Bitcoin fees remain low despite price surge but Vitalik says they could soar
Bitcoin transaction fees are less than 10% of their 2017 highs, but Vitalik Buterin believes it’s only a matter of time before they soar back up. Despite Bitcoin’s surge to re-test its 2017 highs, a combination of low on-chain transactions and diminished retail speculation has seen transaction fees remain low.The current fees of around $3.50 per transaction starkly contrast with three years ago, when the fees incurred to send any amount of BTC briefly spiked above $50. But average transaction values are currently approaching $200,000 suggesting the current rally has not been accompanied by....
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Due to the continued spam attack on the blockchain network that Bitcoin Magazine has previously reported on, multiple bitcoin wallets have implemented either increased fees or the ability for individuals to increase the fees paid for a given transaction. Based on the nature of the software, miners prioritize which transaction to process first based on the fees associated with it, among other factors. The standard bitcoin fee is 0.0001 BTC per kilobyte. However, with so many spam transactions occurring, the standard transaction fee is not sufficient to ensure quick confirmations. BitGo....
Ethereum inventor, Vitalik Buterin, might have single handily put a halt to the meme coins mania, at least, in the short term. Buterin was the recipient of 50% of the entire supply of Shiba Inu (SHIB), a token that saw a surge in interest after major exchange platforms added it to their products for the […]
CryptoFees data shows that Bitcoin daily fees averaged $10.65 million from November 16 to November 18, surpassing Ethereum’s average fee of nearly $7 million for the same period. Until 2024, the US Securities and Exchange Commission (SEC) is deferring decisions on several Bitcoin ETF applications, despite the market’s increasing optimism about the approval of a spot Bitcoin exchange-traded fund (ETF) in the US. This hesitation has coincided with a remarkable surge in the top crypto’s average transaction fees, soaring over 1,000% to reach a peak of $18.67 on November 16,....
As Ethereum saw a 16% increase from a rally that took the coin to $3,000 on Monday, someone might have spotted an unusual link between Ether’s highs and times where the Ethereum Founder’s name, Vitalik Buterin, was trending on Google Searches worldwide. Ethereum And Google Trends “The last time Vitalik surged on Google Trends, $ETH pumped 2x from April-May,” a Twitter user noted while showing a recent surge of the founder’s name: To see if this could actually be taken into account as a possible indicator, we compared different moments in time in which Vitalik....
Despite Layer-2s offering relatively cheap transactions, Vitalik Buterin said that all transactions need to be under $0.05 to be truly acceptable. Ethereum (ETH) co-founder Vitalik Buterin believes that Layer-2 transaction fees need to be under $0.05 to be “truly acceptable.”Buterin made the latest comments in response to a Twitter post from the Bankless podcast host Ryan Sean Adams, who shared a screenshot of the average transaction fees for eight Ethereum Layer-2 platforms. The data is from L2fees.info, a website that compares the cost of Ether’s Layer-1 network in comparison to Layer-2s....