Posted 3 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:

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:

[youtube v="yKP6u7B8Z8g"]

About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g Bitcoin About to Reach Billionth Dollar in Transaction FeesBen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.