Cryptocurrency

Bitcoin

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 <p class="paragraph">Bitcoin (BTC) <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> fees have increased in the last weeks, recently crossing <a rel="noopener noreferrer nofollow" title="yearly" href="https://thebittimes.com/tag/yearly.html">yearly</a> <a rel="noopener noreferrer nofollow" title="highs" href="https://thebittimes.com/tag/highs.html">highs</a>. On December 6, a Bitcoin <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> fee surpassed the average global daily income of $26.66.</p>
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 <p class="paragraph">Essentially, fees might rise when the network reaches saturation, which is relatively low on Bitcoin due to its protocol design. Users outbid each other to have their <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>s confirmed first, and these dynamics increase the average or minimum network fees.</p>
 <p class="paragraph">In particular, the average Bitcoin <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> fee reached a new <a rel="noopener noreferrer nofollow" title="yearly" href="https://thebittimes.com/tag/yearly.html">yearly</a> high at $37.43 on December 17. Finbold retrieved this historical data from <em>BitInfoCharts</em> on December 21, with the average fee at $31.61 per <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>.&nbsp;</p>
 <p class="paragraph">Previously, Bitcoin fees peaked at $31.14 on May 8 for a single day, immediately retracing back to $3.7. However, this time is different as the average <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> fee has consistently risen and kept its higher levels.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="287" src="https://cdn.thebittimes.com/images/2023/12/22/35e540ce952a273b940cee6090a42d75.webp" alt class="wp-image-144580" srcset="https://cdn.thebittimes.com/images/2023/12/22/35e540ce952a273b940cee6090a42d75.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/35e540ce952a273b940cee6090a42d75.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/35e540ce952a273b940cee6090a42d75.webp 768w, https://cdn.thebittimes.com/images/2023/12/22/35e540ce952a273b940cee6090a42d75.webp 1536w, https://cdn.thebittimes.com/images/2023/12/22/35e540ce952a273b940cee6090a42d75.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Bitcoin average transaction fee, historical chart. Source: <em>BitInfoCharts</em>
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 <p class="paragraph">Transaction fees are not related to transaction values. Instead, they are solely related to the demand for block space and the urgency of users to have their transactions confirmed quickly. Interestingly, the Bitcoin average transaction value is navigating at its lowest level in a year, unlike the former metric. Therefore, users are now paying proportionally more for their transactions than they did in 2023.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="287" src="https://cdn.thebittimes.com/images/2023/12/22/517f2746d191fb9c62d99396e52e5d00.webp" alt class="wp-image-144581" srcset="https://cdn.thebittimes.com/images/2023/12/22/517f2746d191fb9c62d99396e52e5d00.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/517f2746d191fb9c62d99396e52e5d00.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/517f2746d191fb9c62d99396e52e5d00.webp 768w, https://cdn.thebittimes.com/images/2023/12/22/517f2746d191fb9c62d99396e52e5d00.webp 1536w, https://cdn.thebittimes.com/images/2023/12/22/517f2746d191fb9c62d99396e52e5d00.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Bitcoin average transaction value, historical chart. Source: <em>BitInfoCharts</em>
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 </figure>
 <p class="paragraph">Notably, the current average transaction value is at $25,722, for an average of $31.61 (0.12%) being paid in fees. On the other hand, the median transaction fee of $16.99 is 71 times higher than the median value transacted with BTC on December 21. Evidencing the challenges for Bitcoin users in its network’s current state.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="230" src="https://cdn.thebittimes.com/images/2023/12/22/a4e56ea8cdb5d31fca35e8edbeaf2291.webp" alt class="wp-image-144582" srcset="https://cdn.thebittimes.com/images/2023/12/22/a4e56ea8cdb5d31fca35e8edbeaf2291.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/a4e56ea8cdb5d31fca35e8edbeaf2291.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/a4e56ea8cdb5d31fca35e8edbeaf2291.webp 768w, https://cdn.thebittimes.com/images/2023/12/22/a4e56ea8cdb5d31fca35e8edbeaf2291.webp 1238w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Bitcoin transaction data. Source: <em>BitInfoCharts</em>
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 </figure>
 <p class="paragraph">Moreover, higher fees mean less accessibility, which can also mean less possible demand for Bitcoin. Considering its constant supply inflation, a lower demand could, at one point, impact the market’s value of BTC.</p>
 <p class="paragraph">In the meantime, Bitcoin investors with lower balances might also face difficulties in liquidating their coins due to the relatively high cost of this operation. Some altcoins with lower or zero fees could become more appealing investments or monetary payment tools under these conditions — as recently pointed out by Grok’s AI.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-transaction-fees-at-yearly-highs-what-s-next-for-btc-tbt74443.html">https://thebittimes.com/bitcoin-transaction-fees-at-yearly-highs-what-s-next-for-btc-tbt74443.html</a></p>

Bitcoin transaction fees at yearly highs; What’s next for BTC?

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