This financial technology helps to process a large number of transactions, saving traders’ money.