Posted 2 years ago | by Ben Armstrong
Bitcoin Fees to Reach $1B Before 2020
It's hard to believe how far Bitcoin has come from its creation. In 2009, Satoshi Nakomoto created the Bitcoin whitepaper detailing how the new digital peer to peer cash system would work. Fast forward 10 years and this little upstart currency has grown into a world monster with miners collecting almost $1B in transaction fees. And soon, it will surpass $1B in transaction fees:
So Bitcoin is nearing its billionth dollar charged in transaction fees. It should cross the threshold this fall pic.twitter.com/4qeegCinCd
— nic carter (@nic__carter) July 30, 2019
The chart above is really crazy when people consider just how much the 2017 bull run affected transaction fees. The huge spike in price coincided with a huge spike in transaction fees. Bitcoin developers have been doing everything they can in the last two years to prevent that from happening during the next parabolic bull run.
In fact, over the last 12 months the average cost-per-transaction has fallen a whopping 60%. This 60% drop is even more impressive because Bitcoin has climbed about 300% since December of last year.
Some of the drop can be attributed to SegWit & batched transactions. Although, only half of current transactions are SegWit at the moment. This indicates that there may be much more room for the transaction fees to drop.
To see more about this story and others, check out BitBoy Crypto's latest video: