Bitcoin minimum transaction fee drops by 90%
The post Bitcoin minimum transaction fee drops by 90% appeared on BitcoinEthereumNews.com. The minimum fees required for a Bitcoin transaction have been slashed by 90%. This news comes amid the debates over what the asset is best suited for. Some believe it is better for everyday payments, while others are still adamant that it satisfies the conditions to be a store of value. Over the past few years, there have been several enthusiasts who have felt Bitcoin is no longer a regular digital asset, considering the fact that the asset’s value has been quite stable since it launched. To make it more appealing, users of the biggest crypto network can now pay as low as 0.1 satoshi per virtual byte (sat/vByte) to process their transactions. A satoshi is the smallest unit of Bitcoin, with 1 satoshi currently standing at about 0.00000001 BTC. Bitcoin minimum transaction fee drops by 90% According to previous records, miners usually need to pay 1 satoshi/vByte as minimum fees to process their transactions. But because the leading digital assets network has been lacking in activities for a while, miners have decided to cut the minimum rate down by 905 in order to add more blocks to the blockchain. This refers to the weight of a transaction and how fast it will be processed. When the blockchain is busy, it will typically cost more to have miners prioritize your transactions. This latest development shows that demand for block space has dropped drastically. In other words, people are no longer making as many transactions as they used to, pushing miners to consider accepting lower fees. The Bitcoin network is run mainly by miners, which today mostly comprises industrial operations of warehouses full of sophisticated computers that process transactions on the network. Miners earn rewards by processing blocks, which contain transaction data, and adding them to the blockchain. For every block…
The post Bitcoin minimum transaction fee drops by 90% appeared on BitcoinEthereumNews.com.
The minimum fees required for a Bitcoin transaction have been slashed by 90%. This news comes amid the debates over what the asset is best suited for. Some believe it is better for everyday payments, while others are still adamant that it satisfies the conditions to be a store of value. Over the past few years, there have been several enthusiasts who have felt Bitcoin is no longer a regular digital asset, considering the fact that the asset’s value has been quite stable since it launched. To make it more appealing, users of the biggest crypto network can now pay as low as 0.1 satoshi per virtual byte (sat/vByte) to process their transactions. A satoshi is the smallest unit of Bitcoin, with 1 satoshi currently standing at about 0.00000001 BTC. Bitcoin minimum transaction fee drops by 90% According to previous records, miners usually need to pay 1 satoshi/vByte as minimum fees to process their transactions. But because the leading digital assets network has been lacking in activities for a while, miners have decided to cut the minimum rate down by 905 in order to add more blocks to the blockchain. This refers to the weight of a transaction and how fast it will be processed. When the blockchain is busy, it will typically cost more to have miners prioritize your transactions. This latest development shows that demand for block space has dropped drastically. In other words, people are no longer making as many transactions as they used to, pushing miners to consider accepting lower fees. The Bitcoin network is run mainly by miners, which today mostly comprises industrial operations of warehouses full of sophisticated computers that process transactions on the network. Miners earn rewards by processing blocks, which contain transaction data, and adding them to the blockchain. For every block…
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