Bitcoin transaction fees up over 500% As Interest In BTC Grows
The rise in BTC trading has caused transaction fees for the cryptocurrency to rise on a high side. The latest blockchain data shows that Bitcoin transaction fees have increased over 500 percent since the start of the year, with many lower-fee transactions taking hours before being finalized.`
With regards to the crypto industry, transaction speeds can make or break a project. The speed of a blockchain has a large impact on the transaction fees on these networks, and in many cases its success. However Bitcoin is the exception.
In light of the recent buying frenzy, trading fees have skyrocketed. On January 1st, a bitcoin transaction cost $0.18 but today, each transaction costs over $1.3. Also the cost to have a transaction added to the blockchain (within 6 blocks) has increased from 3 satoshis per byte to 80 satoshis per byte, a 26-fold increase.